 Guys, we survived the week well so far. Wall Street has been bleeding red all week which kind of bled into Bitcoin and dragged it down as well which in return of course dragged the rest of the crypto market down. So while dealing with that selling pressure already then we had Elon Musk drop this bomb on us. This caused Bitcoin to drop 21% and Ethereum followed with a 19% drop. Definitely one of the biggest drops we have seen in a long time. Then of course the mainstream media wanted to jump in on the action and kick us while we were down. They posted a fake headlines to try to clickbait you and cause even more panic in the markets. This of course was quickly debunked but it did affect the market a little bit. One we're gonna talk about the bullish case scenario that can take us back to new all-time highs and two we're gonna talk about the bearish case scenario that can take us to new lows that haven't been seen in months. Make sure you guys stay to the end to see the trade setups that we will be waiting for if we do get this bounce. 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 with the knowledge and resources to take you up to that next level. So make sure you guys smash that like button and if you're new here don't forget to subscribe and turn on the notification bell. You guys ready? Let's jump into it. Alright guys so a lot to catch up on today. First off the week started off pretty slow with talks about rate hikes by the Federal Reserve. So the stock market was already bleeding out which was pulling Bitcoin and the crypto market down as well. Then right when we're about to get a potential breakout here at that 60k level to revisit and retest new all-time highs Elon Musk decided to tweet some ridiculousness. Elon betrayed us. So Elon posted this here which says that Tesla has suspended vehicle purchases using Bitcoin. They said that the reason why was because they are concerned of the use of fossil fuels for Bitcoin mining and transactions especially coal which has the worst emissions of any fuel. They went on to say that cryptocurrency has a promising future but that it cannot come at a great cost to the environment. Then they assured us that Tesla would not be selling any Bitcoin and that they intended to use it for transactions as soon as mining transitions to more sustainable energy. They said that they are looking at other cryptocurrencies that use less than 1% of Bitcoin's energy per transaction. So that basically caused this drop here. We were right at that $58,000 level and it caused a drop in the market all the way down as low as what was the low here $45,805 guys. This all happened in the span of a few hours the day was already going down. The whole market was down because of the rate hikes potential rate hikes in the market and then with that tweet that was just a cherry on top that knocked us all the way down for a 21% drop in a matter of about 24 hours or so. But of course that wasn't it. The next day Bloomberg Crypto put up this fake news clickbait headline saying that Binance faces pro by US money laundering and tax sluice. So if you read past the headline and actually read the article you will see that there is a quote from a Binance spokeswoman Jessica Jung that said we take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. She went on to say we have worked hard to build a robust compliance program that incorporates anti money laundering principles and tools used by financial institutions to detect and address suspicious activities. That is basically it. That's literally the only real truth in this whole article. If you look through the rest of the article is just nonsense. They started the article off saying that Binance is under investigation by the Justice Department and Internal Revenue Service. If you look at Binance's Twitter you will see that they posted the same exact statement. The exact statement that we just read as a reply to the Bloomberg clickbait title here. Now notice the second paragraph now it says as part of the inquiry so it's no longer as part of the investigation right now it's a part of the inquiry officials who probe money laundering and tax offensive has sought information from individuals with insight into Binance's business. Wow that makes so much sense with the statement right but it makes zero sense with the title. Then this next paragraph is just full of fluff with no nothing real in it and then the only thing to note here is that a blockchain forensic company concluded last year among transactions that it examined that more funds tied to criminal activity flowed through Binance than any other crypto exchange again has nothing to do with anyone probing Binance. What a surprise that the Justice Department and IRS declined to comment. The US is concerned that crypto is being used to conceal illegal transactions theft and drug deals evading taxes etc etc like that doesn't already happen with the US dollar and then more nonsense that has nothing to do with the article but notice how happy they were to point out that Bitcoin losses accelerated Thursday after Bloomberg reported the investigation into Binance. Alright so let's jump into the charts guys and talk about the two case scenarios that I was speaking of in the beginning of this video. So there's a bearish case scenario and a bullish case scenario first let's go ahead and just cover the bearish case scenario here. So if you look at the daily chart you will see that there's this pattern here up down up to the highest peak down up down right now what does that mean so if you look at this this and this so this pattern here is called a head and shoulders so this is the head there's a left shoulder this is the right shoulder. So if we look up the definition of what a head and shoulders pattern is you will see that it says that it is a chart formation that appears as a baseline with three peaks the outside two are close in height in the middle is the highest in technical analysis a head and shoulders pattern describes a specific chart formation that predicts a bullish to bearish reversal. If we look up images of what a head and shoulders pattern looks like you can see it right here the left shoulder head right shoulder and then the neckline right so if we come back to our chart here