 So, the question everyone is asking this week is will Bitcoin set new all-time highs? The most recent move up which was on Friday was set up by the news that a Bitcoin ETF was being approved. And now it is official that the Bitcoin ETF will begin trading tomorrow October 19th. And the question becomes how will this Bitcoin ETF that's new to the market affect Bitcoin's price? Will Bitcoin see a new all-time high this week? We will be looking at these questions in this video. We will also be analyzing Bitcoin's price and looking for some trade entries for this week. Stay tuned. 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 enjoyed this video, make sure to smash the like button. If you guys are new to the channel, don't forget to also subscribe and turn on the notifications. Let's jump right into today's video. So, it is official that we will have the first Bitcoin ETF hitting the market in the U.S. tomorrow as trading will begin. This is the pro shares ETF, but there may be others also joining in this month. So, of course, we were already very bullish this month as you can see starting off right on October 1st, but on Friday when we got this news, this, of course, led to a rally that pushed us beyond $58,000 and beyond $60,000. Over the weekend, not much really happened. As you can see, we consolidated there a bit, but if you look at all of these circles that has been basically every weekend in October has just been a consolidation period. Not too much volatility or movement in either direction during the weekends. So, first thing to note here, guys, we are very close to this all-time high. However, of course, we have this 62K big resistance level here where, as you guys can see, we've been getting a lot of fake outs and we've been having trouble getting over. This is basically the last line in the sand before we can shoot up to those previous all-time highs up at $65,000. Now, I'm expecting with the futures Bitcoin ETF going live tomorrow, I'm expecting more volume to probably come into the market. Now, people ask, is it going to pump? Is it going to drop? What's going to happen? Unfortunately, we don't know what will happen. The only thing that we can say is that probably more volume will come in. Therefore, it will bring more volatility and will bring the more likelihood that we can see a move in Bitcoin. Now, if we're just following the trend and playing basically only trading with the trend, then the probability that it will move up is usually more likely than the probability that it will move down. Also, if we look at the pattern that we've seen here after each impulse move up, you will see that we have basically a similar pattern here. This is called a bull flag. Usually, what a bull flag is, is a impulse move to the upside, then some consolidation before its next continuation run up. That continuation usually goes in the same direction as the trend, in the same direction as the impulse move. As you guys can see, the impulse move was to the upside. Some consolidation is going on now, and then we should expect a move up, and that's when we can expect a test of that previous all-time high. Now, of course, pullbacks happen in the market, guys. It's just part of market structure. There will never be any market, any asset, any currency, anything that's just going to go up without it ever pulling back or going back down. If we look at this run after we bottomed out here at that $28,000, $29,000, $30,000 range, once we started running up, then we saw a pullback of about 12.5% there. Then we ran up yet again, and then, of course, we saw another pullback here of about 8% to 9% there. We continued the run up all the way up to about $52,000 before then seeing another pullback. Now, this one was a bit more aggressive, and this is a pullback that we saw back in September. That was about a 25% pullback. Now, I'm definitely not expecting a pullback of 25%, but potentially, we could see pullbacks of around anywhere between 8% to 10%, 8% to 12%. That's definitely something that's a possibility. So what would that pullback look like? A 8% pullback would put us somewhere back on that support that we had and that resistance, the previous resistance, which is now support that we had right there at that $58,000 mark. A pullback of 10%, it's kind of in the middle of nowhere, so I wouldn't expect a pullback of 10% right now. A pullback of 12% is definitely something that could happen. As you guys see, that's when we have our next support areas right here. That's that $55,000 to $56,000 area. There's a lot of consolidation there. It was a resistance here, as you guys can see, before we finally broke out of it and then came back, tested it again before finally taking off. So that's definitely something that would be possible. And worst case scenario, if we saw a 25% pullback, then we're probably talking about something back to that $48,000 range. Again, I don't think this would happen. At least not at the moment. There's no reason for it to have a 25% pullback. But in the event that it happened, that's just so that you guys know and are prepared to buy the dips, right? Now, the reason I bring up pullbacks is because we are currently getting into that overbought area. You can see last time we were overbought, it was right here. That's right around July, before we had that 12% pullback there. Then in August, a couple times, we were just kind of dancing on the line there of that overbought area. And that's when, again, we