 Happy Friday ladies and gentlemen I know a lot of you may be worried today or a panicking just a little bit But guys the main thing that we should be focused on this week is that Bitcoin said a new All-time high this week on Wednesday Bitcoin recorded. It's all-time high at 67,167 Dollars obviously this is the highest the price has ever been and the highest We've been sent back when we set our previous all-time high back in April now Bitcoin was not the only one Ethereum the very next day also set a new all-time high now It honestly wasn't by much as its previous all-time high was around 4383 and the new one is around 4387 so just a few dollars now I know many of you might be a little worried because Ever since we hit the all-time high we've had a pullback here. The pullback is currently sitting around 10% First of all, this is very common When we are dealing with all-time highs as of course people will take profits That is all part of the market structure perfectly normal now The question is how far back can this pullback go and where can we expect Bitcoin to go next? We will be talking about all this and more in today's video. Stay tuned Hey, what's up J here and welcome back to Bitcoin daily Bring you guys the best tips tutorials and ideas to help you guys become profitable and successful investors The goal of this channel is of course to empower the community with the knowledge and resources to take your wealth up to that next level So if you guys enjoyed this channel if you enjoyed this video Make sure to smash the like button and subscribe to the channel also turning on notifications Let's go ahead and jump into today's video So first thing on the agenda today a recap of the trade setups that we gave you guys on Monday and as you guys know the main trade setup that we gave you guys was that $62,000 entry if you guys rolled that to the top That's about 8.3% move if you use 10x leverage like we do that is 83% profit on that move if you bought at the breakout and sold at the top now Of course hard to sell at the top. So even if you sold, let's say where the day be closed That's still about 65% profit on that trade guys. The second trade We gave you guys was on a breakout above $65,000 if you guys were able to enter that and ride that You know more or less to the top that would have been around 3% move about a 30% profit on that trade If you guys want to trade with leverage on the platform that we trade You can use the link in the description below where we trade on a buy bid and you will receive a bonus on your initial Deposit depending of course how much it is is how much the bonus will be once you sign up Just go ahead and check their rewards hub and you can see all the information there. Alrighty guys So let's go ahead and jump into today's analysis. So I remember guys on a Monday's video We spoke about the RSI being in overbought Territory we told you that usually when things like that happens Prices tend to pull back So if we take a look at every time the RSI has gone into overbought territory You will see that there's also been a pullback here attached with it as you can see here again So we spoke about that on Monday's video That was the first sign of a possible pullback coming back at some point in time We also spoke about this on Wednesday's live stream if you guys were tuned in we covered this we spoke about You know what a pullback can and could look like so now how far could this pullback go is a question Where is the support? Where can we see a bounce here on the prices? So, of course the main support right now holding Bitcoin up is $60,000 as you guys can see the low of the day right now is $60,055 if for any reason we were to break below this low that next support level is going to be right around here Which is around $58,000 the next one below there is probably going to be around $55,000 beyond that then we're looking we're going to look back on history where we've seen resistances and supports That's going to be around $52,000 and then of course we have $50,000 now I do not expect it to go that low especially down to these levels the low 52 but those are the supports as we May go lower now if we look back at every time that the RSI Was oversold and then we had a pullback we can kind of take a look at how far that pullback went You see in this case when the RSI was you know kind of similar to here We had about a 12 and a half percent pullback where we're pretty much almost there at this point where we're at about 10% Right now now if we look at the next one over here, of course this one was a lot deeper as you guys can see here This one was around 22% and again if we take a look at this one right here This one was also a lot deeper around 27% on this pullback now how long each pullback was It kind of varies you can see this one right here was about three weeks it says about more or less 20 days the one over here was about a week or six days But you also have to take into account what was going on during those times when those pullbacks occurred What was a market structure at that time when we had the three week pullback here in the beginning of this year We had just come off you know basically running hot all the way from October through December basically of parabolic movement Right so if we take a look at last year when we had the same kind of movement during the same time You can see that the moves started basically beginning of October around October 4th You know we're just going higher consolidated a bit went kept continued up then we kind of grind it up Then we got our first real pullback here which lasted about one two three four five days Before we bounce back up and basically just continued up at that point until around the end of November Which we got the longest pullback that we saw here in consolidation period Which was basically between the end of November to about midway through December at that point Then the rise continued here we got a little bit of consolidation you know towards Christmas time And on Christmas we actually went up and continued up from then on All the way until the 8th of January before we had our