 In today's weekend recap report, Bitcoin crossed the big $50,000 mark and it's currently holding above it. Ethereum moved up about 12% over the weekend, with the news of the new Ethereum update that's going to be coming this summer. And finally, Soulja Boy is tweeting about Bitcoin yet again. And he now has laser eyes on his Twitter profile and is on Twitter selling his tweets for crypto. So he sold a tweet about someone getting on his nerves for $500 and he sold his tweet about how do I sell my tweets for about $1288. And now look at this. He's selling this tweet for $3,000 almost to Ethereum. So basically he's selling tweets about nothing for crypto. All that and more coming up. 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 traders. The goal of this channel is to empower you guys with the resources and knowledge to take you up to that next level. If you guys are new here, make sure to subscribe and turn on that notification bell. Also guys, don't forget to leave a like on this video as it helps us to continue to spread the massive adoption of cryptocurrencies. So another good start to the week this weekend. We had two green candles over the weekend, which basically brought us up and over that 50k zone and let us basically up to about $52,000 over the weekend. So on Friday, we told you guys and Bitcoin we were looking for entries above $50,000. If you guys would have taken this entry at 50k and wrote it up to that top right here where we got rejected, it would have been around 38% profit if you use 10x leverage like we did. In Ethereum also had even bigger green candles over the weekend as we got some really good news from Ethereum as far as the update. And we told you guys that we were looking for an entry above $1,600, which is exactly what it did right here. And it's run up as high as about 1755. So if you guys would have taken that trade, you would have done around 48% in profit if you use 5x leverage like we did. So as you guys can see over the weekend, Bitcoin finally broke back above that 50k number, that big 50k. And we went right up to the top right where we called the top of this range. Remember, we told you guys, right about there was the top of the range. That's where we pointed that out. And that's exactly where we got rejected today basically, right? You can see that the high here is $51,942. And the high yesterday was $51,484. So we've now flipped this Fibonacci level retracement right here that 23.6% level into a support. As you guys can see, we're getting knocked down by it the last few days. But we finally we're on top of it now. If we can if we can stay above here, then the bottom of the range should be right around that $49,000 area. And the top of the range is going to be that 52k. So the idea here would be to be looking for, you know, entries here at the bottom of that support range, if it doesn't fall lower, and then to be using the top of this range for a breakout trade. Once we break above this 52k, we can see a run up back to that previous high here. As you can see, there's not too much resistance other than what we're what we're watching right now where we're at right now. So once we break up and above that, we can see a run probably up to like 54. Then you can expect another run till 56. And then a run to that previous all time high. So let's zoom in here into the four hour chart. And you can see a little bit clear what's going on on the, you know, on the four hour to four hour candlesticks, right? So you can see the big rejections here. You can see we've had that same resistance here. You can see it's played a support here. There's been rejection here. So that's why this is such a big number in a big area currently, because we've had we've tested it several times, and we haven't been able to get up and above it. We've had, you know, we've had a fake out here. So we're going to need more volume in order to get above this. But if you zoom in a bit here to what we're currently watching, you can see kind of a bull flag here, right with a possible breakout right here. So we've had a bull flag with a breakout on the small four hour timeframe. And we just need to see a continuation up, which is currently what we're watching for, right? So we want to see a continuation up and a break above that 52 k area. Overall, the falling wedge breakout pattern is still intact. We still, you know, we're consolidating after that breakout. We've been consolidating within this range that I pointed out here. Boom and boom. We're currently at the top of this range. So if we can get a breakout above that 52 area, it should shoot us up to some minor resistance here at 54 and a little another minor resistance at 56, which would lead us all the way back to the previous all time highs. If we see a breakout move like we did after the previous time that we were over here, that we had a bunch of consolidation and testing new lows after that new all time high, if we have a move similar to this, that would be about, you know, what was that move? Let's if we just kind of draw it just to get an idea of what's possible, right? Let's say the move comes from here that could potentially lead us right to that 75 k area. So that's the area that I've been talking about for the next breakout move after the after we break the this previous all time high. That's what we've been talking about $75,000. And it's something that we can see if we have that next breakout move up after this consolidation. So you'll see it's not the same exact patterns, but it's it is still consolidation. So it's very similar. We had it all time high, all time high, then we had basically a consolidation period it down. Here we go consolidation period down. Then after that, we