 Bitcoin is officially back as it hit a high, today of $46,342. Today we are looking at a chart here that is flashing one of the most accurate buy signals for Bitcoin that we have seen historically. This buy signal could possibly mean another 100% move for Bitcoin bringing it to around $92,000 by December. If that is not enough for you guys, then maybe the potential golden cross here that we could be getting by either the end of this month or early September, maybe that'll get you in the right mood today. But of course, everything is not butterflies, bubblegum, and rainbows as we do have some fud in the market today with the infrastructure bill. US lawmakers are currently working on passing an infrastructure bill which could really impact the entire crypto market in a big way. The original wording of the bill would put unworkable requirements on Bitcoin node runners, developers, and miners. Something like that would not only stifle the innovation in the cryptocurrency and digital currency space, but it would also lead to pushing away and pushing out a lot of big companies in this space out of the United States. So amendments are currently being worked on to come to a compromise so that that doesn't happen. We will keep you guys updated with this as it continues to develop. So let's not waste any more time and let's jump right into this week's market 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 notification bell. Also, if you guys enjoy this video, please, please, please smash that like button. It helps us a ton. So I hope you guys listened to us on Friday and took these trade setups that we gave you guys because we made some profits. The first trade setup that we gave you guys on Friday was that entry above $43,500. Guys, if you entered that and use 10x leverage and wrote it up to $46,000, pretty much where we're at right now, you would have done around 6.5% or 65% profit. The second entry that we gave you guys on Friday in Bitcoin was on a breakout of $45,000. So if you wrote it up from 45 up to 46, you would have done a round 3% profit using 10x leverage. That's about 30% profit on that move. Congratulations. In a firm, you guys already know that the number that we were looking for was $3,000. Guys, we were risking, remember, we said between three to 4%. So this position, we made it a little bit larger. Guys, we moved up around 6.28% since then once that trade triggered. So if you use 10x leverage on this trade, that's about 62, 63% profit on that move. And the best part about this trade was that you could have taken this trade probably about two or three times and made that same amount of profit if we wrote it up. So that's why we're always saying take profits on the way up. So remember that last week, we're up around $8,000 on our trade. Well, just a few days later, we're now up around $20,000 on our position. We've added some more to some, we've taken some profit on some, but currently with what we have unrealized that's currently open, we have about $20,000 in profits. Hopefully this inspires you guys to watch the rest of the video to take these trade setups that we will give you at the end of this video. All right, guys, so looking at the Bitcoin chart here on the weekly timeframe, you see that we got another great green candle here on the weekly to close it out. And so far, we have a nice green candle on this week to start it off. So we ended up closing the weekly candle at $43,821, and so far today, we've gone up as high as $46,000. You can see that this breakout started here once we broke out of this falling wedge reversal pattern. We continued up and then we got stuck here at this long-term resistance descending line that we had here. And last week, we got the break above it. We closed above it. And now this is basically as long as we stay above $42,000. This is confirmation that we're sticking above that line. We are now in a new trading range, which is a low of $42,000 and a high of $50,000. So that's the range that I am expecting to be trading within here within the next week or maybe even longer. So our next resistance level that we're currently watching is at $48,000 to around $50,000. Remember, that's the target that we spoke about when we were looking at the volume here at the interest. You'll see that we had this gap right here was just empty and look at that, guys. We've gapped up just like I told you, guys, we would do once we got over $42,000. Now I know it didn't happen within a few hours or within one day like we would have liked, but we have just grinded through there the last few days. Really since we closed here on Friday, we've grinded up and we're now getting to the top of this volume interest where this is basically signifies there's a lot of transaction. So there's going to be a lot of buyers and sellers in this range now. So when you start looking at where that picks up, you'll notice that it's right around that $47,000 area up to $50,000. That's where it peaks, right? So it starts picking up here at $47,000, it peaks around $50,000. So once we get above $50,000, you'll see how it starts to drop off again up until around $53,000, $54,000. So that's currently the levels that we will be watching this week to see if we can get to the top of this range up here. If we get to the top of this range, it's very likely that we will see some resistance, but it will only be a matter of time before we break up above $50,000. Once we break up above $50,000, I mean, it's almost, it's not going to be a straight shot to $55,000, but we're going to get there. It's only a matter of time. And at that point, once we're trading within this range up here, now the bottom, the low of that range is going to be $50,000. The top of that range, it's going to be $65,000. So some bullish buy signals that we are seeing in the chart. So remember the death cross? No, nobody remembers that anymore because the market doesn't even remember that, right? Look at this, guys. It looks like we're about to head up and have a potential golden cross here very soon. This could happen. I'm just doing some estimated numbers here, but you can see that it can happen sometime in the back end of August of this month or early September. That will most definitely be a buy signal as you guys already know. Anytime there's been a golden cross, almost always the price has continued to the upside. So as long as we stay above $45,000 here for the next few days for the next few weeks, we could potentially see that golden cross sooner rather than later, which is very, very bullish for the Bitcoin chart. Now that's not all. As we said in the beginning of the video, one of the most accurate bullish long term signals for Bitcoin has flashed a buy signal recently. All right, guys. So look at this chart