first official pullback here So there was no real pullbacks you know anything severe the worst day we had was about 8% drop So we compare our current run you can see that it's very similar here We started the run up the end of September basically last day of September on October 1st We had a almost 10% candle and we've basically been running up ever since So yesterday we were down we had a candle that went down about 5.8% and today we're down about 2.2% So is there any reason to be worried right now I will tell you guys that I personally am not worried This is just the beginning of the next leg up and we have some on-chain analytics that backs this up As you guys can see here the number of active addresses for Bitcoin had a big drop off Starting in April all the way down to July and it has ever since been picking back up as of course the price has gone up So that means that basically retail people are the ones that were exiting and now they're starting to come back up But they're not even in yet. If we look at the number of new addresses you can see that again When we had the sharp sell off it dropped and now it's been climbing back up That means that new participants are coming back into the space which of course are mostly retail traders If we look at the realized profits to value ratio any time you see this huge peaks here you will notice that the price dropped Why is that? That is basically profit taking So you'll notice here the sell off in the beginning of the year then you'll see here This one right here is basically the sell off from April and June and then currently where we're at right now You'll see that it's very very low compared to all of these other ones when we've had really big sell off Basically as long as we're not in this red area here we are good because not that many people are currently taking profits Although they are taking profits currently If we pull up the hash rate here for miners you'll see that we had the drop off that's when China banned mining in China Of course ever since it's been going back up again very bullish for Bitcoin overall If we take a look here at the two year moving average you will notice that anytime we've hit the top We've been at the top we've been beyond this moving average you can see it right here You can see it again here and here anytime it's been green that's been the time to buy So of course the last time to really buy was back in last year 2020 the beginning of 2020 And when we set our previous all-time high we just reached it but we didn't quite get there And you can see in the previous run we reached it a few times we hit it twice basically and continued up beyond the moving average If we look back here we went beyond it again if we look here we tested it before going beyond it Which at that point you know those were the tops right so we have not we have yet to go beyond it If we look at that line that line is currently sitting around $120,000 So that means that Bitcoin will have to go above $120,000 to get to these price levels where it's above the moving average Looking at the logarithmic growth curves here we spoke about this last time the top is currently sitting around $135,000 Every time that the market has hit the top of this channel here the growth curve it has basically gone into bear market And we have yet to reach the top here the top currently sits around $135,000 So overall guys this is just a small pullback a small blip that we probably won't remember a month from now So I recommend you do not worry we do not panic sell you can always take profits It is never wrong to take profits as we hit all-time highs that is fine I always recommend you guys to build up cash positions I like to try to build up around 10% of my portfolio in cash So that when we have these drops like this I have money to enter and buy the dip So next we're going to jump into some trade setups that we will be watching over the weekend to try to make some profits on the inevitable balance back up If you guys are enjoying this video make sure to smash the like button If you guys are new to the channel don't forget to subscribe turn on the notifications And if you have any questions feel free to drop it in the comments Alrighty guys so the main trades that we're watching here today is of course $60,000 is going to be the first bounce back entry that we're watching and that we would like to take If we see the prices go below 60 and come back up above 60 We want to get into that trade above 60 try to catch the bounce basically and write it up Because it's inevitably going to ride back up to $67,000 as I believe that we will set up new all-time highs So if we enter at 60 and are able to write a position back up just to all-time highs that's an 11% move alone If you add in 10x leverage that's 110% profit on that move alone that's a move that I want to be a part of Now if this support does hold here because we do have a lot of people buying here and protecting that support You can see it here on the volume shelf where we have a bunch of people buying there's a lot of activity here You can also see it if we zoom out a bit you can see this right here that's right around that $60,000 to $58,000 area Which happened to be our next support area And as we go up you can see that there's not there's a basically a big drop off there So that's why we're able to jump up so fast when we finally do So on the way back up the entry that we're looking at is of course $62,000 You can see that that was a area of interest there there were a lot of people there And once we broke out beyond 62 we had takeoff all the way to set new all-time highs So that will be our breakout trade for this weekend I hope you guys have enjoyed this video if you did don't forget to subscribe to the channel and turn on notifications Also smash that like button it takes us hours to put this together takes you a few seconds to hit the like Thank you guys for tuning in again I hope you guys have an amazing Friday I hope you guys make tons of profits Let's go ahead and make some more profits this weekend I will see you guys on the next one as always peace and love