 What is going on ladies and gentlemen, welcome back to another let's talk crypto I am your host of course Bitcoin Jay. Hope everybody's having a great start to the week And there has there has been a lot of things going on this week And we're going to jump into all of it We're gonna start off with where the market currently is right now. Then we're going to jump into Some of the headline news that has been happening over the week over the last few well since we last spoke right Starting off on Friday. We had some news come out on Friday. Then yesterday We had some crazy stuff that really affected the price of Bitcoin and Then at the end of that we're gonna do a Bitcoin analysis. We're gonna break down what's going on What's my analysis for this week where I think things are going and what trades I'm currently Looking at further the rest of this week basically and then at the end of it If you guys have any questions about anything that we cover it in today's Video slash podcast then you could drop it in the comments I'll be more than happy to answer those for you guys in our Q&A section at the end of this live stream So without further ado, let's go ahead and jump right in Let's start off with Bitcoin's price Let me move here to the daily so we can really see what's been going on here and Yeah, it's been crazy guys last time we spoke was what was it last Tuesday or Wednesday? I think we're sitting around $27,000 probably Towards the lower end of the 20s, right? Well right now. We're currently sitting at 28,000 for 29 so we've gone up about a thousand dollars since we last saw each other last week and We have this massive massive candle and a wick to the upside here that that we need to talk about And we'll jump a little bit more into that during our analysis, but yeah, it's it's been pretty wild It's been a wild day, right? So let's take a look here at Let's take a look here at what the rest of the market has been doing compared to Bitcoin, right? so Just by by starting off by by looking at this in the last week we can see bitcoins up almost 4% And everything else is kind of flat. We have BNB up a little bit, but we do see Solana up almost 11% It's up 10 and a half percent. So This is one of one of my one of my favorite DCA's right here is is probably Solana Because it's been moving a lot with the Bitcoin. So it's an interesting one there and Not really much else as we drop down here Bitcoin cash is up 6% and Okay, be up 7% so in the top 25 Those are the the main ones there if we take a look at the top 100 overall What the top gainers and top losers are we can see Bitcoin SV is the top gainer in the last week up? 15.8% and we got roll Bitcoin up 14.6% Solana up 9.6% stacks up 8.7% and 8.8 8.6% on the top loser sign we have Mantle down 10 and a half percent so we down 8.9 percent Thor chain down 8.8 percent Radex down 8.5 percent and Tezos down 6.8 percent So let's go ahead and take a look at the economic calendar here Let me refresh it here. And usually what I like to do is go to the most important things on the calendar I don't really care for Maybe if you just go to the least impactful ones, there's a bunch of things here that you know It's just noise right things that you really don't don't it doesn't matter You don't need to know so I go to the three stars here the most impactful things on the economic calendar And you can see this week is Pretty much a quiet week Compared to last week last week we had the FOMC minutes on Wednesday and the CPI data on Thursday this week the main thing that we're really going to be paying attention to is on Thursday October 19th. We have the Fed chair Powell speech. Okay, so why is that important? So he's gonna be speaking Aaron if you guys if we look forward To November you will see on the first of November. We have the Fed interest rate decision So that's why this isn't important here because this this will be the last time that he speaks before that November 1st Interest rate decision So it's basically our last shot at trying to figure out whether they're going to raise interest rates if they're going to Pause interest rates or if they're going to cut interest rates. They've already said over and over They're not doing any cuts this year. So I'm not expecting any cuts. No markets not expecting any cuts But we're still trying to figure out since inflation came in a little hot it came in above what was expected by a point one percent We're wondering if they're going to raise interest rates one more time or not They did say in the past that they they planned on raising interest rates one more time this year But we've had two pauses in a row So the market's kind of unsure We don't really know what they're gonna do. So we're It'll be interesting to and that's why this is going to be important in case he gives any type of insight or hints on Where they might be leaning for that interest rate decision. So depending on on what it sounds like Where they're leaning The market is going to try to front-run it and price it in because as you guys know the market Loves to front-run everything, right? So let's take a look here at the probability The target rate probabilities for this meeting as you guys can see the market is expecting a pause once again, right? 