 Amazon plans to start accepting Bitcoin by the end of this year according to an anonymous insider. This rumor coupled with a massive short squeeze last night shot the Bitcoin price up from around $33,000 to $40,000. Currently it's sitting at $39,291 which is about a 19% rise in the Bitcoin price. Binance futures even saw a candlewick that went up as high as $48,000 during this run-up. But it is not all butterflies and rainbows today as we got injected with some fud coincidentally at the perfect time. The breaking news says that tether executives are facing criminal bank fraud charges. This report is of course being conveniently reported by none other than Bloomberg, the same media outlet that continued to report the fud over China. So what does this all mean for Bitcoin this week? Well that's what we're going to talk about in today's video. Let's dive 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 the community with the knowledge and resources to take your wealth up to that next level. So if you guys enjoyed this video make sure to smash that like button and if you guys are new to the channel don't forget to subscribe and turn on the notification bell. So let's dive into today's analysis. So on Friday's video we told you guys that we were looking to take entries on a long position here long leveraged position here above $33,000. So we're looking for a break above this channel which was at that $33,000 mark. You guys can see here that once we broke that 33k level we went up as high as $40,000 currently sitting at around $39,250. So that's a move of about 19% profit guys if you took this without leverage it's a 19% profit if you took it without leverage. If you use let's say 10x leverage which is usually more or less what we average using that's 190% in profit on that move guys if you entered at $33,000 and wrote it up to where it currently is right now which is around that $39,200 level guys. So if you missed this trade do not worry because in today's video we will give you guys some new trades that we're watching and that we're looking to take this week. Alright so looking here at what happened as far as price action goes you see that we got the break here above $33,000 which was that channel where basically the top of this channel was ever since it's been holding us back right. So you can go all the way back to May when we first had the initial drop and except for this right here we've basically been getting rejected by this resistance level here continuously until yesterday when we finally got that breakout. So now that tells us a couple of things one it tells us that this was indeed a falling wedge and not a descending channel. Secondly this gets us above this Fibonacci level which we've been rejected by many many times here the 50% Fibonacci level if you guys look at it this is where we continue to getting rejected that's why with this candle alone I was like it's nice that we've got that break but I need to see follow-through in this move to be more convinced and that's exactly what we got here today with the biggest candle that we've seen in probably like two months or so at around 10.75% right now. So now we've entered back into this zone right here lovely lovely zone way better than this zone down here so now the bottom that we could be seeing within this range is around $35,000 and the top is going to be that $42,000 where of course we've been rejected there many times over that's basically the main level that we're looking at right so we're looking at $40,000 of course you'll see that we actually went up to $40,000 before getting pushed back down and we're currently right at that level and then that next main level which I believe is basically the line in the sand that crosses over between bullish sentiment and bearish sentiment 42 will be the biggest number for me to see us get over I believe that a move above 42 could potentially send us up into this level and potentially send us up to that 48 to possibly even $50,000 range and I think that we would get a move just as fast as we got this move today so if we take a look back into history you'll see that the day that we got over $42,000 we had a 19% candle and that led us basically to this new high here that we set at the time which was around $58,500 now I'm not saying that if we get above 42 we're going directly up to 58 or 60 but I believe that if we get above 42 we will get back in this range right here which is between that 48 to $50,000 level I believe that brings back all the bullish sentiment and that takes us out of all these bearish case scenarios that we've been facing with the bullish sentiment on top of it with the bearish patterns bearish price action so all of this put together I think gives us puts us back in that $50,000 range and we could potentially at that point be looking to possibly retest that previous all-time high especially if Tesla like Elon said last week Tesla is eventually going to start accepting Bitcoin again once they announce that Bitcoin is again going to take off so if we're able to get back to that 48 to $50,000 area even if we could just get above this 42,000 area and start trading within this range here that is a very very bullish case scenario and then if we let's say stay there until Tesla reported or announced that they're accepting Bitcoin again then I believe that would