 Bitcoin has now been rejected twice this week from that $60,000 level. But just a reminder guys, we are still over 100% return year to date. That means that if you invest it into Bitcoin on January 1st, you've already doubled your money. But today, we're going to talk about this current consolidation that has been going on so far all week. And we're gonna talk about why I think this is just setting up for its next move up. All that and more coming up. Stay tuned. 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 knowledge and resources to take you up to that next level. So if you guys are new here, make sure to hit that subscribe button. Also, don't forget to smash the like if you enjoyed this video. And of course, turn on that bell notification so that you're notified as soon as we post new videos. So today, we're gonna do a quick analysis on Bitcoin, any theorem, and of course, go over some trade setups for you guys for the weekend. Let's jump right in. All right, so the first thing we're gonna jump into is a trade recap from this week from the trade setups that we gave you guys on Monday's video. So I hope you guys caught that video because we had some juicy, juicy trade entries here that we're about to go over right now. So that first entry that we gave you guys from Monday's video, remember, we spoke about if we went back down to that 55K area, guess what? We were entering at 55K. So we wanted to enter on that bounce back up. So if you saw this drop down, remember that we enter on the bounces. This would have been your entry right here. And you would have been able to ride that up to about 57,000 and probably took profits. And when it came back down, you could have entered again. And then rode that one up all the way to $60,000. That was the high that we hit this week so far. So if you guys would have rode that 55K entry up to that 60K entry, guys, that alone would have been 91%. Imagine if you would have also been able to take profits on that first entry and then entered again. That would have been two different profits on the same entry, right? And then the second trade that we gave you guys was above 58.5K, right? So that entry was more or less right around here. And of course, as soon as that broke out, remember we told you guys a break above 58,500, it would lead to 60K. And that's exactly what happened. That took us right to that 60K area. If you guys entered that trade, that one was about 25% profits if you use 10X leverage like we did on both of those trades. In Ethereum, we gave you guys also two trade setups that triggered. Remember we were getting rejected on Monday's video and we said that if we continued down that entry point that we're looking for was that 1730 area. So I mean, it wasn't an easy trade to get into because it happened pretty quickly. But if you were able to jump into that trade that went all the way up to 1850. And if you rolled that up with 5X leverage like we do that would have been 35% profit on that trade. If you missed that trade, if you couldn't catch that trade that next entry was at 1800. So above 1800 that rolled up all the way to 1850. Now there was a lot of consolidation at that 1800 level. I'm not sure if we gave it to you on Monday's video but I think we spoke about that 1820 entry if you guys wanted to play it a little bit safer. If you would have took that, you would have done less than 10% profit but you would have made some profits on 1800. There was a lot of consolidation as you guys can see. If you guys are wondering where we're making these trades with leverage, we use Bybit as our official exchange where we make our leverage trading. If you guys are interested in joining Bybit you can just go to the description below, hit show more and we have right here where it says trade on Bybit with leverage, just hit that link and that will take you straight to the exchange. With our link you can get up to $200 in bonuses trading on there. So let's go ahead and jump in. As you guys can see, Bitcoin is currently at $59,000. It's been trying to work its way back up to that 60K after its rejection. Currently down about 1.5% in the last 24 hours and up roughly 3.5% in the last seven days. Market cap is steadily over $1 trillion currently at 1.1 trillion and the overall crypto market cap is sitting at 1.82 trillion. Crazy to say that, right? Trillion, such a fun word to say, trillion. It sounds so much better than billion, trillion. Has a nice ring to it. So on the fear and greed index, you can see that currently we're at a 71 considered greed. If you look at the past three months, it's basically one of the lower levels we've seen. As you guys can see all throughout January and February, we were in extreme greed at the 94s in the 90 range and in March, we've just kind of steadily been around that 70 range. The Bitcoin dominance chart, you can see that Bitcoin's dominance dropped a bit. We went all the way up to that 63 and then we dropped right back down to that 61 level. So this was basically on that climb all the way up to the new all-time high at 62,000. And then when we dumped off from there, when we had that pullback, then the dominance on Bitcoin also pulled back from the 63 levels back down to that 61 range. So let's go ahead and take a look at currently where the price is. You can see that we're right around that 59K range. We've kind of been stuck there for the last couple hours or so. We