 Bitcoin continues to stay asleep during these winter holidays as apparently it's hibernating or here's another theory is the Grinch, the one pushing the Bitcoin prices down to try to steal away our gains from this year. So the bad news here is we've had another red weekly close here. As you guys can see, it is our fourth weekly red close in the last five weeks. When is this bloodshed going to end? Right? We have also lost a very important key level here, which is the 50 week moving average, which we spoke about last week. As you guys can see, we've fallen behind it. And the last time that happened, well, really the only times that happened was this black swan event when we fell below it. And before that, when we went into a bear market after the blowoff top in 2017. And of course, this is the first time in the years that December 15th through the 19th are not green. And we had an overall red week during those days, but it is not all bad news. We are still holding on to some critical levels of support here. On-chain analytics continue to show some bullish data. And we now have a bullish reversal pattern showing up on the charts. So there is definitely light at the end of the tunnel. No matter how small it might be, we can definitely find a way out if we push forward long enough. Let's take a closer look to see where we might go from here for the rest of this month. 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 the community with the knowledge and resources to take your wealth up to that next level. So if you guys are new to the channel, don't forget to subscribe, turn on the notifications. Also, remember to smash the like button helps us with the YouTube algorithm. And if you have any questions, drop it in the comments. Let's dive into today's video. All right, guys, so the first thing that we're going to look at here is, of course, the weekly close for last week. You see that we ended up down about 6.79%. Now, the issue with this close, other than it being the fifth red week that we've had in the last five weeks, is that it dropped us and it closed under this 50 week moving average. Now, Friday's video, remember, we spoke about this 50 week moving average and we took a close look at it. Now, if you do look over here back in July, you'll notice that we closed just a little bit below it. You'll notice that the close was like barely just below it. And then we had a huge green candle and ended up way back above and got right out of that, right? So this time around, we are a lot further down below it than the last time around. So that is a cause for some concern. But if this week we get a candle similar to what we got here, then that should get us back above and then we should be able to close above it again and we should be all right. So it will be an important week from that aspect and that perspective of things. Because remember, the only other time that we've lost this level was during this Black Swan event, during the COVID-19. We lost it briefly here in 2019 and you see that we kind of consolidated there before then finally breaking back above it. And the last time before that, we lost it here was during that bear market in 2018 where we stayed below it and even it became a resistance for us all the way until we had this big move up back in 2019. So it was over a year that we were stuck below this moving average. So although it does not mean that we're in a bear market, it is very important to keep an eye on it this week as we see what happens here. If we continue lower into this area down here and we close a week down here, it is a cause for concern because we continue to get rejected as long as we continue to get rejected, market sentiment grows more and more afraid, more people begin to sell, it'll end up pushing us down here. And if we cannot get a move back up, smothered levels eventually become breached and that's what could happen down here. So that brings us to the next thing that we're watching here, which is this big support level that we've had this entire ride up. If we lose this support level, which you'll see even during the huge crash back in May, June, July, we did not fall under. If we lose this, then I think that we're going into a bear market at that point because from that point, we could basically probably free fall back down to $30,000. And if we lose that, we can fall even even further, maybe back down to that $20,000 range, which was our previous all-time high. So it is very, very important on how we close out this year to see where we might be going to next. You can see to open up the week, we've already tested a low of 45,500, which basically was the low of last week and we're pretty much flat on the day so far today. Now we still do have this green support area, which is in confluence with the big ascending support line here. So we have a lot of support here to continue this bull run and continue this run up to potentially have a new impulse move, a new wave to the upside and set up some new all-time highs in quarter one of 2022. I could definitely say at this point that we're not seeing any new all-time highs this year. And I hope I am wrong. I hope I could come back and say, wow, I was so wrong. But at this point it's not looking like we're going to be able to set a new all-time high at this point. Although it's possible with Bitcoin, you never know, but it doesn't look like we will be getting that move up this year. Remember during holidays, there's a lot less liquidity, a lot less volume. So it would be surprising to see any types of big movement in the next couple of weeks. Now with that being said, you'll notice that the last couple of weeks here last year, we had an 11% week. Then we had a 26% week in the last week of December. And