 So the weekly candle closed here and it is the first red week that we've seen in the last month or so. You can see that we ended up being down 10.43% on the week and we've started this week down about 3%. Remember that the reasons for this red week was due to the overbought conditions in the market as well as the bearish divergence in the chart and we covered all of this not only last week but the week prior to that. So now we are going into week two of this current correction. You will notice that more and more panic will begin the longer this correction lasts. Remember these corrections and consolidation periods are meant to mentally exhaust you and shake you out of your positions before the next move up. So stay strong guys. Today we will look at the charts and see what we can possibly expect this week. Now remember that this week in the US it is a holiday Thanksgiving. So because of that on Thursday the stock market will be closed and on Friday the stock market closes earlier than usual usually closes at 4 o'clock. On Friday it will be closing at 1 o'clock Eastern Standard Time. So because of that we can expect lower volumes and less trading this week than you know the average week. But the other thing that we do have this week as well on Friday is the option expiration contracts which usually brings in some volatility into the Bitcoin market. So we will cover all of that today. Let's dive into today's analysis. Hey what's up Jay here and welcome to Bitcoin Daily bringing you guys the best tips, tutorials and ideas to help you guys become profitable and successful investors. The goal of this channel is to empower you the community with the knowledge and resources to take your wealth up to that next level. So if you guys are new here don't forget to subscribe to the channel and turn on the notifications. Also if you enjoy the video smash that like button and if you have any questions of course drop it in the comments. Let's jump into today's video. Alright guys so first of all let's take a look here at the weekly chart since we have a new candle this for this week and the one for last week finally closed. As you guys can see we were down about 10 and a half percent and so far this week we're down almost four percent here as price continues to push lower currently right now. You will notice that in the range that we're currently at we were here previously back in February all the way throughout May. This was basically the resistance area here where we got rejected from and then of course we had the big drop off there. So this time around we've broken above that area and we've closed above it as well. So now this zone I believe is a support zone so that same zone that before was a resistance now we've flipped it into a support. As long as we stay above this 52 to 53 thousand dollar area I believe that we are good. I'm not really too worried about any of the consolidation that we might see here. We have a lot of support down here even if I bring up the volume shelves here you can see that we have a lot of support there there's a lot of activity in that range where the drop off is is if we fall below that 53 thousand dollar area then there's kind of a drop off till about forty eight thousand dollars. That's why as long as we hold above 53 we're not too worried about it if we do drop below that then it is a cause for some concern because we will lose not only all this activity here that's been holding us up this volume shelf here but we will lose this important Fibonacci level that's been holding us up here as well and we will fall into that next level which is this right here. Remember we spoke about this in the past so the bottom of this range if we were to fall to this level we're looking back at that forty two forty three thousand dollar bottom and then the top of it is going to be right at that fifty three thousand dollar mark so again very very important for us to stay above 53 as long as we stay above 53 I'm not worried it's just a another normal correction and the outlook is still good we can still easily bounce back and get back to all-time highs at that point so if we jump into the daily chart here you will see that we've continued to to get rejected right here so there's two things there one is that 50 day moving average which we've been rejected at ever since we lost it and the second thing is this descending line right here as you guys can see so those two things are have been rejecting us as well as of course we have a resistance at sixty thousand dollars you can see how here it's been able to it held as a support it was a very strong support and now here it's holding as a very strong resistance if we were to continue lower here the main support that we're looking at is of course 53 thousand as we mentioned earlier and that's also more or less around that target where I gave you guys two weeks ago when we spotted the bearish divergence and I said we could be possibly looking at a 25 percent pullback here in the next coming weeks now on Friday's video we did a little bit of calculation based on the history of last time we saw the same type of bearish divergence so if you guys recall we dropped 25 percent during this bearish divergence pullback so far we're down about 19 and a half percent this time around remember that it took about 25 percent less time than the last time to see the drop once the bearish divergence began so we took that into consideration when trying to figure out when we will see the next impulse move to the upside so last time it took us 23 days before we saw that impulse move to the upside so this time around we took in the consideration for those 23 days we subtracted 25 percent to make it 25 less which gave us about 17 days since of course remember that it took us 25 percent less time for the drop to come around this time so now when looking at the 17 days it gave us a date of December 1st okay the beginning of the next month it makes sense right however when we looked at the calendar here December 1st is a Wednesday so kind of a random in the middle of the week day so instead what we did we went back and looked at the chart to see more or less when this next move up began we saw that it was on the 29th so if we look at the 29th here in September you will see that it's also on a Wednesday all right so I don't know what it is about Wednesdays but you'll notice here on September on the 22nd we had a almost 7% move to the upside and then the Wednesday after that on the 29th this was the beginning of the next leg up here so last video I actually made a mistake here because I was looking at the October calendar so I put 12 days and the reason that I put 12 days was because on the 26th it's the options expiration contract days so I was thinking maybe on the 26th it's more likely that we see a move up rather than a Wednesday but now that we look back into actually September we will see that on two Wednesdays in a row on the second in the back half after this bearish divergence it is when we got movements to the upside so if we take the 23 days subtract 25% from it it gives us 17 days that date is on December 1st December 1st is a Wednesday if we look back at the previous one you'll see that its next move up started on September 29th September 29th was a Wednesday and you'll see that even the week before on September 22nd was also a Wednesday so I don't know what it is about Wednesdays but potentially that's when we could see the beginning of the next move up now in the last video I was a little confused with the dates and I gave you guys on Friday which is the 26th as a day that we could possibly get that next move up reason behind that thought is due to the fact that option expirations end on that day so of course these are all just predictions based on you know what I've seen previously you know previous data but I definitely think that sometime between the 26th and the 1st we should see a move up at some point I think that we close the month off strong and we start December off strong as well so I mean at this point we just got to see what happens all right so looking at some trade setups that we will be watching here the first one that we're going to be looking at is above 60 now this is a thing with 60 there's a lot of resistance in that area so you have to be very careful if you're taking it only risking about 1 percent however when we do break above there you can expect the prices to run rather quickly up potentially straight to 62 straight to 65 we get above that then straight to the previous all-time high now another possible entry is 58 but 58 is now very close to this resistance as well so again you have to use caution using that that entry if we continue down 55 is a possible bounce back entry if we go under it and bounce back above it and the final entry is probably going to be around 53 52 thousand dollars in that range again you have to be very careful only risking 1% on all of these thank you guys so much for watching this video if you guys enjoyed it don't forget to smash the like button on the video also don't forget to subscribe to the channel turn on notifications if you have any questions about anything we covered today drop it in the comments i'm always happy to answer you guys let's see how this week goes i'll keep updating you guys throughout the week make sure to follow us on our socials bitcoin.daily on instagram and bitcoin x daily on twitter i'll see you guys on the next one as always peace and love