take us you know from this range here it'll pop us up into this range and the top of this range here is the previous all-time high so that's when we would see new all-time highs and we could be potentially just kind of trading within that range there and then let's say that Amazon officially announces that they will be indeed accepting Bitcoin payments then you can expect another move up possibly to like the 80,000 possibly more at that point right so that's a very very bullish case scenario obviously for the end of the year but I mean that's what it's looking like if you know if this all this all of this happens right remember we also have the august 4th date which is when we will be getting the update for Ethereum so that's also going to be very very bullish for Ethereum if we look at Ethereum here you'll see that we're back to this range where we were here previously so we're just under this Fibonacci level that's right around that 24 to $2,500 area so on a break above this then we could be expecting to retest that $3,000 range I definitely if we if we keep pushing up which I believe will happen leading up to that august 4th date as you can see here august 4th we're just over a week away from that so that would happen next week and I believe that this week leading up to it is when we will see Ethereum pushing up higher we could potentially retest that $3,000 area in Ethereum and possibly beyond depending what Bitcoin does now of course nothing only goes up there is pullbacks are usually expected here so the levels that I'm looking at for pullbacks are $38,000 the next level below that is going to be 36 but that's a smaller area it's going to be more around that 35 range so probably between 34 to 36 would be that that range where we could possibly expect some sort of pullbacks you know before continuation up remember prices don't just go green all the time right we don't just go up unfortunately we should expect some pullbacks maybe down to 38 if we get under 38 then 36 and 35 are those next levels there before continuing up now trade setups that we are going to be watching for this week that first breakout level that we're looking at is $40,000 guys 40k you'll see that we got rejected right at 40k basically if I see a break of 40,000 I am entering a long position there a long leveraged position I'm risking probably around one to two percent on this trade probably maybe 1.5 percent well I'll meet up kind of just stick to the middle right there between those two average it out 1.5 risk on this one what now where I'm taking my bigger position I'm thinking around four three to four percent risk will be above $42,000 guys this I'm going to the high end of my of my risk you know my position size so there at this point I'm looking to risk around three to four percent on this trade if we see a break above $42,000 now on any pullbacks we're looking to re-enter here at that $38,000 level which we've been able to re-enter today last night and today as we saw some pullbacks here if you go into the four hour you'll see that we've retested this $38,000 level multiple times at this point so these are the perfect candles to enter on those pullbacks so every time it's pulled back under $38,000 we've entered when it's bounced back over $38,000 so if you would have been able if you've been catching that you would have been able to catch it at least two or three times by now that same trade and basically just printing money so we will be looking to enter that same trade and if it goes lower than that then the next level that we're looking to enter on a bounce would be at $35,000 now in a theorem we're looking to enter a trade above this Fibonacci level which is more or less around that $2,500 so at $2,500 if I see the price break out above $2,500 I am going to be entering a long leveraged entry there and I'm planning on trying to write it up to the top of this range up here now of course make sure that you are practicing proper risk management and trailing properly and taking profits along the way don't just enter and you know close your eyes and hope for the price to go directly up to $3,000 because it just doesn't work that way. If we see any type of pullbacks here any theorem then I'm looking for entries probably around that $2,200 area and the second entry would be closer to that $2,000 area now I don't think we're going to see $2,000 again but $2,200 is definitely a possibility and that will be you know I'm looking for the price to go under it and then bounce back up once it bounces back up is when I'm entering so those are the trades that we're watching this week in a theorem that's pretty much it guys it's been an incredible weekend definitely and hopefully we get now an incredible week and continue this run good and this run up to hopefully some new levels that we haven't seen in a while I hope you guys have enjoyed this video if you have any questions drop it in the comments I'm always happy to answer those questions for you guys if you enjoyed the video make sure to smash that like button guys and if you're new to the channel don't forget to subscribe don't forget to turn on the post notification bell as well thank you guys so much for your time and for sticking around to the end of this video hopefully we make some profits this week I will see you on the next one as always peace and love