87.9 percent So a pause is expected in that meeting If there is no pause Then we could see If there's an interest rate hike, we could see prices definitely drop across all markets A question that I had the other day was Why why inflation? So basically why is CPI and PPI data rising? Why it has been good for the dollar, right? Because it sounds counterintuitive if that inflation is rising and the dollar rises with it, right? sounds counterintuitive and Then Bitcoin drops down So that was a question that I got the other day and for those wondering that the reason why is because when PPI and CPI data Comes in hotter than expected It means a couple things, right? The first thing is They're probably going to raise interest rates when when that's happening in order for the Fed to control that the inflation They're the tool that they most likely are going to use is raise interest rates, right? So what happens if they're raising interest rates now basically assets are going to drop, right? That's just what happens usually right assets drop when interest rates get raised Especially risk high risk assets like Bitcoin and Bitcoin is even though Bitcoin in some context is a hedge against inflation It is still a risk asset and it's in it's put in that basket. So when When risk assets go down then so does Bitcoin, right? and then the other thing is When when they're raising interest rates that usually brings in more foreign Capital more foreign money into the United States because they figure that they're going to raise interest rates So if they put their money into in the you in the dollar, right? Which when when in turn they raise the interest rates then the dollars going to go up That means that they're going to gain money versus whatever their currency is So that's why other countries start to put money in the dollar and then of course that that's a chain reaction to you know There's less money In the market, right? There's less less of it then also that Takes the dollar up as well. So everything's kind of a chain reaction and it's all based off the idea that interest rates are going up if CPI and PPI data is high so That that's usually how and why that plays out in that way because as as we've seen if we look here at really quickly at the chart of DXY which is a dollar you can see that when the CPI and PPI data came out last week It went up and now we're yesterday. We had a down day once again in in the dollar and And before that last week it was going down So we spoke up we've spoken about the dollar a few times here We'll talk about it here during our analysis, but just to kind of give you guys an idea of What it is that we're looking at there. So Let's go ahead and jump into some of the headline news that we've come across that we've seen this week Really quickly. I'm looking here at the chat. I see Martin in here from a London town. What's going on? Hmm and We have a 300 rivers. What's going on rivers? I appreciate you tuning in here as always Always supporting the channel here. Appreciate you guys. So let's go ahead and now take a look here at The headlines for that for in the past week. So let's start off with last week the headlines for last week Which was inflation remains at 3.7 percent Hmm Basically, you know inflation came in it was still it's still kind of hot But the the market didn't really react too much to it. We didn't see you know prices really go up or down So it's kind of a non Event right The next thing was on Friday. We got the S this news from the SEC that was pretty bullish for Bitcoin The SEC will not appeal court decision on grayscale spot Bitcoin ETF So the reason that this is bullish is that this pretty much means that they that the ETF is probably going to get approved here right if you guys don't know the SEC has been under fire because they have not been approving the Bitcoin ETFs and basically they've given no pathway on how to get approved for Bitcoin ETFs and They refuse to regulate or to give out any type of regulations on anything that's crypto related or even answer Questions that's crypto related right every every answer to every question is They basically beat around the bush Because they don't want it to eventually get used against them down the line So they they don't want to answer any questions basically right Now This was definitely bullish for for Bitcoin overall and then after that we got This news right here, let me move this over here that Bitcoin ETF 90% shot at approval by the SEC in January 2024. So this came from a Bloomberg analyst Basically, he said I've gotten a lot of questions regarding my current view on spot Bitcoin ETFs over the over the last couple weeks This is the first section of the note. I put out yesterday with Eric Bouch Bauchunas Bacheunas, however you say his name Our view hasn't changed much basically they say we believe there's a 90% chance of approval by ARC's January 10 deadline so That that's definitely a lot of things are looking up and that's why Before what happened yesterday happened. We got a push to the upside, right? So if you