 I am back, ladies and gentlemen. Did you miss me? Last time we spoke, Bitcoin had hit a high of around $46,000 and Ethereum had hit a high of around $3,200. Since then, Bitcoin has rallied to hit a high of $48,200, while Ethereum has continued to push up to hit a high of around $3,345. If you guys took any of the trade setups from last week's video, congrats on the profits, but don't worry if you missed them because today we're going over through some more trade setups for this week. Today, we are taking a look at what has been developing over the last week and we're going to dive into this big resistance here that we're currently facing in Bitcoin. The charts are currently showing signs of possible exhaustion in the market, which can mean that we could be seeing some sort of pullback. So let's not waste any more time and dive right into today's analysis. Hey, what's up? Jay here. 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 you guys with the knowledge and resources to take your wealth up to that next level. So make sure to subscribe, like, and share this video as we continue to spread mass cryptocurrency knowledge and adoption. So taking a look at Bitcoin here, you guys can see that we're currently above that 46k level. We're at 46275 and we've been kind of ranging in this whole area today. You see today's candle, we have a high of 48,100 and a low of 45,937. So first thing that you'll notice currently where we are right here is that we have a moving average support right around that $45,000 area. And not only is that a moving average support, but remember 45,000 is also going to be a support psychologically. So that's two different levels of support that we currently have there at 45 for any pullbacks that we've gotten so far here. As you can see, every time we've hit that 45,000 dollar range, the bounce, the price have bounced right back up. Now it doesn't mean that we can't go lower. There is a lower level right here at 44,000 that we could possibly see here. If we continue down, if we get that pullback that we possibly might see, and then below that, of course is $42,000. Now 42,000 would be the main level here. As you guys can see, it was that big level, that big resistance here when we're on the way up. It's also a Fibonacci level. So there's definitely a lot of support here that we can see. If we see some sort of pullback that drastically, we can expect a bounce here at those $42,000 levels, which could potentially take us back up to retest this current big resistance that we're currently facing right now. Now that big resistance is $48,000. Remember, when we're down here that we broke out, I said, guys, if we break above 42,000, we will go straight up to 48,000. 48,000 was our target above on a break of 42,000. And you'll see that very quickly it got there. It took about, what, a little bit over a week since the day that we broke above 42,000. We broke above August 6. And today's the 16th, it's taken about 10 days to go from 42,000 all the way up to our target. We actually hit our targets, let's see, on the 13th. So from the sixth to the 13th, less than a week, guys, really. Well, it's exactly a week actually that it took for us to make that jump up to our target there on the break of 42,000. So now that brings us to where we currently are right now. You see that we're on the 200-day moving average. We're on that current 45K support. But we've had three days in a row of kind of red markets, right, for Bitcoin, because some outcoins have still been running up. So we're just speaking about Bitcoin right now. Now a couple of things you need to notice here is the RSI. It is basically been dancing with the line of overbought territory, basically been in and out of there, right? And if we look back in history, most of the times that it went into overbought territory, eventually there was a big pullback that followed that, right? So we can see it here. You know, when we went in overbought, even though we weren't overbought from December all the way until about January 10th. So it took about two months before we finally got that drop. Then we came back out February 8th, basically till February 21st and we got the drop. So we could expect possibly something similar, even though we've had some pullbacks here and we haven't been really too much too far in the overbought area. It is, you know, a reason to pause for concern on the short term. Of course, this is not talking about long term. This is talking mostly about the short term. So it is part of a healthy market structure to see some sort of pullback here. Another thing you'll notice in the RSI right now is that we have a bit of a bearish divergence here, right? So the RSI, the tops are kind of been going down while the tops here have still been going up, right? So when this is going up and this is going down, that is bearish divergence there, you know, that could lead to consolidation, could lead to pullbacks, signs of exhaustion, et cetera, et cetera, which all basically could mean an eventual pullback, right? Now, there's no way to know exactly when the pullback would happen or how low the pullback could go down to. So usually we tell people to start taking profits, setting stop losses if they're taking any short term trades, and to look for, to reposition themselves basically in at support areas. So 45,000s at first support, minor support at 44, and then 42 is going to be the main support. So 42 is the main level that we're going to be looking for, even though we'll still be looking at levels around that 44 to 45 range as well. Now, in order for the run to continue here, we need to see a break above this $48,000 range. If we can break above it, just like we did here at 42, we need the confirmed breakout, right? Not what we saw here. You see, this is a failed breakout, this is a confirmed breakout. So we could potentially, this could, this failed breakout here could potentially lead us into this pullback, and then eventually we'll get a bounce at one of the supports, just like we saw down here, and continue up to break through that 48 level. I believe once we break through that, that level of resistance is going to be a loss because it's going to be between 48 to $50,000. So we'll need to break through all of that, right? And you see here that we've now cleared this gap that we spoke about, right? We've completely cleared it. We've gapped it up just like we spoke about, and now we're back to where that volume, and there's a lot of volume, a lot of transactions coming in, right? So there's going to be a lot of buying and selling here, which is why it's going to be a little bit harder to grind past that level. But once we do, once we get above that 48 to $50,000, you'll see there's another drop off here in open interest, right? That we can basically run up. Once we get above that $50,000 range, we could basically, I would say, run up to around $52,000 to $54,000, $55,000. The big resistance, the most open interest is right here, and that's right around that $56,000 range. So that's basically the next major level. Once we break above 48 to $50, we're going to see a drop off in open interest, which can allow us to continue up to around that $52,000 to $55,000 range, which is where we will run into a lot of open interest. And if we can break above that, you guys can see a huge drop off here in open interest, which at that point could allow us to set new all-time highs. So long-term, we're still very bullish with this new move to the upside. Short-term, there is some possible pullbacks coming in this week. And Ethereum is pretty much the same thing. It's back to following Bitcoin for the moment. So with Bitcoin pulling back, you could see that Ethereum is also pulling back. You can see that Ethereum is also in overbots currently. And there is bearish divergence as our side has been trending down while Ethereum's price action has been going up. So that is definitely divergence in the market there. You can see that we've covered the gap here that we spoke about. And now we're in parts where there's a little bit more open interest, more volume. But still, it is really not that much, as you can tell. So it's definitely possible to run up to $3,500, break above that, and continue up to around that $4,000 range. We just need Bitcoin to also move back up. So we could expect some consolidation this week. We could expect some possible pullbacks, the levels here for Ethereum. If we see some pullbacks, of course it's $3,000. As long as we hold above $3,000, I think we're golden. Not too much to worry about. Long term, we're still very bullish. Short term, we could see some consolidation in pullbacks this week. So the trade setups that we'll be looking for this week, the main trade setup that we want here is a break above $48,000. So we've been playing that level. It's been faking us out so far, but eventually it's going to break. So you just got to keep playing the level. The next thing is the next level we're going to be playing is $4,500. That's the next level that we will be watching for a bounce back entry. And below that, the next level is going to be $42,000 as a support entry as well there. In Ethereum, the main levels that we're watching here are probably going to be around that $3,000 range. That's the main support line there. We could also potentially play that $3,100, $3,200 level with very, very small risks below, 1% and below. And then after that, you can play above its high, right? So that's above $33,50 is where you would set up your breakout entries there. That's pretty much it guys. I hope you guys have enjoyed this video. If you did, don't forget to smash that like button. It helps us a ton. If you're new to the channel, subscribe and turn on that notification bell so that you're notified every time we post up new videos. We are back in town this week, so we will be putting up more videos up this week. We will see you guys on the next one. As always, peace and love. Let's make some money.