 So, what I'm thinking here, if we continue with the same pattern that we've been seeing every single month, right, next week we could potentially see some volatility and potentially a drop from current prices. So it's definitely a possible case scenario in the next two weeks to see a pullback back down to the 56K level. I would say between 56K to 55K dollars would be the possible area for the pullback if it happens similar to these past months if the pattern continues. Guys, we literally spoke about this on Friday's video. So on Friday's video we spoke about a possible pullback this week in the back half of April which is exactly what's happening. Now remember that I said that around that 55 to 56K area is where I believed we'd pull back to and we definitely pulled beyond that as you guys can see on the chart. We went as low as 51,705 but we did bounce back up and close that daily candle at 56,000 and then currently right now we're trading at 55,000. So that 55 to 56 range is where I said on Friday's video that we would pull back to. Now I didn't expect it to pull back this fast. Here we are. So now what should we do and what should we expect? That's what we're going to talk about today. 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, as always, is to empower you guys with the knowledge and resources to put that all together to take you up to that next level. So if you guys are new here, make sure to hit that subscribe button, turn on the post notification bell and smash the like button. So on Friday we had about a 3% Bitcoin pullback on the news that Turkey was banning cryptocurrency payments as you guys can see here. So once I saw that, I started looking at the chart and I noticed this funny pattern that in the back end of the past one, two, three, four, five months, we've had pullbacks every single month. So then the question became, is it going to happen again? So Saturday we start getting rumors on Twitter that the US Treasury was going to start charging several financial institutions for money laundering using cryptos. That was a tweet. However, there was no source. However, that set off a huge panic in the market, which was amplified by over leveraged traders. Crypto Futures saw a record of $10 billion worth of liquidations that night. This new record nearly doubled the previous market wide record of $5.77 billion registered on February 23. Now liquidations happen when trades cannot fulfill margin requirements for holding their long or short position. So for example, if you were over leveraged in the long at 60k, once the market went against you, you probably were one of the people that got liquidated. So of course, when that amount of money is being liquidated, that means there's a lot of selling going on in the market, which amplifies and even speeds up the price and the plunge of the Bitcoin price. Now this rumor has since been debunked. In an interview with CNBC, Kristen Smith, which is the executive director of the Blockchain Associates, stated that it's the department of justice's job when it comes to money laundering, not the US treasuries. So like I said, this rumor never had any source and nothing else has come out about this. So this was just a rumor and like I said, it has been debunked. In other news, Coinbase CEO sold $291.8 million in shares on opening day. Sounds like a lot of money, but this is actually only 1.5% of his holdings. So remember on Thursday's video, we spoke about this and I said that I expect people from Coinbase were going to be selling shares. They're going to be people selling shares or going to be employees selling shares. All of that plus it's in price discovery and the market is just trying to figure out what the value of Coinbase actually is. So a CEO sold his 749,999 shares in three batches. The price was ranging from $381 up to $410 for the total of $291.8 million. In another SEC filing, it was disclosed that Coinbase director and venture capitalist Fred Wilson sold 4.7 million shares for proceeds of $1.82 billion with the B guys billion. So his VC firm sold 4.7 million shares for the same amount of money. Together by the sales of Wilson's and his firm's fund, they accounted for more than two thirds of the $5 billion worth of shares sold. Another venture capitalist and director sold another 1.18 million shares for 449.2 million according to various filings. So obviously the early investors were looking for liquidity and to get their money out of that investment in Coinbase, also directors from there wanted to also take some money out. And finally, the last piece of news today, tomorrow is Doge Day. That's right guys, Doge Day. Doge has been battling it out with XRP to pass it in market cap as you guys can see here. Now everybody's calling 4.20 as Doge Day and what does that mean for Doge? Who the hell knows? All I know is that it's up 28% today. It's up 450% in the last seven days. It's up 625% in the month. It's up over 8,000% year to date and it's up over 11,000% in the last 12 months. A lot of you have been asking me a question about Doge. Sorry guys. I have no answers. All right. So let's jump into this Bitcoin chart. As you guys can see, this is the daily chart here. We've had one, two, three. We're on the fourth red day in a row. This is the first time we've seen four red days in a row since February. Currently, we're holding right around that 55 to 54K level exactly where I said that I would expect us to stick around because it's such a strong support area there. As you guys can see, this area has played support here many times over the last few months. So Bitcoin bulls are trying to protect that level yet again. Now it is also a Fibonacci retracement level there. As you guys can see on that one and on this Fibonacci retracement level as well. I have two different Fibonacci retracement levels set up, one on a higher timeframe, one on a lower one. And as you guys can see, they both are basically land in the same spot, which is right around that 54 to 55K area. So what do we need to see here? We need to see this area defended. We need to make sure that we continue to close above this 54 to 55K range and start to push back