guys saw on Sunday Bitcoin went up and close at let me see because we were at 26,000 we're like in the mid-26,000 on Sunday It pushed up it closed at above 27,000 once again, and then on a Monday morning It pushed up to 28,000 right and then when this other news came out Then that pushed the price above 28 to where we currently are now We'll talk about that a little bit more now in a few but that's you know that that all came based on Basically, you know kind of this was a driving factor in that beginning stages that that really started pushing that the price up for Bitcoin there so after all that you know Other things that have been happening as well is of course that the FTX scandal basically court case with against Bankman Freed and basically last week they had his ex-girlfriend And the former FTX CEO Carolyn Ellison saying that that he directed her to commit crimes for the exchange so Basically, it feels like they're pain or not pain, but they're reducing other people's sentences if they just go in and go basically straight at this guy and That's exactly what's been happening. You can see that That they also that she she spoke about that they also conspired to keep Bitcoin under $20,000 and the way that they did that was by selling Customer funds customer Bitcoin, right? So that is pretty wild You can see that it conspired to sell Bitcoin to artificially suppressed prices below $20,000 so I mean when you talk about bad actors in the space guys, this is the epitome of bad actors in the space She also admitted that they use customer deposits to cover Alameda Alameda depths also at totaling around 10 billion dollars So that is wild What else did we get here on the to-do list They were trying to get regulators to crack down on Binance So that was part of their to-do list that SBF had and had given Alison, right? And I mean guys, this just continues you can see Bankman freed use customer funds for real estate investments SBF use stolen funds as political donations And and that and that was basically it but basically it was her and former senior FTX executive Nishad Singh that that were just kind of testifying and basically Putting all the blame and all the fault on this guy right here Practically the biggest fraud in US history with what basically he did the biggest bad actor in the space possible And yeah, man, it was just bad the more and more that comes out Just shows how evil this guy truly truly was and what a bad actor He was in the space and the space is going to forever be way way better without him So we're glad that even though it might have caused us some pain in the short term When this all happened the last year For for the overall of the market the overall of this sector The overall of the crypto community and everything right this is good long term so Let's go ahead and take a look at The big news this week which happened yesterday Fake black rock Bitcoin ETF report triggers a 65 million dollar Bitcoin liquidation It was actually bigger than that. It was it was around 130 hundred and 40 million dollars in liquidations Just on the short side. So it was definitely a short squeeze and That's basically what that looked like but Yeah, there was a huge short squeeze here where short traders were liquidated over a hundred and forty million dollars And then when prices dropped back down then long traders were liquidated probably for like 30 40 50 So in total it was almost 200 million dollars in liquidation Yesterday based on this fake black rock Bitcoin ETF report and this came from coin telegraph Right there are the ones that put out the report and They had to basically issue an apology That I have here Saying that there were that there were sorry for that So they said we apologize for a tweet that led to a Dissemination of inaccurate information regarding the black rock Bitcoin ETF and internal investigations currently underway We're committed to transparency and we'll share the findings of the investigation with the public once it is concluded within three hours So within three hours. Wow, that's a fast Investigation did they share that? That's that's interesting to see if they If they they ended up sharing anything but Yeah, that's basically what happened there. They were saying that black rocks each Bitcoin ETF was approved then black rock came out and said spot Bitcoin ETF application is still under review by the SEC So that proved that these rumors were false But regardless that created some massive massive massive volatility Yesterday if we look at the yesterday's daily candle, let's look at that size, right? So from the open to the tippy top that was Over 12 percent almost 13 percent 12.8 percent move and then basically We retraced that entire move From there to where we currently are right now. Let's see Down seven percent so we it dropped seven percent and this all happened within Basically like an hour, right? We can see it play out here within the same hour We had this move go up and it dropped right back down. So that was pretty insane Volatility, but it's it's not a surprise. It's not a surprise that this type of volatility happens in crypto, right? so Now the good thing is