had a consolidate we had a breakout to the upside and then some more consolidation. So we've had the breakout to the upside now some consolidation and then a move up, which led us to this new all time high. And that's kind of what can happen here where we have a move up to this next target, which will be that 70 to $75,000 range in other Bitcoin news today. We heard we heard about this rumor last week. But today, I guess it was they were confirming it that PayPal is acquiring crypto security firm Curve to expand digital asset initiatives. According to PayPal, this acquisition will help the company expand its initiatives to support cryptocurrencies and digital assets. The deal is reportedly worth less than $200 million. So it announced it today. So today's the official announcement of this deal. So that is definitely more bullish news for Bitcoin as PayPal continues to build its infrastructure to build up this cryptocurrency unit that it has created. And in other Bitcoin news, the Chinese app made to me to some of that buys $40 million worth of Bitcoin and Ethereum. So they bought $22.1 million worth of ether and $17.9 million dollars worth of Bitcoin on March 5. The company said cryptocurrencies provide diversification to holding cash and said it could launch blockchain based apps. So that was bullish for both Bitcoin and Ethereum. Speaking of Ethereum, it's had an incredible run over the weekend. It's basically on Saturday, it went up 8%. Yesterday, it went up about 4.5%. And today, it's up 1% so far. If we zoom into the four hour chart, you can see that we're currently sitting at this Fibonacci level right here that 23.6% level. You see the break that we spoke about on Friday? I told you guys that above this green line, which is where it got rejected last time, it was where we were buying for a breakout entry there. And look what happened guys, as soon as it broke through there, boom, it took off, consolidated a bit and boom, continued up. You saw here, this is a bull flag right there. And guess what's here guys, another bull flag here. So I expect a continuation up to that 800 area right now it's at this Fibonacci level, which is why it's consolidating there. As you guys can see, if you look back, you see that that level there played a big role. It's touched it many times, it's acted as both resistance and supports. So it's going to consolidate there a bit before continuing on its way up. I expect this to lead back to 1800 and beyond. As long as Bitcoin can get through 52,000, Ethereum should test its highs as well. It should go back to 2000. If you guys are wondering why Ethereum was pumping over the weekend, it's because it received news. There's been news going around that the upcoming EIP 1559 upgrade could cause ETH price to skyrocket. The proposal will increase the security of Ether tokens, which could lead to a higher price point for ETH. So developers approved a proposed change to network that would burn a small amount of Ether every time that their currency is used to pay gas fees on a transaction. The proposal known as EIP 1559 will be bundled into an upgrade in July or August of this year. The reduction in the supply of Ether tokens will lead to higher token prices overall. This is because a reduction in the supply of Ether will make the asset more scarce. Also, the EIP 1559 should be taking the guesswork out of Ethereum network transaction fees. EIP 1559 would improve this by making it clear what fees are with an automated system that is comparable to Bitcoin's difficulty adjustment in the sense that both adjust based on network volume and usage. Transactions will only be able to be paid with Ether. So news of that update has definitely had a big impact on the price over the last few days in Ethereum. I was personally already bullish Ethereum and with this news I'm even more bullish Ethereum guys. So if you guys are not buying Ethereum, if you guys don't have any positions in Ethereum, I suggest to definitely start dollar cost averaging some positions into Ethereum, buying up these dips. Because I believe that the closer and closer we get to this update, the higher that Ethereum is going to go. And we can definitely see Ethereum double in the next few months before the upgrade. So once we clear this area on a break above this area right here in a break above 1800, a break above 1800 could basically lead just like it did here up to that 2k area. So with this news out as it picks up steam and the wheels get rolling, we could shoot up to that 2k area very soon as long as Bitcoin doesn't pull the market back for any reason. So if there's no reason for Bitcoin to pull back, I see Ethereum retesting at $2000 range very, very soon. If for any reason we do pull back our supports are going to be here at 1600 around that 1550 to 1500 area as well and then that 1400 area. Alrighty guys, I hope you guys are enjoying this video so far. Next, we're about to talk about the trade setups that we're going to be watching this week. You guys want to stay tuned for that. You don't want to miss it. Trust me. Guys, if you're enjoying this video so far, make sure to hit that subscribe button. If you guys are new here, then also make sure to turn on the notification bell as we post videos five times a week every single week. And make sure to like the video as well. If you would like for us to continue putting out this content, if you have any questions about anything going on right now, make sure to drop it in the comments. We're always happy to answer you guys if we have the answer, of course. So let's talk trade setups. All right. So in Bitcoin, that entry that we're looking for here in Bitcoin this week is above 52 K. So right where we got rejected