up. If we close below this range, then we can expect to go back down and retest that $52,000 area all the way down to that $50,000 area. If we were to break 50, then we can expect to test $48,000 all the way down to about that $44,000 range. Now I don't think we will go down that low, but you have to be prepared in the event that we did. To answer all your questions, I am holding my long-term positions. I'm doing dollar cost averaging for long-term positions and I'm even doing some DCAs on some short-term leveraged positions as well. I'm still bullish on Bitcoin and I still believe we're only about halfway through the bull cycle at this very moment. Although this may look scary and very, very bad right now, let me remind you to zoom out when in doubt and look at the bigger picture. This is not the first time that this happens during this cycle and it's going to happen again. So please guys, stop calling for the end of the world. So we've covered the market news. We've done an analysis on the overall market and Bitcoin and now we're going to hit you guys with some trade setups. If you guys aren't enjoying this video so far, make sure that you go ahead and smash that like button. If you guys are new here, don't forget to subscribe and turn on the notification bell. So what trade setups am I looking for this week? So the first thing I want to look for is a breakout entry. So that first breakout area is going to be right at this Fibonacci level. You see how we had a bunch of support here? There was a lot of support here and we even had, we attempted to break out there before getting rejected back down. I am going to be using that level even though there was a fake out. I'm going to use it as a breakout entry to the upside. A breakout above this could potentially take us back to 60K. Now if you're taking any of these trades, I recommend only risking 1% or less on each trade that you try to take here. Beyond that, the next level that I'm going to be looking for is above that 60K level. So if we break out above that 57, I believe that it can take us back up to that 60K. And on a break of that, it could possibly take us back to 62 and 65,000. Now because we're in the second half of the month, which has been for the most part bearish for the past five months, as I showed you guys on that pattern, you have to be ready for some more drops and possible bounce entries. So the first bounce entry I'm looking for is literally right here at this 55K mark. So I want to see a drop just like this and a bounce just like this. This is where you want to enter. You want to enter not while the prices are falling, you want to enter while the prices are jumping back up. So for example, if you saw this one, this candle right here drop all the way down, you would have waited for it to get back above 55K. You would have been able to enter right around there and you could have rolled that up to about 56.5K. You could have entered it again once it dropped again and bounce back up and rolled that one up to above 57K. So that's the level that I'm going to be using on a bounce entry above $55,000. If we go below that, then I'm looking at 52 and 50K as the next bounce entries. I'm looking for it to go under it and then bounce back up. As soon as it breaks back above those levels, that's when I'm entering. This is the most efficient way to enter trades during these drops, guys. Not try to catch that falling knife, but instead catch it as the bounce happens, then take quick profits and use trelling stops. These are scalp trades, guys, these are scalp entries. For longer term entries, you could use these same levels to just DCA your way down. So you could buy some at 55, you could buy some at 52, buy some at 50, 48, and so forth. Every time it hits one of those major levels, you could add into your entry into your trade. So it all depends on what type of trader you are. Now for Ethereum, we didn't do an analysis on it today because it's basically just going to be following Bitcoin. So Bitcoin is the main thing to focus on this week, but we're going to touch on some trade setups that we will be watching in Ethereum because, of course, we will be trading it. So the first entry here, of course, is going to be this 2100 area. That's going to be, of course, a bounce entry there. As you guys can see, it's currently above 2100. Beyond that, we're looking at that 2200 area as a breakout entry here. And then, of course, we're going to be looking at 2300 as another breakout entry. As you guys can see, we fell out of that channel. If we go ahead and kind of extend it, you'll see that we fell out of it. But the Fibonacci retracement level here gave us a nice bounce back into the channel. And we're currently right at the bottom of it. So we do have a lot of support here. We have that Fibonacci level plus the bottom of the channel here at that 2100 level. So that's why I'm using 2100 as a bounce entry. And then I'm using 2200 as a breakout entry because that's going to be towards that top of the channel, which could possibly lead us out to a breakout. And remember this, our price target here, we're going to have to lower our target because we don't know when that breakout is happening. So for example, if it happened in the next two days, then it still gives us more or less that same target around $2,700 for our price target for Ethereum overall. That is it for today, guys. I hope you guys have enjoyed this video. We touched on some market news that we got over the weekend. We spoke about this huge dump off, huge sell off and why it happened. We did an analysis on Bitcoin, looked for some possible support opportunities and possible breakout scenarios where we can get back into the range. And of course, we covered trade setups to possibly make some profits on the bounce back up. So you guys already know what I'm doing. I am buying the dip as always and playing those bounce and breakout entries. If you guys enjoyed this video, make sure to smash that like button. If you guys are new here, don't forget to subscribe and turn on the notification bell. Thank you guys so much. I will see you tomorrow on the next one. As always, peace and love.