That this shows the type of move that is eventually coming once those Bitcoin ETFs really do get approved So we know that these Bitcoin ETFs are eventually going to be approved And this shows a type of move that we can expect once it really officially happens So this was basically a $2,000 move within minutes in a $2,000 move back down within minutes, right? So This is basically what I'm expecting when they when these ETFs do get approved I definitely 100% expect Bitcoin price to go up above that $30,000 mark and possibly beyond that maybe If it if or if it were to happen this year, I would say we would probably reach new highs for the year new yearly highs If not, then it'll definitely set up new new highs in 2024 when that does happen. So Definitely bullish and we can see that price has worked has kind of grinded and consolidated Ever since this and it's kind of worked its way back here Above and in that $28,000 area So remember $28,000 has been a really big resistance so good to see a candle close above $28,000 and See it consolidating there in that range And we'll break this down a little bit more Here when we do when we jump into our analysis Let's close out the news segment here basically another thing that that's been Been going around in the last week is MetaMask had removed Was removed from the Apple Store and then but then after it was put back into the Apple Store So that's something to kind of keep an eye on there Another thing Binance to stop accepting new UK users So I think this also happened with Bybit, which is a trading exchange Now Binance is kind of doing the same thing. So this is really not Binance is doing this is a UK that's trying to get all these exchanges out of the UK basically So that's kind of part of what's going on there And then the last thing is Binance US suspends all USD withdrawals now There's no reason to panic over this All this means if you have any USD all you have to do is Exchange it to a stablecoin and then you can withdraw it as a stablecoin. That's that's it There's no no need to To panic over any of this You just can't withdraw it as USD is basically all that means you need to exchange your USD into any of their stablecoins and then you can withdraw it so no need to panic based on that news and That pretty much wraps up the news segment for in for the last week really So let's go ahead and jump into Bitcoin price analysis here that we're gonna do as we always do it towards the end of the video Let me say what's up to Ducky Dave nice to see you again. Yes, sir doing another live stream And and again if you guys have any questions about anything that we're talking about or anything that's going on right now Drop it in the comments and after our Bitcoin analysis I'll go ahead and do a Q&A at the end of this live stream to wrap things up So I've been doing a lot of talking I'm like almost out of breath So let's go ahead and jump into The let me make sure I put the chart here on the monitor for you guys So you guys aren't staring at my forehead while I talk about this and let me also pull up the Give me a second. Let me pull up My Where is this? I'm gonna pull up remember on every Monday I do a week a market update report basically and Pulling up that report so I can kind of go over a few sections of it with you guys and I do this every single Monday in my discord Where I basically break down The entire I basically break down the entire market I go over the charts I go starting from the monthly going down to the weekly and then going down to the daily Basically build out a trading plan around this report and that's the truth That's basically the trading how we set up our trades how we find our trades how we and how we trade Based off that Monday report so That's I'm gonna go over some of the stuff that I that I included here on the report I'm not doing the fourth report if you guys want full access to this you have to join our Discord so Let's take a look so We're gonna start with the weekly I'm not gonna do monthly because we're halfway through the month not too much has changed on the monthly aspect So there's really no reason to look at it right now, but let's look at the weekly. We're gonna start there We we're gonna start with the DXY a little bit Just to kind of take a look at where it's at. Let me put the monitor on there we go So you can see that last week basically it was drop-and-drop-and-dropping and then we had a pump here when the PPI and Really when the CPI data come out and then yesterday it started dropping back down now We spoke about this because if you go here Let's go zoom out to the weekly on the DXY we can see we spoke about this last week where It's been trading in this range right between these that this resistance and this support and What we've seen and what we saw down here was a deviation to the downside and then this massive move up, right and That could be something that we're seeing up here a deviation to the upside and we might you know Return to test some of this maybe not I wouldn't say we're gonna go all the way back down here because last time we were down here was in July So we might not return all the way down here