 Bitcoin is now down 23% from its recent highs of $58,500. But in the midst of all this panic and blood on the streets today, we actually got some very good news as a settlement has been reached with Tether and Bitfinex. So is the Bitcoin bottom in for this pullback or do we have further down to go? Stay tuned to find out. 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 traders. The goal of this channel is to empower you guys with the resources and knowledge to take you to that next level. So if you're new here, make sure to hit that subscribe button, make sure to put a thumbs up on this video and turn on that notification bell so that you're notified as soon as we post these new videos five times a week, Monday through Friday. So yes guys, the blood on the streets continues today, prolonging yesterday's bloody Monday. So today we've seen a 9.39% decrease over the last day as far as the global crypto market cap. Bitcoin's dominance is currently around that 61.5% mark and yes, Bitcoin's market cap has fallen below that $1 trillion mark that we set just over the weekend. So as you can see, Bitcoin's currently down 11% today in the last 24 hours. Ethereum's down 10%. Binance coin is down 14%. You can see that Tether won its lawsuit and it's up 0.3%. So bullish on that. Polkadot down 8%, Cardano down 6%, XRP down 17% today, Litecoin down 15%. We're back under that $200 level. Chainlink is down 16% today and Bitcoin Cash down 17%. So what does this mean? Is the bottom in? Should we be buying the dip? What's going on? So I can only really tell you what I'm doing and then you guys get that information and do what you would like to do with it. But I personally am buying the dip as I have no plans on selling my Bitcoin anytime soon. In the four hour chart, we're now touching that oversold territory. So naturally that means that we should be seeing a bounce back anytime now, right? Remember during this last pullback right here, anytime that we hit this area right here where we're oversold, guess what the Bitcoin price did? It jumped back up. When we were oversold here again, it jumped back up, right? So naturally when we hit these oversold territories here and here, the price again jumped back up. So if you're looking for a time to sell, the time is not now. You don't sell when the market is dropping. You sell when the market is going up. These pullbacks are for new, fresh, long-term entries. So that's currently what I'm doing. I am buying these dips. And like I always teach you guys, I am dollar cost averaging. And I'm not putting in a one lump sum. I am, as it drops, I buy a little bit more and a little bit more. So looking at the chart, you see that the high was at $58,500 level. And we've dropped since then to about a 23.2% drop, right? Which was a low here of $44,911. So currently we've had a bounce back over this $45,000 range. That's basically where we've got that bounce right now. You can see this Fibonacci zone here is holding up, where we had a whole lot of price action here, which also held that price up. So this $45,000 to $46,000 range here is definitely a good area for possibly finding a bounce. This is one spot where we decided to dollar cost average. As I told you guys in yesterday's video, if we continued to dump, I was looking at $50,000 first. I was the first range I was looking at. So it did hold up there, but then we ended up breaking through. So I bought some there. And then now today I bought some here at $46,000. If we continue lower, I'm looking to possibly buy here at $42,000. And then I'd be also looking to buy around that $40,000 range as well. So that would be around this Fibonacci level, which you can see there was a lot of price action here. So that's why I'd be buying at those levels as well. Now, if for any reason we dropped below those levels, then we dropped below 40K, then the next level that we're looking at is basically right here, that's around that $38,000 range. And also this Fibonacci level right here, where you guys can see there was a lot of price action that's right around that $36,000 to $35,000 range. Now, I don't think we're gonna go that low, but in the event that we did, I'm just giving you guys the information of the different supports that you guys can be expecting if we were to continue down a lower leg. If you guys are freaking out, remember, zoom out a bit. Look at the monthly candle, guys. On the monthly candle this month, we're still up 42% from where we opened the month. So we opened the month at 33,000 and we've gone a high of 58,000. We're currently at 47,000. So we're still up $14,000 from where we opened up the month. So guys, relax, we're still good. If you look at the weekly time frames, you will see that we're currently holding up right here at this 23.6% Fibonacci level. You can see the bounce right there currently. This same area held up last week's candle as well, last week's price. And that was the big move after this big, remember this big bull flag right here, guys, with this breakout when everybody was freaking out over those few weeks there. That was what, one, two, three, four. That was about four weeks. Basically, the majority of January where everybody was just freaking out and thought that's it. That was the end of the bull run. And then look at this breakout. It was a bull flag just like we spoke about and the big impulse move up. So guys, the price can't just go up without ever coming back down. There has to be pullbacks, just pullbacks in the markets, right? So this is just another pullback here, as scary as it is, just remember how scary this one was. You can also see on the RSI that we were overbought over here on the weekly and we're finally coming back into the regular territory. On the daily timeframe, you're seeing more of the same. We did break this ascending support here that we were watching, but we're currently on this Fibonacci level. Like we said, we also have on the daily timeframe the moving averages here as some support. We have some major levels there as well. And then looking at the RSI, we are now officially out of that overbought territory and back into just being kind of in the normal area of the RSI. You'll see here when we were overbought as well, we also had the same type of dip until we came back out of that area, right? So is the bottom in? I think so. There was a lot of liquidations as well. The liquidations also played a big part because that caused a long squeeze. A long squeeze is basically a situation which investors who hold long positions feel the need to sell into a falling market to cut their losses. This pressure to sell usually leads to further decline in market prices. So as you guys can see here in this report by Arcane Research, a combination of liquidations and fear has sent the Bitcoin