 Another tweet another sell-off Elon Musk Twitter fingers were back at work yesterday Posting up a few memes he first started it with this one right here And then he went on to post this one soon after here of this meme as well And a few other replies he was just I guess bored yesterday. So thanks to his boredom We saw a pullback here after we had already broken out Or we're at least trying to get that breakout out of that symmetrical triangle that we've been watching due to a few tweets By his Twitter fingers that pushed us all the way back down to thirty five thousand dollars Basically this morning right the good news is that we did get a bounce right on the support that we've been Tracking and we're on our way back to the top of this symmetrical triangle So we are back at square one guys basically back to the same spot We were at exactly a week ago last Friday. So will we go up? Will we go down? Let's take a look at the charts guys Hey Jay here 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 as always is to empower you the beautiful people in this space with the Knowledge and resources to get you up to that next level So guys if you enjoyed this video or if you enjoyed any video of mine in the past Make sure to smash that like button It helps us a ton on our way to try to hit ten thousand subscribers And if you guys are new here don't forget to subscribe and turn on the notification bell I will wait so that you can do so So let's jump right in let's not waste any more time So if we go ahead and get started here on the weekly chart, you can see exactly what's been going on Over the long term here and we had the huge rise up and then we kind of stalled out here towards the top We had a lot of issues there at the $60,000 mark and then with a lot a lot of bad news over the last few weeks over these two weeks right here You can see that we had the big dump off there the last Week and this week basically we've kind of been It's printed indecisive candles, right? We've had indecisive candles here after kind of a blow off the bottom there So we do have a few things holding us up here So the first thing that you'll see here is this white line right here So this right here is a 50 week moving average, right? So the 50 week moving average is holding the price right there So that has been a pretty strong and significant Support level in previous bull runs if we go ahead and look back a bit So you can see back in 2019 this same moving average was kind of holding us up here And and was trying to keep us going right keep this bull run alive when it when it was trying to start It hadn't started yet, but then of course when the pandemic hit we fell way below it And that kind of is when we finally hit bottom there in 2016 and 17s a bull run You can see that we tested this level several times here coming all the way back down and touching it before Continuing up you you'll see that throughout this whole time anytime it touched it definitely took off there And it was a really good support even when we fell as well We were able to bounce back up tested it again bounced again And finally when we fell below it, that's kind of when we hit that bottom as well And if you go all the way back to 2013's bull run, you'll see that this level also played a major role here And this is the bull run that i've been saying that's the most similar right now to where we are currently And and this is another reason why because we're right We had the the big run up then we had a big drop and we're bouncing on that 50 day Moving average and you'll see that after bouncing on the 50 day moving average for several months Then it finally took off and it went parabolic, right? So that's kind of what we're looking for here this time around as well If we pull up the logarithmic growth scale here, you'll see that in 2013 We had that test of the 50 day moving average and then ran up to the top of this growth curve, right? If we zoom out a bit and look back at 2017 You will see that we kind of had the same thing here Where we went to the top of the Growth curve here, right that was 20k before the bull run ended So now if you look at where we currently are right now, you will see that we're We're not there yet. We're not at the top of the growth curve We've gone up and then we've had another pullback here. We had remember we had this pullback back in january This is a second pullback during this bull run that we've had so far and we are still not Up at the top. So in order for us to get to the top that's going to be a price above 100,000 dollars So that's going to be anywhere between 100,000 to I would say 150,000 dollars probably if we go all the way to december that that top is around 140 to 150,000 dollars Remember in 2013 we had this same type of movement. We went up about halfway to the Growth curve then we dropped under it and then we took off and went parabolic And that's when we hit that top of the of the growth curve there in 2017 We did see some pullbacks here But we didn't see as much pullbacks as we're having currently even though we did see the pullbacks here It was a little different in 2017 now We're here and it looks so similar to 2013 Except that it hasn't been that fast in 2013 It was basically two candles all the way up then one or two candles all the way down And then you know some consolidation and then continuation here We've had the candles up basically then some consolidation then the candles down So we can expect possibly some consolidation as we work our way back up Hopefully to that 50k mark and then if we can get back above that mark and get back above this previous all-time high That's when i'm thinking that we could potentially shoot up and grind our way up to that 100,000 dollar mark and beyond Which would be the top of this curve Which at that point would be that probably the end of the bull market cycle That's why the 50 week moving average is so important Um, so the second uh thing that we're watching here as you guys can see We have this Fibonacci level here the 50 percent level. That's also In confluence with this uh 50 week moving average here as well And last but not least we have this right here This is a zone where a lot of buyers are sitting in so we are currently in that same exact zone here So this is going to be a very very powerful area where a lot of buyers will be sitting to continue buying the dip And propping up that price those those are a few reasons here Why we're being held up pretty well And then if you look at um the current weekly candles You can see that we've been getting higher lows each week And hopefully we can continue that now if we go ahead and zoom into the daily here we can draw basically a symmetrical triangle from the Some of the supports and resistances that we have been seeing here During the last few weeks. So you can see here now depending where you drew your your symmetrical triangle supporting resistance all