 What is going on ladies and gentlemen welcome back to Bitcoin daily. I am Jay and Today we're talking about this market and what's been going on in the news. Why we've seen so much volatility in the last day or so And what's going on with with Bitcoin really as you guys can see the prices right there First let's go ahead and take a look at the coin market cap once I move my face out the way There we go So let's take a look here, but But before we take a look make sure you guys are subscribed to the channel Make sure you guys are smashing that like button we're trying to continue to grow this page and this community and We can't do it without you guys. So please please please do that for us hit that notification bell So you could always be notified when we put out the latest videos, which is five times a week So as you guys can see today Bitcoin is up and the market cap overall is up to 398.67 billion dollars, which is an increase over 1% the price of Bitcoin is currently at 13,546 here you can see it's up about two and a half percent today And The only looks like the only other Thing up right now in the top 10 is Ethereum, which is up 1% on the day It's currently down over the last seven days. So as you can see there So let's go ahead and take a look at why These things have been happening. Why has the market been moving like that, right? So if we look at the chart the first thing that that we see is What we talked we spoke about this on Monday and on on Friday's video as well There was a divergence here. So as you can see there is a higher high Lower lower high and here there is a lower high higher high. So when As we spoke about in yesterday's video about divergence when the price action and the momentum do not agree That's usually a sign of Some things about to change doesn't mean the trend's gonna change, but it means either, you know, we're gonna pull back We're gonna Trade in a range for for a bit Something has to change because both of these momentum and the price action have to be in agreement to continue So as you can see here yesterday, we had that big drop More and we dropped right onto the support that we've been Charting from this point right here as you can see it dropped right there and today This morning it dropped just under it right before just picking right back up And we'll we'll go over why that might have been caused But it but you can clearly see it here So that this support is still working here, but you could definitely see the main support here is at 13,000 level So we spoke about this level. I believe yesterday. We spoke about this level on Monday's video But yesterday's video about divergence We said that we're looking for a pullback to the 13,000 range and that's what we're looking to buy That was our first support entry or second support entry was 12,700 So it just touched that 13,000 range before jumping back up as you guys can see on this candle the low was 12,983 and it took off from there Now as you can see if you look after this big drop and we look at this We can see it's starting to match up again with this RSI here with the momentum So we have to keep watching this to make sure that they continue together and in agreement Which then You know it means that we can continue up it means that You know We should we could see another big spike like this So we're watching that carefully. We're making sure that they're both in agreement But yeah, so so let's move on to today's news So the first thing that happened this morning was Coronavirus right the pandemic it's been at it all the all year, right? More I'm sure you guys are all sick and tired of it just like I am But coronavirus US rep US records more than 80,000 new daily cases So it's been going up and I know it's not only here the same thing has been going on in Europe If you if you look here the daily new corona cases in the United States In August we had the big drop-off in September and then in October September October We started opening everything up again, and we have taken off again. We're back at the highs here, right? So so we're currently back at these highs that we were in back in July So that's one of the main reasons That uh that this that we had this price drop today Because that was reported everybody was you know freaking out a bit on that news and We kind of dropped because the stock market dropped so this dropped as well but then We got the US GDP Booms that 33.1% rate in quarter three better than expected So the US GDP Accelerated at a 33.1% annualized pace in the third quarter That was better than the 32% estimate from the Dow Jones economics survey a Surgeon business and residential investment along with stronger consumer activity helped the economy after its worst ever quarter in quarter two so that is good news and That is kind of what pushed the stock market up and it also pushed Bitcoin up as well as you guys know since the pandemic started Bitcoin in the stock market has been pretty correlated We've been holding off this week so far Because the stock market has been going down so far this week in the last week And it's just been kind of crazy due to the whole election and presidents and the pandemic and all this nonsense That has nothing to do with Bitcoin, right? But you know people Living here and in the world are they fear uncertainty so It does affect the stock market and it does in return also