But we could get back within this range and it once again start trading within this range. So Something that we've been Been pretty much keeping an eye on because as you guys know Bitcoin trades directly against USD for the most part So that's why it's always good to to keep an eye on this during this rally here This this was basically an 11 week rally to the upside in the dollar Bitcoin dropped over 12% So that's why it's it's good to know what's going on here with the dollar and it kind of gives us an idea On what Bitcoin might do because it is directly correlated with it So let's go ahead and jump into the weekly timeframe for a Bitcoin now Let me let's look at one of the other charts that I have set up here That's a bit cleaner All right, so here the main things that were let's first look at Support and resistance here last week candle close just above $37,000 you can see here the close was 27 149 Price currently is sitting above $28,000 as you guys can see here and The main thing that we need to see this week is for this candle to close above $28,000 Now yesterday we got our first official close on the daily timeframe above $28,000 which is Encouraging and it's something that we wanted to see now. We need to see the weekly also close above $28,000 because Once we see that then we can say that $28,000 is has flipped from resistance into support, but until then It's still we're still in that range of the resistance levels. So 28k is a major resistance level. So That's basically one thing that we keep in an ion right now Support after $28,000 support lies around 27,000 26 and 25 So basically the whole numbers and 25k is of course the biggest Support that we're gonna see here as you can see this is 25k It's held up very very strongly on both of these retraces here on the price of Bitcoin and It set up what we've spoken about which is that double bottom pattern here where 28k is that neckline for for that double bottom pattern So if that does indeed play out 28k is that neckline and remember our targets on a on that double bottom pattern is about 20 is about 55k or something like that But of course this is not gonna play out overnight or in the next month This is more a play into 2024 mid-2024 probably so just something to kind of keep in mind keep a lookout for for the long term So like we were like we just spoke about The dough let's take a look at the different chart patterns. The main one was that one right there the double bottom pattern that we just spoke about Again, we need to close above 28k In order to confirm that break above $20,000 neckline Let's look at some liquidity levels here to do that. We're gonna use a high block here So we're gonna look at the heat map So this is a liquidation heat map. We're gonna look at the monthly That'll that'll give us an idea of where the weekly is right? So because it shows us the longer term Perspective so what we're looking for here and what we're looking at is the bright yellow spots So you can see the brightest yellow spot right now is down here and that's $25,800 right? So what exactly does that mean? So these are liquidation levels. So what this means is that people who are in long positions If price drops down here, they're gonna get liquidated or their position is gonna get closed, right? So the reason that's important is because when it's bright yellow like this That means that there's a lot of those levels a lot of people a lot of traders with liquidations in that level Right and what happens a reason that that becomes important is because if there's big whales basically big traders with a lot of money and they're trying to fill a position if They try to fill a position in an area where there's not a lot of liquidity They move the the price is gonna move way too much and it's gonna give them a bad average price, right? So if they if they for example, they try they wanted to buy right now, let's say micro strategy, right? They're buying hundreds of millions of dollars worth of Bitcoin whenever it is that they make a purchase They have over four billion dollars in Bitcoin If they're trying to fill a position They want for their position to mostly be filled at the same price, right? But if they end up buying in a spot like this where there's not a lot of liquidity What happens is since it's not a lot of supply and There's gonna be way more demand than the supply then the price is going to shoot up And let's say that they start buying at 28,000 by the time they finish buying it They might move the price up to like 29 30,000. So now they're if they move the price up to let's say 30,000 Now their average entry is twenty nine thousand dollars Which is and they started at twenty eight thousand. So it's it's not good for them, right? They lost out on a big move They lost out on profits because there wasn't enough liquidity in the area So a lot of times these people are looking for for these liquidity areas So price tends to to be attracted to those high liquid areas So that's why that's an important level to always watch and if you look back on this You can see that whenever there's a bright yellow Line price seems to be attracted to it. So down