 No man's land. That's exactly where Bitcoin decided to spend its weekend. Bitcoin continued lowered as expected, hitting a low of $33,386 over the weekend. We did, however, get a small bounce coming into today. Perhaps this was on the news of the Reserve Bank of India issuing a memo making it crystal clear that Bitcoin and crypto exchanges are not banned in India. So let's go ahead and take a look at what might be the next moves that we're expecting this week. 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, as always, is to empower you, the people with the resources and knowledge to take you up to that next level. So guys, make sure to smash that like button for me. It helps the channel a ton, and we're almost at 10,000 followers. So if you're new here, don't forget to subscribe to the channel. Turn on the notification bell. Now let's jump right in. All right. So as you guys know, last week, we spoke about a bearish case scenario on the breakdown of this symmetrical triangle that we were seeing here followed by an impulse move up, which was a bear flag, basically, right? So we had the breakdown here on that symmetrical triangle, which led us to lower prices here, which is why we gave you the bearish case scenario on Friday. So for this case scenario, we had given you a possible target of anywhere between twenty eight thousand to thirty two thousand dollars. Now, we ended up going as low as thirty three thousand dollars. So it was pretty close and we did get a bounce up here over the last day or so. So this makes things a little bit interesting because this actually starts to develop a new pattern here that we're seeing. So now we just connect the bottom of this right here. What you start to see is possibly the formation of another symmetrical triangle here, right? So maybe something like this is currently what we're seeing. So you can see that we have a low, then we have a higher low and we have a higher low and a higher low. So we've consistently been getting and been seeing here higher lows. So that's developed a new symmetrical triangle pattern here, which could possibly be where we're trading within. So we're going to go ahead and remove this right here. This was the possible target once we broke down from that other symmetrical triangle that we're watching. So now we have a new symmetrical triangle that we're going to be watching, right? So now what's expected here? So if we look at the top of the symmetrical triangle, that's around that thirty eight thousand level. If we look at the bottom, that's going to be right around that thirty four to thirty five thousand dollar range. Now remember, symmetrical triangles tend to be kind of fifty fifty patterns. There's there's no real edge in either side. However, usually that edge goes towards the overall trend. So if the overall trend right now is bullish, it gives the bullish the upside and a little edge. It might not be much, but it's it's something, right? So we take the bottom of this symmetrical triangle, move it all the way to the top, which was it's more or less around here, right? Then we grab this and put it where we can potentially see a breakout. Now you see that it gives us a a very big projection, right? Because this is pretty it's been a pretty big been a pretty wide pattern here, as you guys can see, it's it's come all the way started when we had the low on May 19th to where we currently are today. So it's it's basically a pattern that's been in the works for the last two weeks or so. Now is when we're really seeing the development of it with the lower lows to higher higher lows, higher low, higher low. So we have a ascending support and a descending resistance price target for a breakout here could be if we put it at the climax here of the symmetrical triangle, it could lead us to it around that 48 to $50,000 range. That's where I've been saying that if we can break above 42 K, that's where I'm expected the price to go to minimum. However, remember that we don't always just go up. So we have to be prepared in the event of a breakdown of the same pattern and a breakdown here could lead us all the way as low as potentially 23 to $22,000 for Bitcoin, depending where this break happens. Now, of course, these are just projections. These are just possible targets. It doesn't mean that they will be exact. It doesn't mean that, you know, if it breaks up or down, that that's the set number that's set in stone. That's not how it works. It's just to give you an idea of the possibility of the range that we could go to in the event where we break up or we break down so that you're at least somewhat prepared for the worst and the best case scenarios. Also, remember that we're still watching and tracking this somewhat of a inverse head and shoulders pattern here. So we have the head, we have the left shoulder and the right shoulder here in the scenario that this plays out. Then we're looking at a projection price. Let's see, it would be after we break above the neckline and it gives us almost the same exact price here. Look at this, almost the same exact price