price back below $50,000. The market turbulence shook out many overleveraged traders and finally the funding rate is back in neutral territory. So if you guys didn't notice the funding rate on many leverage exchange were getting out of hand because so many people were just going long without any real plans or just going long, you know? Stunks only go up, right? So when a lot of traders are going in the same direction and the funding fees start getting kind of out of hand, right? So the outcome of the Monday sell-off was the largest long squeeze in Bitcoin we've ever recorded at $1.68 billion, guys. So that's a lot of what had to do with this dump that we've seen in the last, you know, basically the last 24 to 48 hours in Bitcoin. Now that we got all of that out the way, let's jump into some good news because everybody's been panic selling today and just panicking over the prices overall. They've kind of missed on something that's been looming over the whole crypto community for the last two and a half years now. So Tether and Bitfinex finally reached settlement with New York Attorney General's office. This is straight off of Tether's website. They say under the terms of the settlement we admit no wrongdoing. Now, does that mean that they did nothing wrong? No, but they don't have to admit to having done anything wrong. So that works out. This is kind of what I spoke about if you guys watched my Tether video that I did last month. And this is kind of what I think is going to probably happen with XRP, just a slap on the wrist. They went on to say that the settlement amount that they agreed to pay to the Attorney General's office should be viewed as a measure of their desire to put this matter behind them and focus on their business. Of course, it's just $18 million when they just moved $850 million, which is what this whole case was about. $18 million, what? That's just the fees that they have to pay, it's nothing. The settlement resolves allegations about public disclosures related to a loan Tether made to Bitfinex when Bitfinex was encountering challenges accessing approximately $850 million in Bitfinex funds held by a payment processor in 2018. The loan was made to ensure continuity for Bitfinex's customers. It has since been repaid early and in full including interest. At no point did the loan impact Tether's ability to process redemptions. They said that the Attorney General's office concluded in essence that we could have done better in publicly disclosing these events. Contrary to online speculation, after two and a half years, there is no finding that Tether ever issued Tether's without backing or to manipulate crypto prices. So yeah, basically, Tether's getting a slap on the wrist. Of course, the New York State AG did not have enough evidence and facts to really take this to court. As we said, it was going to end in a settlement as most things do. Tether then tweeted that they reached the agreement here. You can see this on Twitter. There's no finding that Tether ever issued without backing or to impact crypto prices. This settlement shows our commitment to the future of the industry and to transparency with quarterly disclosures of Tether reserves going forward. So apparently now they're going to be transparent about the reserves every quarter. The New York AG also tweeted that they were ending Bitfinex and Tether's virtual currency trading in New York after the companies covered up about $850 million in losses around the globe and deceived the market by overstating reserves. Those trading virtual currencies in New York cannot avoid our loss period. So I guess that you will no longer, if you're in New York, you're no longer able to use Bitfinex and Tether is what I'm assuming from this tweet. Like I said, you guys can go back to this video right here that we did of Tether versus NY attorney general where we covered everything that you needed to know about this case. And we said that that would probably end in a settlement like it did. So next we're going to go ahead and give you guys some trade setups for a possible bounce, some possible trade entries here depending where the price goes for Bitcoin. So if you guys are enjoying this video so far make sure to subscribe to the channel if you haven't done so yet. Also put a thumbs up on this video. And if you have any questions about anything going on, just go ahead and drop it in the comments. Also any thoughts or ideas about what's going on currently drop it in the comments as well. We always appreciate it and love to read your comments. All right, so looking at the prices here, like I said earlier, I really like this level right here cause it's in line with the Fibonacci level that we spoke about. It's also in line right here. How many touches it's got? It played as resistance there and then it plays at support as well there. So this $46,000 area is going to be a strong level and we need it to hold because if we fall below 46, we do have 45 where we currently tested there. If we fall below that, then we can go test 42 basically and 40. So we're hoping that we can hold here but the entry is going to be around this 45 to 46K area. If we do go lower, then we're looking at entries here at 42 or $40,000. Now, if we do get a bounce up, then we're looking for an entry above $50,000. So we're going to be using that entry as you guys can see, this was kind of rejected right there at that 50K and these two haven't been able to get to 50K without getting rejected. So basically we would be playing over this level for a breakout entry. Now some of you may be thinking, we have a impulse move down, we're kind of grinding up, starting to look kind of like a bear flag. Remember that a bear flag is not really relevant when we're in an overall bull market. They're just not relevant because overall the trend is up. So those flags don't really matter too much. They're not very important in this type of market structure. So those are the plays that we have for you in Bitcoin today. I know a lot of you are probably wondering about outcoins. Tomorrow we will do a live stream and cover all the outcoins, well not all the outcoins, but we'll cover some of the major outcoins and we'll do a few requests from you guys. But that's pretty much it guys. I hope you guys have enjoyed this video. I know it's been a tough couple of days, but guys just hold on as my shirt says here. And there will be better days just like we've seen it happen in the last month or two. If you guys have enjoyed this video, make sure to subscribe, make sure to hit that like button and make sure to turn on that notification bell. If you have any questions, remember to drop it in the comments and that's pretty much it guys. I will see you guys tomorrow in the live stream. Until then, peace and love.