here up here if we look again down here and And again, this was getting bright boom It went up there and now the bright the bright colors now are to the downside So that's why we're we're watching these downsides because there could be there is a possibility that We go back to that liquidity if we look at the seven-day chart here And I'm gonna just kind of zoom in a little bit here We can see Kind of the same thing right we've taken out all the liquidity to the upside So there's really not much of liquidity up there. That means that there's not a lot of traders. They're short right now But there's a lot of liquidity to the downside. This is $26,400 a lot of liquidity there. So that's an interesting area For the price, right? There there's a possibility. There's a scenario that price could drop down to where that liquidity is So remember the liquidity usually attracts the price It's usually like a magnet for the price Not saying that it's guaranteed or that it's always going to happen But there's always a likelihood of it happening. So that's that's why it's something that we like to watch and keep an eye on While we're doing our analysis, right? So coming back to the price here The weekly chart here Next thing I like to look for is okay. So now we know what the where the supporting resistance is we know where What chart patterns are currently we're currently kind of seeing here and We know where our liquidity levels are. So now let's look for imbalances. Are there any imbalances that haven't been filled? So what is an imbalance and imbalance is when you have basically a big move like this? So this leaves an imbalance in between and what usually happens is price retraces that That candle right so when there's a big candle like this, you'll notice that a lot of times What does price do it moves back in it? It doesn't always do a hundred percent, but it usually likes to do at least 50% So you can see that the 50% on this candle was basically right around here $27,000 and that was filled right so we no longer have that imbalance there Now we have this here now. This is this week's candle So it's not really considered an imbalance yet because it hasn't closed once it closes then we could start considering that as an imbalance and Again, if you just kind of look back look at this massive massive candle and what a price do afterwards It filled it right if filled that halfway point two weeks later basically and it grinded back up And again, it filled it 100% a few weeks later right a month or two later Again massive candle to the upside. What does price do after that? It starts dropping down and eventually fills that candle and You know if you look further back because it doesn't always fill it completely but look at this one here This was a massive candle up and what a price do it did continue up for a bit But then it started grinding down down down and it filled About that 50% if we look here that 50% is probably around here at 24,500 area I would say And you can see that we hit it here and we hit it once again here So we filled that 50% Mark on this massive massive candle again. You just keep looking back You'll see it over and over again. It just happens so often you'll see this this candle here It wasn't filled 100 50% right 50% would have been around $19,000 We price only got to 19,300 so it missed it by a few hundred But you do see that price did retrace back down to try to fill that 50% part So again doesn't always happen But you will see it for the most part a lot of the times it is you're gonna see that that price retrace a lot So I'm something to keep in mind and that's why this is something that we look at every single week Not only on monthly candles and weekly candles, but also also on daily candles So you can see right now there's really No imbalances in the chart from here anything immediate So after after we we know that there's not really any imbalances. We we move on to wicks All right, so wick is similar to imbalances price whenever there's a large wick in either direction price Likes to retrace and likes to retest that wick So we saw here when we left this week up here eventually price went and and we tested that wick, right? We had that we left that week there once again price We tested it a bunch of times and then we left this wick here That didn't get we tested for a while But you'll notice here when we left this wick here even though it didn't retest it right away look eventually It came back and we tested that that same area And you'll see that again over and over and over again You can see right now the most immediate wick is of course this one that we've left this week But since the week is not over yet We're not counting it towards it right now on the weekly time frame But we do have one down here that hasn't been retested yet So that that is an interesting one because that's down there at that twenty five thousand dollar area Which is the major support and it's the same area where there's a lot of liquidity down there, right? So it does it does make the case for a scenario where Bitcoin can retrace down to this Support one more time. So that's just something to keep in