then in the first week of January, our first candle, we had a 15% week. So it is definitely possible. And you'll see that the high here that we hit last year in January was actually $42,000. Then we traced all the way down to $28,000. And then we continued to move up throughout February to $58,000, basically pulled back to $42,000 again in February. Then set up that $62,000 all time high in March. Now another thing that I am now watching here is this pattern right here. You'll notice that we've been stuck on this downtrend and we've continued to make lower highs and also lower lows. So since the crash, we've had lower highs and lower lows, but this is kind of a good thing. This pattern right here is called a falling wedge. You'll notice here that a falling wedge is a bullish. First, we start with the initial sell-off. Then we have the pause and consolidation period, which is currently where we are right now. And then we get the reversal breakout and rally. You can see this in many different charts and markets as the price goes up, then there's a huge sell-off and there's a consolidation until we get the breakout and then the move starts, which is called the reversal. And it starts a new move to the upside. So if you look at this pattern, that's exactly what we're looking at right now. So what we're watching for is basically a breakout to the upside here. Now the breakout would probably be above this previous high here. So that previous high is currently sitting around 48,000. So we need this candle basically to break above that. And that could potentially send us up higher, you know, maybe something like this where we retest 50, come back down, and then are able to continue up to 52, come back down. And then we test this resistance that we've had since the drop off over here. That's currently sitting right around that $52,000 area. Then if we can break above that, we pretty much have an open way up where we can continue up higher. And at that point it would change the trend and we could be setting up for that next move to the upside. And of course I'd be expecting that move to finally smash these previous all-time highs and what could be the last move of this bull run. Now, if we look back, we've seen these type of patterns before. You can see here back in May, we had this massive falling wedge here. And then we got that breakout. You'll see that once we broke above here and basically above these levels, once we stopped setting up lower highs, we had this huge run up. And if you look back through its price history, you'll see that this has happened many times before. You could see it there, another falling wedge here, another one right here. And you'll notice the same thing. Once we break out above this, we get a big run up. So that is currently what we are watching this week. We're looking for that breakout to try to catch the ride back to the upside. Because if you catch the ride back to the upside, if you catch it early enough, you can see here how ridiculously profitable that move can be. So the trade setups that we will be watching this week, the main one is probably going to be a break above this candle. Now, this candle high is currently sitting at 48,333. So you could definitely attempt entering at 48 on a break of 48. The safer play is probably going to be above this exact level, which is 48,333, maybe even 48,500 to try to avoid any fake outs and really catch that move to the upside. Now, for any downward movement, we're probably looking at around below here. So it would be below probably all of these right here. So a potential move below 45,000 is an area to open up a short. Because I think that we could potentially drop down as low as this area right here, which is between 42 to 40,000. And then if we drop below that, then there's 38 to 36,000 that we could also hit. But you have to be careful opening these because a lot of times you can get trapped. This is what's called a short trap where it'll wake down. Breakout traders will enter on that wake and then it's just going to jump right back up. Now you're trapped in a position and possibly liquidated. So again, make sure to always use stop losses, always mitigate your risk, manage your risk properly. And if you're wrong, that's fine. Just look forward to the next trade. Thanks, guys, for watching this video. One more thing that I do want to mention. My Instagram account was recently disabled, as you guys can see here. It's been disabled since Saturday morning. And I'm basically sitting in limbo at this moment and I don't know what to do. If you guys have any connections or any way to help with this, please reach out. I would appreciate it greatly. I've already filled out all the forms trying to get a manual review of my account, but I have not heard back from the team yet. So for the moment, you can follow me at my backup accounts here, which is bitcoin.updates. I also have bitcoin.university. On Twitter, you can follow me at bitcoinxdaily. And on TikTok, you can follow me also at bitcoin.daily. Again, if you guys know of anyone or anything, have any connections to anyone on an Instagram, anything like that that can help, please reach out. I will, of course, return the favor with whatever I can do for you. Till then, you guys can also reach me here, of course, on YouTube. Thank you guys so much for understanding and supporting me. I do all of this for you guys. If it wasn't for your support, I would not be doing this. So if you guys enjoyed this video, make sure to subscribe, turn on the notifications, also make sure to smash that like button. Let's get this video to 100 likes. And last but not least, if you have any questions, drop it in the comments. I'll see you guys on the next video. As always, peace and love.