 Another bumpy week in the markets, ladies and gentlemen, so far we are down about 6.5% here as we continue to stumble around that $47,000 to $48,000 mark. But remember this is very, very similar to exactly where we were last week on Friday before we ended up getting that very nice spike over the weekend to take us back and close the week out in the green. Now to accomplish that same feat this week, we will need to close out the week above $50,089. Now I don't know if we will get there over the weekend, but I do think that we will at least close out above this 50-week moving average with 6 currently around that $47,000, $47,500 area. So yes, although sentiment remains very low, on-chain and historical data remain high and bullish. So stay tuned as we break down this week in the markets. 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 you guys, the community with the knowledge and resources to take your wealth up to that next level. So if you guys are new to the channel, don't forget to subscribe, turn on notifications, and smash that like button. We're trying to get to 100 likes on this video. If you guys have any questions about anything that we cover here today, drop it in the comments. Let's dive in to today's video. All right, so taking a look here at the chart, you guys can see this green area, which is basically the bounce area that I've pointed out over the last few weeks. It's also where we bottomed out here during that flash crash. If you go back further, you'll see that we also had a bounce here. If you go back further, you'll see we also had a bounce here back in September. If you go back into May, June, July, you'll see that it was a resistance there. And prior to that, it was a support. And again, it was a resistance here and an all-time high. So I hope that shows you how important of a level it is here at that $42,000 to $40,000 range. Now the next thing I want to show you guys is this big support here that we've basically had since last year in October. And this has basically kept intact throughout this whole run. So as you can see, we've tested it on multiple occasions. I'm sure if I go back further, I can pull this back even further, maybe all the way down over here to March when we had the drop in March. So you'll see that we retested it here. We continued our uptrend and we came all the way back down to retest that support once more. And before we continued up, so we continued up here, we set up a new all-time high, and now we've been retracing back to what looks like another retest of this support. So now what you see here is not only do we have this big support here in this green channel that we've marked here, but we have confluence because we have this ascending support that's also going to bring some buyers into the market and hold the price up. So as long as we're staying above this green level and above this ascending support that's been basically holding up this entire move for over a year, we're good because even if we go down right here to the support, it's still a higher low. So if you look at it like this, we had a high, then we had a low, then we had a higher high because this was higher than this and this would be a higher low because this is higher than this. So that right there keeps this entire run intact as long as we hold that level. We are fine. We have nothing to worry about and I'm expecting a bounce back to the upside to set up what could potentially be one more high and possibly the final high of this bull cycle. Now the final thing that we're going to be looking at here is this 50 week moving average. You can see that the previous two weeks, we bounced right off of it. So it's definitely been holding us here as support and if we look back, you'll see that it held here as support. When we got close to it, we had to bounce back. If we look back into May, June, July, when we had the huge drop off, it held up here. We flirted with it for a few weeks, but we ultimately ended up holding up and the last time that we fell below it was actually during the Black Swan event, which was the pandemic when things got crazy in March of 2020. Before that, you can see that while we were in the bear market, we were stuck underneath it and basically that cross below it is what kind of signaled our bear market there in 2018. And when we lost it back in 2018, that's kind of what signaled that bear market for us there. And all throughout of 2017, while we were in that bull run, you can see that we never lost the 50 week moving average all the way back until 2015 was the last time we were below it, which was right before that previous bull cycle began. So I would say that we are definitely at a crossroads here. We definitely need this to hold here. And I definitely believe that we will. I still think that this is a final shakeout for all the newer people in the crypto industry. The bigger players are trying to scare people off. They're trying to get you to sell so they could buy your coins cheaper before pushing the price up really, really hard one last time during this bull cycle. I know there's a lot of fear in the market right now is a lot of people panicking a lot of people scared. And that's exactly those are the exact ingredients that they want and that's needed to shake everyone out. And then just shooting the price right back up to new all time highs. This is something that happens over and over and over in Bitcoin. And you just have to be prepared for these scenarios as they happen so often. Now it doesn't mean that I'm 100% right or that this is 100% right of a signal. Just taking a look at it looking back at historical data provided in previous bull runs and even in this same bull run. If we're supposed to see a new high during the cycle, if this cycle is going to remain alive and going forward, then I'm expecting a bounce here. I'm expecting a bounce from 40 to 42,000. And I'm expecting us to start moving up soon at some point soon. So I mean, it might not be until the new year, but I am definitely expecting us to hold here. If we lose this and we lose that 40 to 42,000 dollar area, then we can start reevaluating where we are and look at those scenarios at that point and seeing what the best position is at that time. All right. So looking for some trade setups here, I'm still doing similar to what we spoke about earlier. I'm only really looking to add here to my long-term positions. As long as we stay below 50,000 and above 40,000, I'm looking to dollar cost average into my longer term positions here in both Bitcoin and Ethereum and any outcoin that I really believe in any project that I'm big on. So that's what I've currently been doing. The reason why is because look at how much chop there is right now in the market. It's really difficult to get a good high probability setup right now. A lot of these trades, since they're just kind of bouncing in a range, they're more or less going to be 50-50 as far as probability. Now we have caught some nice run-ups throughout this. When this chop you like this, it's difficult to make money in it, especially if you're not an experienced trader. You got to really be in and out on these trades. So you'll see here today, we swept the lows of the week. You'll see this is lower than any other level that we've hit this week. We went down as low as 45, 375 earlier today. So that could potentially be a spring to send us back up. But again, we got to wait and see. You'll see that we've had this, we've had this descending resistance here. So we need to break above that right now. The break of that is looking like it's probably going to be above $50,000 because to enter a trade right here at 48, you're entering right at that resistance and you've seen how much chop there is there. So I'm probably looking to get above these candles. And that level is going to be at least around $50,000. So for a long position, I'm looking for entries above 50 for a short position. It's tricky right now. It is definitely tricky. I would probably not be opening up any longs right now, maybe only at the top resistance. So maybe at $50,000, if I see it getting rejected at 50, then I could see the price pop maybe dropping and maybe open a short there. Again, it's kind of risky. Other than that, maybe below 42, maybe below 40, those would be the levels that I'm more targeting than anything if I'm looking for a short. Because at that point, we're probably going into a bear market. So that's it for today's video. I hope you guys enjoyed the analysis and breakdown and the overall sentiment of the market I know is very low right now. But again, this is my opinion based on my experience and the data that I have available to me, I believe that we should see a bounce sometime soon in the next, you know, few days could be a few weeks. We don't know when, but it should be at some point soon. If we break below these levels, then we will of course have to reevaluate the market at that point and try to make decisions based off of that. So thank you guys so much for tuning in for today's video. Don't forget to smash that like button. We're trying to get to 100 likes on this video. It helps the channel a ton to continue to grow. Also, if you guys are new to the channel, don't forget to subscribe. And if you have any questions, drop it in the comments. Have a great weekend guys. Happy Friday. I'll see you on the next one. As always, peace and love.