affect Bitcoin But as you guys can see here the GDP It dropped this this was one of the biggest drops that we've had in a while and then So now we bounce up pretty good so That was very good news in the market which you know shot in return shot up that the market up and it Opened up green today and in return and also a shot up Bitcoin then the other thing that we got this morning was ECB hints at more stimulus in December as new coronavirus lockdowns are imposed so So this is the in Europe they're They're hinting at another stimulus package in December Which would kind of put pressure on the US to also have a stimulus package in the US they've been talking about the stimulus package for months now for a second stimulus and It's been like negotiations back and forth They can't agree on the price and they can't agree on on how much they want to put into it or whatever So because of that it hasn't got done, but I believe if ECB does get it done That puts pressure on the United States also getting their stimulus done So that's gonna bring more market into the economy which in return Is good for Bitcoin because if there's more money a lot of people last time put that money into Bitcoin So last time that the stimulus that everybody got the stimulus packages Bitcoin's price went up. So Due to those two things it helped the price take this big green bounce here as you guys can see So we dropped all the way down to 13,000 13,000 is that whole number that we really really like we spoke about this number We spoke about it a lot since we got here to the 13,000 So we've been trading this range at 13,000 for a long time now for about at least two weeks now And as you can see we went up as high as 13,638 today So currently we're trading at 13,535 in that range So what I'm currently looking for here Either a breakout or a support right so for support I'm kind of still using the same entries here If I'm looking for a entry at support I'm gonna be looking in that in the 13,400 range is the first support right here So you can use that as a support entry Then that 13,200 range it actually aligns with this Ascending support line here. So that 13,200 range is another support It's minor, but it does align with the ascending support So it could be a good support to buy into and then the main support that I'm that I like is at 13,000 support now if we do break below 13,000 then the levels I'm looking at is right here the green box Which is that 12,700 range that we spoke about plenty of times So those are the main things I am currently looking at Let me see. I want to clone this It's gonna let me know and it wasn't gonna let me move it. Here we go I want to put this in in this range as well here at 13,000 So where's this? It's 13k, right? All right, so that's that's close enough So this is the the main range I'm looking at right now if we do get a drop here Then the next level is down here But you know this Fibonacci retracement level here still does act as a support and that will be the first support We're looking at 12,200 is a second 13,000 is the third. All right Make this smaller But yeah, so that's the trade setups that we're looking at we're keeping our eye on the price what price action is doing And we're also keeping a price on momentum down here remember be careful if you're setting up Stop buys and entries down here Because you don't want to be in it and then it just fall right through You know what? I mean you kind of what you want to do is After it you see it kind of bouncing back up. It's kind of where you want to buy so You have to be careful if you're sitting at your computer Monitor monitoring it then it's fine. You can set up the buys and then you know if it's breaking through make sure you set stops right away But if you're not monitoring it then be careful make sure to set alerts on your phone and all that so that you're ready to jump out if Things don't go the right way But that's basically it guys. These are the the levels that we're looking at those are the trade setups We're looking at that's what's been going on today in the market. That's why we've had all this volatility today And yeah, we're getting ready for the weekend as you guys know the weekend is Usually low volume. It's pretty slow and then when it opens up the market opens up on The futures market opens up on Sundays volume starts picking up a bit and things kind of Randomly move so We have to watch for that And so so tomorrow we're gonna do a full market analysis on what we're looking at what we're looking for during the weekend And any trade setups that might be popping up to us popping out to us So we'll see what happens from here till tomorrow as you guys saw yesterday a lot happened overnight So be prepared for that overnight volatility and that early morning volatility That's it guys. Thank you so much If you stayed till the end make sure to hit that subscribe button and make sure that you're liking that video and The question of the day here is what are the What are the supports That well, what are the trade setups that we're looking for? You know, where are we looking to enter these trades? And that's that's basically it just just put in the comment section What the trade setups that we mentioned were Our trade ideas and that's basically it for the question of the day That's it guys. Thank you very much peace and love. See you guys tomorrow