target as a break up above this symmetrical triangle here. So hopefully we can get a break out of this symmetrical triangle and a break out of this inverse head and shoulders. And that can it's not going to guarantee anything, you know, and investing nothing is guaranteed, but we at least have two different scenarios, two different patterns that point to the same exact price, which is anywhere between $48,000 to $50,000 for Bitcoin. Remember that we still also have this falling wedge pattern here that we did break out of. So that's another reversal signal there, another reversal sign. And on the daily chart, we're still right at we're a bit neutral now, but we're still right on the cusp right on the edge of that oversold territory. So usually when we're when we're signaling over here, oversold prices tend to bounce up. Also, for anyone that follows the Elliott wave theory, you know that once when the trend is going up, which is five ways, then usually when there's a correction, it comes in an ABC pattern, which basically is three ways. So if you count that out, this would be A, B and C. As you guys know, this C wave here is almost always the the biggest wave down. So we've had this C here. So it would at this point, following the theory, that same theory, it would start over here and we would get we would start back at wave one, which would mean that price would need to go up in that case. If we were staying, of course, in the bullish trend. Now, if we're going into a bearish trend and obviously things change. But right now here at Bitcoin Daily, we believe that the bull run is not over and that we're still in a bullish trend. So that's why we build arguments for that makes sense around the bullish trend right now. And a lot of things that are on the chart are pointing to to that reversal eventually, even though it might not be right away. So hopefully this week, we can get a little bit more data and more answers here as the price continues to develop and we can get a better idea of which way we might be going. In Ethereum, guys, and all other outcoins, really, we haven't really been doing too many analysis on it since if you look at Ethereum and then you look back at Bitcoin, they're basically the same exact price action, right? So anything that I'm doing for Bitcoin, you can pretty much count on that same information for Ethereum. Ethereum is going to move just as Bitcoin moves. If Bitcoin goes up, Ethereum will go up, Bitcoin goes down, Ethereum will go down. Just basically, Ethereum is an exaggerated version of Bitcoin. So for example, today, Bitcoin, as you guys can see, is up 3 percent. So Ethereum is up 8 percent. When if Bitcoin was down 3 percent, Ethereum will probably be down 6 to 8 percent as well. So it's basically around doubling, you know, doubling more or less whatever Bitcoin does, so it's just an exaggerated version of what Bitcoin is doing at the current time. And then if you go through outcoins, most outcoins are going to look exactly the same as well. So that's why we have not been looking or analyzing outcoins right now while the market is like this. It just makes no sense. The only thing that makes sense to analyze at this moment is Bitcoin. Because it is the king of the market, whether you like it or not, whether you're a Bitcoin maximus or you're an outcoin, you know, person. It doesn't matter. You still need to root for Bitcoin because without Bitcoin, all your outcoins will fail. All right, guys, that's pretty much it. We wanted to keep it short and sweet. We wanted to make sure to touch on the overall market, which is based on a Bitcoin and why we haven't been looking into Ethereum and other outcoins so far the last couple of weeks. As far as short-term trades, we're not currently trading anything here right now. I'm still in Bitcoin. I'm still I need to see something above 42K before I can enter any short-term trades right now. And in Ethereum, I'm probably looking above 3000. As you guys can see, it got rejected there. So I want something. And I want to see something above 3000 for me to start entering trades again on Ethereum and Bitcoin. So until then, I am not giving you guys any trade setups. Those are the only trade setups right now for the last two or three weeks for Bitcoin above 42K for Ethereum above 3000. They should probably both hit that range around the same time. So if you guys have enjoyed this video, make sure to smash that like button. In fact, let's all smash it together at the same time. Are you guys ready? Let's do it on three, one, two, three. Boom. Guys, also make sure to subscribe to the channel if you guys are new and not subscribed yet. As you guys can see here, we're at ninety four hundred subscribers. Guys, we're trying to hit that 10,000 subscriber mark this week. So guys, please go ahead and subscribe. Help us get to that next milestone. That's pretty much it, guys. Thank you guys so much for tuning in. I hope you had a great weekend and hopefully we will have a great week here in the market. So I'll be with you guys again tomorrow. As always, peace and love.