there earlier today earlier this morning, that's exactly where we're going to be looking for a entry for a breakout entry. You can see here, we got rejected here. We pointed that out last week, and it took us all the way back down to basically 46 47,000. And now we're back at the top of the range, right? So we're looking for a break above this, right? We want to break above it. Now, why are we taking that trade? And why are we waiting for it to go above versus just buying right now? Right? The thing you guys have to understand is that we that we're looking for a momentum. If you guys just entry enter here around 51,000, there's really no direction, right? There's no momentum in either direction. There's no volume in this in the price right now. So if there's no volume and there's no real direction, you're basically just flipping a coin. This can go in either direction. You know, there's no odds really in that it's a 50 50 coin flip, right? So if you just do a lot of 50 50 coin flips, you're not going to be a winning trader because most of the time, we're just going to be breaking even. So what we're looking for what we want to take is a momentum trade, we want to trade with the momentum. So because 52 K is currently a resistance area, that means that in order to break through this resistance, we're going to need more volume. So if we have more volume, and we break through that, a lot of times what happens is we liquidate and squeeze short, which increases the volume and the momentum, you know, in the trade. So what happens with the price, it ends up shooting up very, very fast a lot of time. So that's why you'll see sometimes the price move a few thousand dollars within an hour. It's because there's a lot more volume coming in. A lot of people stops are hitting their entry prices are triggering, short traders are getting liquidated. So it's this combination of people that a lot of things are happening at that level that creates all that momentum and pushes and basically shoots the price up. So that's the type of trades that we're looking for to make it easier and because it's a higher probability setup. So we're more likely to profit on this trade and to win. Now you're probably asking why don't we short if we get a rejection at 52 if theoretically the volume would be on the short side. Well, the other thing with trading is again, you want to always have the best probability in the best setups. If you're going against the overall market, that lowers your probabilities drastically because if the trend is up, then more than likely more times and not the trade is going to end up going up. So by going with the overall trend, you're making, you're giving yourself a higher chance of winning when higher probabilities. If you're going against the overall trend, you're just making life harder on yourself. Remember guys that 90% of day traders are usually losing traders. So why make life harder on yourself by trying to counter trade the trend, right? So in the event that we do get rejected at 52K, then what we're doing since we're not shorting because we're not going against the trend, then we're watching and we're waiting for new entries at a better price to ride it back up. So the entries here are going to be at that 50K area. That's one price that we're watching. We like any anytime that we go below 50K when we break back above it. That's a price that's a trade that we want to take. Below that, we're looking around at 48 to $46,000 area after that. So those are the supports that we're going to be watching for entries there in the event that we get rejected back down to those levels. In Ethereum, we're looking basically at the same thing here, right? So we're currently around 1750 and that breakout entry is going to be around 1800, right? So comparable to Bitcoin, Bitcoin's breakout entry is 52,000. If Bitcoin breaks above 52, Ethereum is going to run with Bitcoin. So the comparable to Ethereum would be 1800. So if Bitcoin's at 52, Ethereum will probably be around 18 and they will probably run together, right? So I'm looking for a break above 1800 because I expect if we break that, that means that Bitcoin's probably running as well and a lot of volume is probably coming into the markets at that point. 1750, as you guys can see here, there's a lot of consolidation in this area. We're basically, we have a little kind of like a bull flag printing here, possible bull flag breakout here. So there could be a lot of consolidation here. I'm only, you know, if you're taking entry that 1750, I'm only risking maybe half a percent to 1% here. There's just so much consolidation. I much rather enter at 1700 or 1600 if we were to get a pullback. So 1700 and 1600 are our pullback entries. And as always, we're looking to enter on the bounce back up, not on the drop down. And that's pretty much it, guys. Those are the trade setups that we're watching in Bitcoin and Ethereum for this week. If you guys have enjoyed this video, make sure to give it a thumbs up. Also, if you have any questions about anything that we spoke about today, go ahead and drop it in the comments. We're always happy to clarify and answer those for you. If you guys are new here, make sure to subscribe, guys. Make sure to turn on that notification bell as well. So you guys are notified as soon as we post videos every single week. Remember, we do videos five times a week, Monday through Fridays. Mondays and Fridays, we do market analysis Tuesdays and Thursdays. We do market news and trading tutorials, different reviews. And on Wednesdays, we do live streams where we talk about Bitcoin and Outcoins. Thank you guys so much for tuning in. I will see you guys on tomorrow's video. As always, peace and love.