that Obviously is going to differ if we had the breakout or not Previously to to Elon Musk's suite So you can see on this one this particular one that we just drew here that we reached the top of the symmetrical triangle here And it's like if Elon Musk was just waiting for us to get to the top of there and purposely pushing the price down In confidence with the resistance to push us back down to the bottom here of the triangle But as you can see it did respect that support and it gave a bounce right back to that upside And we've continuously been getting lower highs as you guys can see over the last few weeks Sense this dump off in on the 19th of May Now although we've been getting higher lows, we have not been getting higher highs. So that's why that's what creates basically this triangle So now the question again This weekend is will we get a break to the upside or will we fall or break down to the downside now? An answer has to come within I mean, we still have about to the 11th. So we have about another week In this particular Symmetrical triangle that I drew today We have about another week before it really needs to before it reaches basically its apex here, right? And it needs to make a decision You do see that as the triangle has gotten tighter the range which it's been trading in has also gotten tighter With the triangle. So guys a move is coming soon There's no doubt about it. The only thing is we don't know if it's going to go It's going to be a move up or if it's going to be a move down Now we're going to give you the forecast and the projected price targets in this scenario in both scenarios Whether it goes up or down, right? We're going to measure the bottom of the triangle to the top of the triangle here Then we're going to go ahead and move this to where let's say it breaks out at that apex And that gives us a target of exactly $50,000 now if we just Copy this over And move this to the bottom of the apex if we were to break down This now gives us a target a price target of about $25,000 So those are the two different price targets Depending on which way you break now, of course, this is just from a technical analysis standpoint Things don't always complete themselves 100 percent as far as targets Because there's always other things in play other variables that come into play And another thing with analysis, you know, it doesn't take into account When people tweet for example and and manipulate the price or move the market in one one direction or another So if we were to see any Negative tweets or news That could cause a breakdown Then this would be the range of our for the support So it could be anywhere between 25 to 30 thousand dollars I would say this is also where there's a Fibonacci level right here right around that $28,000 range And at 30,000 is is more or less where we bounced off last time Now if we break above like I already told you guys before, uh, we need a break above 42,000 that is going to be the biggest level there that we need to get above As long as we stay below 42,000 We're leaving that back door open for a dump off a sell off all the way down to the $30,000 range again possibly 28 possibly 25 All right, guys. So so far we've covered Exactly what's been going on in the charts. Uh, we showed you guys how 2013's bull run looks very similar to this bull run And the possibilities and why I believe we're still in a bull market and we have much more room to go We also of course did a analysis of where we currently are right now with the symmetrical triangle and the possibilities The projected prices depending which way we break we whether we break out or break down Now next we're going to talk about some possible trade entries if you guys are looking for short term trades But before that make sure that you're smashing that like button Consistently on all your accounts create new accounts and smash the like button even more And if you guys are new here, don't forget to subscribe and turn on the notification bell Share this with your friends with your family with all your loved ones We're gonna go ahead and look at some possible trade scenarios trade setup scenarios But before we do that, let's all smash the like button at the same time on the count of three. You guys ready? One two three Boom. So now that we have all successfully smashed the like button and shared this video with our friends families and loved ones Um, let's go ahead and take a look at some possible trade scenarios. Now, there's not a lot here I'm not gonna lie because for bitcoin. I'm still not liking anything really above You know below 42,000 I will take a about 1% risk or less on a trade on a break above 40,000 as that is a resistance there So we can enter with some momentum, but we have to keep in mind. We want to take profits Early, we want to trail early. We don't want to wait because we could we that could get rejected very quickly So above 40,000 and then the main target the main entry We're looking for and we're targeting is above 42 thousand dollars if we pull back for any reason if we kind of go to the downside here Then up that entry that we would possibly and this is very risky guys, especially on a breakdown This is going to be very very risky here But above if we see it go below 35,000 and then go back above 35,000 that is a possible entry Again, we're risking less than 1% on that entry though for ethereum guys We basically have this flat top pattern here and uh, and we're not entering anything below 3,000 at the moment possibly something back at the 2,500 area, but if it went back down that low it gets very very risky So right now the only entries we're watching for ethereum are above 3,000 dollars That's the only entry we're interested in. Alrighty guys. That is pretty much it This wraps up another week where we've put out five straight videos, whether it was live streams or recorded videos Another week we're been at this now for about 10 months almost 10 months and in the 10 months We're almost at 10,000 subscribers guys. So if you guys are not subscribed to the channel guys Please make sure to subscribe to the channel. We're at 9,500 500 people away from the 10,000 subscriber milestone one last thing guys Don't forget that we're doing giveaways every friday. Okay, so you have you have to comment on the videos Mondays through Fridays And then we will randomly pick one of those videos to from throughout the week and choose a somebody who commented on the video Last week's winner was michael rain. Congrats, michael We're sending you the hundred dollars that you won from last week And uh, and then this week's winner will be picked in the next We're going to give you guys about a day or so to Comment on all the videos and we will pick a winner. Thank you guys so much. I hope we all have a great weekend I hope you guys make tons of profits. I hope we break out here and make tons of profits Till next time guys as always peace and love