here. You see this right here. This is called the hash ribbon indicator. I just posted this chart on Instagram with the exact breakdown of what's going on here. The hash ribbons indicator is based on hash rate. And this is one of the most important metrics for the health of the Bitcoin network. This indicator historically has been near 100% accurate. It's had an average return of over 4,157%. And if we look at the chart here, the last time that this indicator signaled a buy, you can see that we went from 19,000 all the way up to our all time high, which was around $65,000 for a move of around 256% return. If we go further back and look at other times that this indicator has also given a buy signal, you will see the previous buy signal before that was back on July of 2020 when prices were around $9,000. After this indicator signaled a buy, you'll see that prices went up over 100%, 114%. Before that, we also got a buy signal back on April of 2020. And after the buy signal, the Bitcoin's price went up over 53%. Go even further back to December of 2019 when it signaled a buy, Bitcoin went up over 47%. And if we look even further back, the infamous bull run of 2017, this indicator signaled a buy signal on August of 2016. After the indicator signaled a buy, the price went up by 3,363% from its price of under $1,000 all the way up to that previous all time high. The all time high of the run, which was around $20,000. Now at these prices, a 3,000% run up seems pretty unrealistic. But if we use basically the run that we had the previous time that is signaled a buy and we just move it over to where we currently are right now, we're talking about a rise of around 100%. So basically doubling the price that it's currently at right now, which would put us at $92,500 by December of this year. Now I'm not saying to sell your house and put it all into Bitcoin, but sell your house and put it all into Bitcoin. This is not financial advice. Looking at the Ethereum chart, you will see the same thing as we have the same buy signals here. It's going to go through all the numbers, but you know what it is. Ethereum prices broke through the top of that range. That number that we were looking at was 3,000 and we broke above it, currently hitting a high of around $3,200. Here I'm expecting Ethereum to continue to the upside guys. I know we're very oversold right now. We could have some, you know, accumulations, consolidation here, you know, maybe for a couple of days, could be a couple hours, could be a couple of weeks, who knows. But I am expecting it to hit this level up here, the top of this range, which is around that $3,500 area. So if Bitcoin continues up and continues to that $48,000 to $50,000 range, I'm expecting a theorem to also move up to that $3,500 range hitting our target. We've already hit our first target of 3,000, so 3,500 is our second target here as we continue to move up. You can see here after the new update, currently 18,425 Ethereum coins have been burned so far as that continues to create some scarcity in the Ethereum market, expect prices to continue to go up over the long term. First support right now in Ethereum is back down around that $3,000 range to up to around $2,800. I would say the zone is, the resistance here is going to be, I would say pretty much after we get above $3,200, it's an open shot to $3,500. So I'm definitely expecting once we break $3,200 for it to just continue all the way up to $3,500 for that second target in Ethereum. So trade setups that I will be watching this week, are you guys ready? If you want these trade setups, don't forget to smash the like button on the video. And if you guys make some money, don't forget to subscribe as well as we do this every Monday and Friday. So first trade setup that I'm watching here is probably around that $46,000 area. We're currently at it right now. But I'm basically, I want to enter a breakout above the highs, right? If it breaks above the highs, then there's more momentum comes into the market. So currently the highs are around 46,342. So possibly we could have something around 46,500, just like we did on Friday with 43,000. Now we're only risking 1% on this trade because 48,000 is a big resistance level there, 48 to 50. So if we get above this level, we're looking to be taking profits all the way up. And then our next entry is going to be above $48,000. And then the third entry is going to be above $50,000. So we'll have an entry above 46,000 entry above 48 and an entry above 50 to be able to ride all those breakouts with that momentum and with that volume. If there's any pullbacks here, then we're looking back at that $42,000 range, right? That's the main support that we will be watching for entries. If it doesn't reach that though, $45,000 is a good enough spot to take an entry. So if we pull back to 45,000 and then we see it bounce back up over 45,000, we're going to risk about 2% on that trade. If it goes down to 42,000 and then bounces up, we're going to risk around 3% on that trade. At 46 and 48, we're going to be risking 1% above 50,000, we're risking 3%. In Ethereum, right now, the breakout trade to look for is above 3,200. On that trade, we're going to be risking about 3%. So we're going to go a little bit on the bigger side. So you could do 2% to 3% risk on that trade. As I do believe, if we break above that, we should be seeing this $3,500 level very, very soon. If we get any pullbacks, then at that $3,000 level, we're also going to be taking a 2% to 3% risk on any pullbacks to that range there. And of course, if we get any type of breakout above 3,500 this week, we will also be entering those trades risking about 3% or so. That there could potentially lead to the previous all-time highs at $4,400. That pretty much wraps it up, guys. We covered everything that we wanted to talk about today in the video. If you guys enjoyed this video, don't forget to like the video, guys. If you guys have not subscribed yet, don't forget to subscribe to the channel and also turn on the notification bell so you're notified when we post these new videos. And if you have any questions, if you've made any profit from our trades or if you just want to say what's up, drop it in the comments, guys. I always, I love to see you guys dropping comments and I try to get back to all of you. Thank you guys so much for watching this video. I will be out of town for the rest of this week. So I might do a live stream on Wednesday from my laptop and I'll have to figure out what I do for Friday. So Tuesday and Thursday, I won't be posting videos. I will try to post something on Friday from my laptop, so I'll see if I can get that set up. Thank you guys so much. I will see you on the next one. As always, peace and love, baby. Let's make some money.