mind there Now as far as Now let's that's pretty much You know the weekly this let's kind of zoom into the daily here And take a a closer look and like that I can also share some setups some trade setups that I'm looking for Here on the daily time frame for this week. So of course We're taking everything that we just spoke about on the weekly time frame We're pretty much doing it again on the daily Because now everything is different here, right? If we if we now go Really zoom into this liquidity here these liquidity pulls The liquidation levels kind of zoom in here Things look a lot different, right? Now we can see that we do have some liquidity at the top and that's currently around twenty eight six hundred twenty eight thousand six hundred and What happens a lot on these immediate time frames on these smaller times time frames is that liquidity? Builds up above the highs and below the lows the recent highs and recent lows So that's something that always happens. This is why a lot of times People like to use breakout trades, right? Because there's a lot of liquidity there Which could push the price further if we hit those pools Because that means that there's liquidations happening there. So Hmm on these smaller time frames again The main levels here that we're gonna be kind of that kind of are catching our eyes twenty thousand six twenty five And then lower at exactly at twenty eight thousand, right? So those are the two immediate Poles that we're kind of we kind of have our eye on and now as we look at as we analyze The daily time frame we kind of have to keep that in mind so Resit supporting resistance pretty much the same thing as a weekly, right? We're looking at twenty five twenty thousand The main support you can see we just yesterday was the first candle that we've had in Let's see since since this drop basically back in August above twenty eight thousand dollars You can see how many times it tried to get above twenty eight thousand dollars and got rejected Well, we finally closed above it now Doesn't mean that we flipped it yet. We still want to see that weekly Close above twenty thousand, but just something to kind of keep in mind now one thing that we are seeing here as far as a pattern is This bullish pin bar here So usually when this happened when this candle if it closes like this by by today by the end of the day That's usually pretty bullish, right? That's a bullish pin bar and that means that it tried it went down a Sellers tried to push it down, but buyers came right back in and bought it all up push the price right back up So something to keep in mind something to watch there as this develops if this closes here Then we might be seeing a continuation to the upside to test that twenty nine thousand dollar level Here on this chart here. I have a lot of the levels drawn out a bit more so you can see at 29,000 we basically have this Fibonacci level up here. So that's gonna be a another big resistance area for us to get above And to the downside, of course, we have twenty eight thousand dollars is playing as a support right now But until we get the weekly close above twenty eight thousand I'm not gonna consider it a major support just yet And then when we go lower we have basically twenty seven thousand is another support level there under that we have twenty six thousand six hundred twenty six thousand two hundred and then Basically comes to that twenty six thousand to twenty five thousand seven hundred range where we can see price and support has held up there for Pretty long period of time there. So Basically what we're going what we're gonna be doing here What we're looking for here is the next thing is imbalances, right? We know this candle This is gonna lead this has left a big imbalance, right in price And as we all know price likes to retrace those big imbalances. So that could be a potential move Let's say if it were to fill halfway that would basically bring prices down to about 27,700 twenty seven thousand six hundred ish, right? That could be a potential there If we're if we're thinking that this could that this imbalance gets filled We already looked at liquidation levels or they're sitting at twenty eight thousand As far as wicks Same thing. We know that wicks like to get filled this week is all the way to the upside So it might not happen right away, but it is something that we could we might see grind up slowly, right? and basically the way that I'm that I'm playing this this week is I'm right now. I am in a short trade From twenty eight thousand five hundred dollars So I'm in a short Until I see the weekly candle close above twenty eight thousand dollars I'm still treating twenty eight thousand dollars like a resistance level. Okay, if If I see that price is really holding up well at twenty eight thousand Then I might just close out the trade or if I see the weekly candle close above twenty eight thousand That'll be another signal for me to close out my short trade. So I have my stop loss right about where this Fibonacci levels at which is sitting around twenty eight thousand. I mean twenty nine thousand two hundred So right about there is where I have my stop