 Bitcoin has officially broke down below the main support levels that we have been watching since that drop back in December. Bitcoin's price is now down about 45% from the all-time high, which is still not as bad as the previous correction we had when we went down 55%. So the questions that you probably have today are, is it over for Bitcoin? Are we officially done with the bull market? Are we now entering into Bitcoin winter? Let's take a deep breath guys and let's talk about it. Hey, what's up 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 the community with the knowledge and resources to help you get your wealth up to that next level. So if you guys are new to the channel, don't forget to subscribe, turn on notifications and smash the like button. If you have any questions on anything that we cover here, drop it in the comments. Let's dive into today's video. So Bitcoin has officially dropped down below that support that we've been watching since all the way back in 2020. You can see that started way down here. It respected it when we dropped down and tested it back in June. And it was trying to hold up, but it looks like we lost it at least up until this point. With that in mind, we still have the opportunity to close above this point. Now of course for that to happen, we would need to get back to probably around 41 to $42,000. And in that case, it will look something like this, how we had last week where we tested these lower levels and then we got to bounce it right back over the support. And we closed above it to keep it intact. Now if we do close below it, then it kind of throws it out the window for the moment. It will definitely be bearish. It's definitely bearish now that we broke through it. If we close below it on the daily today, it makes the scenario even more bearish. And of course, if we close the weekly below it, it makes this a very, very bearish scenario. So to look for support below this current level, we need to look for basically where we've had a lot of interest, right? So you see that we've officially got down this area right here. Remember this whole area? I told you that if we lost 45, we basically had this whole area we could get down to, which would take us all the way down to basically this level here, which is that $38,000 level. You see that this is where interest starts picking up again, volume starts picking up. We have the volume shelf there. Now the strongest volume shelf is going to be down around that $35 to $34,000 area. You can see we have this uptick right here. That basically lasts up until around $32,000. Below that you can see there's another huge drop off here. So last time we tested what was the price here? What was the low? The low was around $28,000. And you can see that it was literally hanging by a thread there right here. If we would have lost that level, we could have probably tested all the way back down here, which was $24,000 to $25,000. And then beyond that, of course, the next main level was over here, which was around $18,000. Now next thing we're going to do is look at the order book and see where are their orders? Where are the main orders at? Where is the bulk of the orders? Trying to find that buy wall. So if we zoom in here, you can see that the main orders start right here. This is basically right around right under $38,000, actually. So if we scroll down here in the order book, you can see that we have orders, bunch of orders at $37,840. We have a bunch of orders at $37,800 as well. And then if you continue down, we have some at $37,000, but really not that many. We have to scroll lower. We have some at $36,000. But what I'm looking for is a big buy order, right? So here we have one. This is the biggest one that we have. You'll notice this is sitting at $35,000 right here. That's this one right here that you can see. But that's still not the biggest buy order that we have. The biggest one sits all the way down here at $30,000. So if we scroll all the way down, you will see that we go through a few of these. And then finally, we run into this one, $30,000 is the biggest buy wall that we had. We had a similar buy wall at $40,000 last week, which shot the price back up. Unfortunately, this week we only had a quarter of the amount of orders that we had initially, right? Last week when we first tested that $40,000. So right now we just don't have enough people. We don't have enough buyers. We have more people selling than buying, which is why prices got pushed down and pushed through this $40,000 level. Now if we look at the sell orders going up, you can see that we have a bunch of sell orders at $38,290. We have a bunch at $38,500. If we keep going up, we have sell orders at $39,700. Of course we have a few at $40,000. Doesn't look like it's that many though. So there's no huge sell walls as of right now. But still overall we just have more people selling right now than there's people buying right now. So is it all bad news or is there any good news at all? So there is good news. There's always some good news somewhere, right? So the first thing is that we're still in this wedge. We have a big wedge starting off from when we hit that initial all time high and it's been basically going all the way down. So there's still the possibility that we're within this wedge. The bottom here has some confluence with a Fibonacci retracement level and that's right around that $36,000 area at the moment. So that would be the bottom of the wedge and also a retracement level. Something else is that we are currently oversold. So if you look back in time to the previous time that we were oversold was way back here and you'll notice that when we got oversold we had a bounce back to the upside. So you'll notice that this was actually back in May when prices went as low as $29,800. We had a bounce back to the upside that took us back to around that $40,000 before dropping lower again. But we did get that big bounce there. So we should expect some sort of bounce similar to that which should get us back above $40,000. If we look for other times in history when we've been in oversold territory like we are right now, you can see right here back in March of 2020, that's the pandemic selloff. Where again, once we hit this bottom area, we went back up to the upside. Again in 2019 we were in oversold and from there we moved back up to the upside. If you look back you'll see many times where we've done this where price just kind of went oversold and then it had to move up. Even if it's just a relief rally, I'm still expecting us to at some point in time get that move up. Now as far as how long it might take to get that bounce, well you'll see that the last time we were in this similar situation it took more or less about six days. So more or less like a week before we're able to get that bounce and get back up and over out of this oversold territory. If we look all the way back to 2020 from the day that we went oversold to the day that we had that bounce and went back into the neutral area, it took again about a week in 2019. It took about five days. Again in 2019 took about eight days there and the one that took the longest here looks like it was back in 2018 when we were pretty much in this oversold area for about 32 days. So without a span of a month, we were in the oversold territory. This is of course when we were in the bear market. But even when we entered the last bear market, we were only in the oversold area for about a day about one to two days before we bounce back up and over. So I'm definitely even if we are entering into a bear market at this point, I am definitely expecting some sort of relief rally. We're not just going to continue going down without having any type of bounces back to the upside. Markets are oversold here as you can see. We do need to get the RSI back in this range right here. So in order to do that, I'm expecting a bounce back even if it's just a relief rally where prices go back possibly to retest this right here since we just broke below it. A lot of times we'll get something like that and then we'll retest before a continuation to the downside. So retest like that would bring us back over 40,000 possibly retesting 42,000, which would pretty much be this level right here. We'd be testing the previous support that we had there plus we'd be trying to break out of this wedge falling wedge pattern that we have here. So that would be something that I'd be looking for in the short term here as we see what continues to develop. And then if we see a rejection from that, then we could probably expect us to drop lower maybe to retest that $30,000 level if we cannot get a break to the upside and get a break out of this falling wedge probably either within the next few days or next week is when all of this will probably happen. So you guys already know that weekends is low volume. So I'm not expecting a push back up or anything like that over the weekend. Probably we'll see some more downside maybe, but most likely some consolidation after this big down movement. And yeah, that's pretty much it. We spoke about this on Monday. Remember, we said that something had to happen here. Like a move was going to happen whether it was a break out or a breakdown. Unfortunately, we got the breakdown. So now we just got to see what develops here over the next few days and just go off of that. Thank you guys so much for watching this video. I hope you enjoyed it. Make sure to subscribe to the channel. If you're not yet subscribed, also don't forget to turn on those notifications. If you guys enjoyed this video, make sure to smash that like button. And if you have any questions about anything, of course, drop it in the comments. Stay safe out there while the market is red like this, guys. Be careful if you're using any leverage, make sure that you're practicing proper risk management. I'll see you guys on the next video. As always, peace and love.