you will see the left shoulder the head the right shoulder and this is the neckline here where we currently are so then you see that on this point is when the breakdown usually happens and that's currently right about where we are right there but the one good thing that you see here is that we did not continue down instead we have bounced since we got to that point yesterday so now that brings us to the bullish case scenario here if you pay attention here you will see that we got a bounce last time we reached this point and then it got up to here and then we got rejected and then we reach the same exact point right the price bounced both times at the same exact spot now what does that mean that is called a double bottom so a double bottom pattern is a technical analysis chart pattern that describes a change in trend and a momentum reversal from prior leading price action so again we have another reversal pattern on the chart so we have two different reversal patterns on the chart we have first the head and shoulders which is a reversal pattern and then we have the double bottom which is also a reversal pattern a head and shoulders is a reversal pattern to the downside which is bearish a double bottom pattern is a reversal pattern to the upside which is bullish so how do we know which pattern is going to actually play out we don't the only thing that we can do is wait and see what the price does here so far what's playing out is a double bottom reversal pattern as you can see the price did not continue down so if the head and shoulders pattern was playing out we would have continued down beyond this neckline so we would have broke the neckline and continue down to $42,000 because that has not happened yet and we've seen a bounce back to the upside that means that so far the potential is that the double bottom reversal pattern to the upside is currently playing out so right now it's still too close to call we're still kind of waiting to see what happens here but I think that if we break $52,000 up here I think if we break that price that could lead us back up above this current Fibonacci level that we're being rejected by right now that could lead us back up to the 54 to $55,000 range and at that point it'll give the price a lot more momentum which would give this pattern more momentum as traders professional traders start seeing the pattern start seeing the momentum they will start jumping back into long trades people will be buying up Bitcoin again and that could give us the momentum needed to break past the $60,000 range which we have been rejected over and over again so basically guys there is a chance there is light at the end of the tunnel but we're not out of the woods yet we still got ways to go right now we got to see what happens over the weekend you know there's low volume so price could move in any direction pretty easily so we have to keep an eye on that guys right now we're only doing Bitcoin because Bitcoin will lead the way and everything else is going to follow if Bitcoin goes down everything else will go down if Bitcoin goes up then we should see any theorem possibly new all-time highs again possibly it could continue up to 5k all right guys so so far we've covered all the news from the week and we showed you guys the two different case scenarios for Bitcoin and for the whole crypto market in general really you know the the bullish case scenario and the bearish case scenario next we're gonna talk about some trade setups that we're going to be watching this weekend if we do get that bounce that we're talking about if you guys want to see the Bitcoin price bounce make sure to smash the like button right now on this video I'll do it with you guys let's give this video a like in three two one boom if you guys are new to the channel don't forget to subscribe guys don't forget to turn on the notification bell so let's jump into some trade setups all right guys so I'm gonna keep this one really simple this weekend the only breakout entry that we're looking at right now for is 52 thousand dollars below 52,000 I really am not interested in any trade a possible entry is 48,000 but I'm not taking that because it's just too much possibility of it dropping further you can also a possible entry at 50 but again there's just too much resistance right above it I'm not liking that and at 50 there's still potential for it to fall back down to 48 so for those reasons the only entry I'm looking for in Bitcoin over the weekend is a breakout above 52k because that will mean that there's momentum coming back into the price and into the market and I want to trade with momentum any theorem I'll probably be looking at entries maybe around 4,100 you can you can do maybe a 1% risk on 4,100 you could probably do 2% risk on 4,000 and a 1% risk I would say on 4,200 and beyond above the previous all-time high you could probably also do around a 2% risk but you also want to keep in mind the price of Bitcoin depending where the theorem is if we're like getting to 4,200 and Bitcoin is kind of pushing back or pulling back you don't want to be risking too much on Ethereum because the price of Bitcoin could also affect Ethereum so you have to be aware of where Bitcoin's at before taking trades on Ethereum and that is pretty much it guys I covered everything I wanted to touch on this week I know it's been crazy week it's been so crazy that I livestreamed three times this week guys I livestreamed on Monday during the dip Wednesday during the dip and yesterday during the dip so I hope I was able to help out all of you guys and all everybody that tuned in and out that we're asking questions that were panicking hope I was able to help out a bit with my live streams and I will continue to do that anytime there's any type of big drop in price I will continue to hop on to live streams and to talk you guys through that whole thing thank you guys so much I know it's been kind of a long video but there was a lot to cover here but thank you guys so much I hope you guys have an amazing weekend I hope you guys make some amazing profits I hope Bitcoin jumps back up make sure to like the video guys if you guys are new don't forget to subscribe turn on the notification bell I will see you guys next week till then peace and love