did get a pullback of around 8% at that time. And at that point, we had divergence here. We spoke about this divergence during that time, where the momentum was basically dropping off while the price kept going up. That was a divergence, which pointed to this bigger drop here of 25%. Now, we don't currently have any divergence here. As you guys can see, the momentum has been going up. Prices have been going up with it. But what we do have is we're getting to that oversold territory, right? Now, it doesn't mean that a pullback has to come as we've gone way higher previously. Back in January, we're basically reaching that 90 area on the RSI. Right now, we're only around 74. So it does not mean there's an imminent pullback coming right now. But it is a possibility. So of course, that's why we bring it to you guys. Now, when there's news catalysts, that supersedes any technicals on the chart, which is basically what we're running on this week, I would believe. So we have to see what happens now with when the ETF starts trading live, if people are going to sell the news, or if that's going to bring more volume into it, and people are going to be bullish on it, and prices can go up. So what is the best way to prepare for this as far as looking at it from a trading aspect? Well, we want to find good pullback entries if there is a pullback coming. So what we're going to do is we're going to drop the risk that we're taking on trades right now, and look for those pullback bounce entries. Now, before we jump into these trade setups that we will be watching for this week, make sure to subscribe to the channel and turn on the notifications if you haven't done so yet. Also, don't forget to smash that like button. It only takes you one second of your time. It takes us hours to put these videos together, so we appreciate it greatly if you take that time to smash the like button on this video. And of course, if you guys have any questions, drop it in the comments. I'm always happy to read your questions and your comments and get back to you. So let's go ahead and dive into today's trade setups. So the main entry that we're still watching here is a $62,000 entry. Now, you guys can see that we've had many fakeouts here. Now, we did hit $63,000 on one day. On Saturday, we hit around $62,000, three-something, 300-something. And today, we hit a high of around $62,747. So it is fighting to try to get through there. But like I said, there is a lot of, it is a big resistance there. So we are taking opening trades on breakouts above that. However, we're lowering our risk. So we're only risking 1% on these trades. Another thing you can do is to play the top price here. So the top price will be basically above $63,100. That would be a breakout above the highest recent price there. So if you guys want to play a little bit safer and kind of stay out of this consolidation here at $62,000, you can play this entry here above $63,100. Now, it is a safer entry. So the risk is less. And also the reward is going to be a little bit less as well. Now, the better entries are probably going to be the pullback bounce back entries. So you see that yesterday, we had a pullback bounce back entry where you could have taken the bounce right back above $60,000 to enter that. And you could have rolled that all the way up to $62,000. That was around a 4.5% move using 10x leverage. That's about 45% profit on that move. This is why we play these bounce back entries. And you can see that today, we had the same thing, although it was a lot faster and it wasn't as deep as this one. So that $60,000 bounce back entry is that next entry we will be watching this week. We expect anytime that it drops below $60,000, if it bounces back above, it is likely to go back to that $62,000 area, which is why we like to play that level. Now, beyond that on any other drop lower than that, then we're dropping down to that $58,000 area. This is the next point of interest here where we will be looking to have a bounce back entry. If for any reason it goes lower than that, then the next levels is of course 55 to 56 area right here. Now, why would it drop this low? Well, if there's any type of push that pushes the market under $60,000, I believe under $60,000, there's going to be a lot of leverage traders with their stop losses. So when that happens, that triggers the price to go lower. As you guys can see that happened here yesterday, went down all the way to $58,000, but luckily it picked right back up and it just bounced right back. But if it were to go even lower than that, it will start to liquidate some long positions. And now because there's a lot of long positions opened, that could cause a cascade and cause a big red candle to the downside, which would drop the prices back down to that $58,000 to $55,000 area, even if it's only for a few minutes or a few hours or whatever the case may be. That gives us the opportunity to pull in those bounce back entries and make us lots of money bouncing back up. So we're not taking any shorts here because we don't trade against the trend, which is why we're only looking for those bounce back opportunities. Thank you guys so much for watching this video. We covered everything that we wanted to speak on today. Let's see what happens tomorrow. Make sure to subscribe to the channel and like the video. Don't forget the notifications. Turn those to on and I will see you guys on the next video. Let's make some profit guys. Peace and love.