 Bitcoin is back over $40,000 for the first time in two weeks. Damn. Has it really only been two weeks? It honestly has felt like an eternity down here So Bitcoin today has had a huge green candle up over 8% on the day And as you guys can see this has officially put us on breakout watch out of this falling wedge that we have been Following and watching now for the last couple weeks if we zoom out here You guys can see the pattern that we've been following here So what exactly does this mean for Bitcoin and crypto overall going forward as you guys can see when crypto moves Everything moves in the green. What can we expect from here? What level should we be watching? I'll be answering all of those questions for you guys and of course Sharing some of my favorite trade setups that I will be watching this weekend. Let's jump right in 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 guys a community with a knowledge and Resources to help you take your wealth upset next level. So if you guys are new to the channel Don't forget to subscribe turn on notifications and of course guys smash that like button Let's try to get this video with over 100 likes If you have any questions about anything drop it in the comments. Let's jump into today's video All right guys, so diving right in to today's move here as you guys can see it has been a huge candle here if we close above $40,000 then this is officially a Breakout at that point. We of course just need to stay above those levels as you can see This was a huge resistance level that we've been stuck under for quite some time Taking us all the way back to November So this is a big move for us to reverse back up and get back to some of the higher levels This is a very very important first step. So the next level that we're watching here is of course Remember the big support that we had from the start of this rally that was holding our rally together Well now that's going to be the next resistance level and currently that's sitting Right around $42,000 now. Why is that a big level well also because 42,000 was a previous all-time high 42,000 has held as support many times. It's also acted as resistance many times anytime. We've got rejected by it We've dropped a lot or when we've broken through that $42,000 area we've run up a lot So that should tell you some of the reasons why 42,000 is going to be a Big line in the sand if we pull up the weekly chart here and we pull up the volume shelves You can see this big gap right here that we should be able to fill once we break above 42 So that would pretty much take us to this very next Fibonacci level right here We're just currently sitting around 44 45,000 dollars. So if we look at the order book, I'm looking for Cell walls. There's really not any big cell walls here. You can see at 41,000 It's pretty much the biggest cell wall I see here not even a 42,000 It's a very very small cell orders currently in the books right now. So so it looks like the biggest one is $41,000 it's actually at 40,750 looks like it's currently the biggest cell walls there So now the next important level once we get above 42, let's say we get we reach $45,000 that's obviously an important level But what's going to be a more important level for us to be able to regain our momentum back to the upside? I think is this 50 week moving average right here Remember that we spoke about how the 50 week moving average has held up the entire bull run Together while we lost it when we had the big drop back in in January We lost it after using it as support for what like one two three four five weeks So five weeks in a row. We used it as support before completely losing it there So that would be a big step and that's currently sitting around $48,000 which of course $48,000 is another important level and that would basically take us back to what I would think would be The next Feminacci level which is up here, which currently sits around that fifty three fifty four thousand dollar area So again, we're still very far off of that today was the first step In the right direction finally getting a break above this Resistance line that has been basically just shoving us down over and over and over again So the next step is of course breaking through this little section right here Which should take us up to around that forty five thousand dollar area and in the 50 week moving average So if you didn't see this coming, I don't know what to tell you we've been telling you guys the Market has been hinting at a move up. Remember. We had the falling wedge, which is a reversal pattern We had the hidden bullish divergence Which is a reversal pattern and of course we've been telling you guys since this huge drop when we went into the oversold territory We told you guys anytime that the daily RSI goes into oversold Historically, it has always bounced and gone back up from there So a rally was inevitable whether it's a dead cat bounce a relief rally doesn't matter The fact is that a rally to the upside a bounce to the upside Needed to happen and that's what we're currently seeing right now So let's go ahead and now jump into some of my favorite trades that I will be watching over the weekend to try to make some Profits, but before we do that guys, don't forget to smash the like button on this video if you're enjoying it Let's try to get this video up to 100 likes also if you guys are new to the channel Don't forget to subscribe and turn on notifications. So you're notified every time we put up a new video We cross over 14,000 subscribers today. Thank you guys so much and if you missed it, we got our Instagram page back Thanks to everyone who supported us throughout these difficult times. I appreciate you guys Alright guys, so let's go ahead and take a look here at some of my favorite trade setups that I will be watching over the weekend So the first one is gonna be probably $40,000 if prices come anywhere close to $40,000 I'm trying to enter as close as possible for a long position Usually bounce back entries is what I prefer. So if we see prices drop back below 40,000 and then pop back over it That's where I'm looking to enter a long trade at 40k if we don't revisit those prices and instead we continue upwards Then my next entry that I'm going to be watching is above 42,000 42,000 is of course in line with this previous Support that we had here that will now be a resistance. We also have the 50 day moving average Not far behind so I'm going to keep my positions rather small my risk rather small here Because it's just so much going on here You have all of this going on and once you finally think you're free and you've broken through all of that thing You have a Fibonacci level right here. That's going to also act as a resistance. You have $45,000 Which is a whole number. It's halfway to 50 from 40. So again, it's going to be player resistance there So again guys, I'll be playing 42 but keeping my risk between 1 to 2% And if you're looking for an ethereum trade then the ethereum trade that I'm watching for it is $3,000 on a pop-up above 3,000 that's kind of what I'm looking for I like that big whole number and that could take us up to around thirty two hundred dollars I think if we could get that break also we need to get that break out from these This resistance that we kept having here that's kept pushing us down that would be around here Which currently also sits around that $3,000 area. So that's what I'm looking for it in ethereum That's it for today's video guys. Thank you guys so much for tuning in. I appreciate you guys Don't forget to smash the like button We're trying to get 100 likes on this video If you have any questions about anything that we covered today drop it in the comments Also, if you reached this point of the video, let me know that you did in the comments as well The engagement helps us a ton with getting our channel out to more and more people if you guys are new to the channel Don't forget to subscribe turn on notifications and other than that guys. Have a great weekend. Happy Friday Happy 40k for Bitcoin. I will see you guys on the next one as always peace and love