loss just under just below it probably And that's kind of how I'm playing this for right now this week I want to see I'm gonna be taking profits at twenty eight thousand dollars Which we actually hit today as you can see here. We hit twenty eight thousand fifty nine And I would like to see it retest these lower levels and Possibly even this right here, which was the previous resistance, which is around twenty seven thousand seven hundred Which also happens to be the halfway of this Big candle so of this imbalanced candle, right? So that's an interesting play for me, and that's kind of how I'm playing this week again, I'm looking for two different signals to Get me to close my trade out my short or If it hits my stop loss and obviously I close out my trade there as well That's pretty much What I'm doing this week That's pretty much how I'm playing it if we were to break above twenty nine thousand I'd have to re-evaluate at that point And see where we can potentially go from there because then once again, we have thirty thousand dollars a big resistance there So I'm really not looking to long twenty nine thousand But if we do see a close from the weekly here at twenty eight thousand That then it's a potential long opportunity here So but again, it's something we have to wait for the end of the week in order to really Re-evaluate and see how that might play out All right, we've been live for 52 minutes guys. I Am going to see if we have any questions here. If not, then we're going to wrap things up If you guys have enjoyed this video, don't forget to smash that like button Don't forget to subscribe to the channel. It really helps us out to you know What the YouTube algorithm and all that other stuff that I'm sure you've heard in other videos before Let me see. I'm looking to see if I have any questions here So Martin said how can one report spike the market and have? ETH wells stopped and have ETH wells stopped selling So how can one report spike the market? Well The report was was kind of a big deal, right? They were they were thinking That You know that that Bitcoin what the Bitcoin spot ETF that has not been approved in years Was gonna finally get approved and not only get approved, but it was gonna be the black rock ETF which black rock is Massive they have it's the biggest hedge fund right with trillions and trillions and trillions of dollars under management. So That was a big really really big deal and that opened up Once one ETF gets approved that opens up the door for all the other ETFs all the other hedge funds With trillions and trillions under management that are trying to get theirs also approved So, you know, it's gonna bring a lot of money into the market once that happens So it's and it's only a matter of time. So that's why that report sent the the the price of basically $2,000 within minutes and then once they found out the report was fake it dropped by $2,000 again so Yeah, that's definitely That was huge and the other thing have Ethereum wells stopped selling I'm not sure and again, I don't really look too much into other outcoins for the most part I'm following Bitcoin and Eventually they follow Bitcoin as well. So if we kind of look here So, you know, you have to look at the Bitcoin dominance, right? I'm sure Bitcoin dominance over the last few days has gone up as you can see So when Bitcoin dominance is going up and Bitcoin's price is going up that means outcoins are usually dropping But what happens is eventually that flips and the outcoins start to catch up and outperform Bitcoin So even though it's the price is currently being suppressed a bit here Let's let's look at The week look at it from the weekly time frame So we can have a bigger idea. You can see that we have the big support down here at around 1100 to a thousand dollars, right? It's a big Fibonacci level So it's a very big support here Then we had the move up all the way to about two thousand dollars We got rejected and it we've slowly basically dropped back down I'm expecting especially if we expect Bitcoin to retest thirty thousand dollars I'm expecting Bitcoin to once again. I mean Ethereum to once again retest, you know These levels up here $1800 and beyond. So I'm not too worried about it You know long term. I'm not worried about it. So I think I think it'll be everything will be fine with that down the road Do we have any other questions River says click click the thumbs up everyone show the channel and their efforts to keep us current some love and respect Appreciate you rivers Ducky Dave said good to see another stream. Yes, sir. Appreciate you being in here and FD white said nice We'll love to collaborate. Yeah for sure man. Just shoot me a DM on Twitter or Instagram We'll love to hear what you have in mind That's pretty much it guys. I'm gonna wrap things up. We're almost on an hour here Thank you guys so much for tuning in for everybody that tuned in Once again, we'll be doing this once again next week. As you guys know, we do this once a week every week Basically break down the entire market. Everything's going on. We'll do this again next week Appreciate you guys tuning in as always peace and love