tried yesterday, I believe it was yesterday. We pushed up just above 60K and then we got rejected really, really hard. You can see the big red candle. That was basically a minus 4% move, went down about 23, $2,400 there before we got a pop back up. So it's been a nice and slow grind back to the top. What we can see here is that we currently have this descending resistance zone, right? So you can see the touch is there, kind of a touch there. Then we had the big rejection there when we tried to break out of that and now we're at another touch. So this is basically about the third or fourth touch here on this same descending resistance and we're trying to break out. So this is depending where you entered if you entered back at that 55K area, this is a good spot to start taking, possibly think about taking profits because if we keep respecting this line, we can drop back down and possibly visit the bottom of this range, right? So you can see here, this is a support that I've drawn that's also a descending support. We've bounced off of it a few times here and it is a possibility to go down. Now there is other supports before getting back down to these levels because these levels would coincide with that 52K range that we spoke about on Monday's video. First it still has, we still have that 55K range where you can see that we bounced nicely here that would come before we got to that 52K range, right? So when looking at the current pattern or current price action currently happening, you got to kind of zoom out a bit and take a look from what's really the bigger picture here. If you just kind of zoom into this right here, it looks like we're just in a descending channel. But if you zoom out, you can see that this is in fact a bull flag here. Remember we've spoken about the bull flag pattern many times and a bull flag is basically when we see we have an impulse move up, then we have basically a descending channel where we kind of bounce around and consolidate before a breakout, a retest and then a breakout again, right? So now if we come back to the chart here, you can see that's exactly what we have here. We have the impulse move up, now we have the consolidation and bouncing between the channels. Next we're going to have a breakout up. I would expect to possibly get a rejection here where we consolidate back down, possible retest here and then a continuation up where we break the previous all-time high and continue on our way up to what I believe we could hit $70,000 and beyond. In news, as far as what's happened this week, Brazil has become the second country in the Americas to approve a Bitcoin ETF. As you guys know, so the Toronto Stock Exchange has already been launching Bitcoin ETFs in February and so far in this month as well. And the SEC yesterday acknowledged Van Ex application to launch a Bitcoin ETF which if approved would be the first of its kind in the US. And if that happened, that would be a very, very bullish case scenario for Bitcoin. And in other news, Morgan Stanley this week became the first big US bank to offer its wealthy clients access to Bitcoin funds. So that's potentially huge news that could be bringing not just some millions, but billions of more dollars into the Bitcoin space. And then finally today, a tweet came out saying that Elon Musk didn't stop with Tesla. SpaceX owns Bitcoin on its balance sheet as well. So they're saying that Elon Musk has possibly over $5 billion in Bitcoin via Tesla, SpaceX and just personally. So that pretty much makes Elon Musk one of the world's largest owners of Bitcoin. So in Ethereum, as we can see, we've just been getting a lot of consolidation here. There's been no real direction, just kind of really consolidating between that 1800 to about that 1730, 1740. Mostly really this range right here, 1750 looks like to be a possible level there as well. That's actually 1760. Yeah, so it's been just a whole lot of consolidation. It's kind of a channel going up, kind of ascending channel. And if we were in a bear market, then I'd be a little wary because if you kind of look at this small pattern right here, this would signal a bear flag, right? But because we're in the bull market, that's not something that I take into account during these markets. And of course, if you're ever in doubt about anything, then just zoom out. If we zoom out here and take a look at the bigger picture on what's going on, we're gonna see that this is actually a bull flag, right? It's a bull flag pattern on the bigger scale, on the, you know, once you zoom out to that daily. Now we were looking at it in the four hour. In the four hour, it looked like a possible bear flag, but when you zoom out back to the daily, you can see that this is a very obvious bull flag here. All right, so I just left the overall channel here, the descending channel from the daily, and then the ascending channel here on the four hour chart. So as you can see that this would be the area where there could be a possible decision being made, right? Because that's where this descending channel and this ascending channel where they meet, this is where they're gonna connect. So that's gonna be an interesting area there. That's actually probably in the next, that would be today, that would play out today. So we'll get an answer there, but at the end of the day, Ethereum is currently still just following Bitcoin. So we're gonna need a push up probably from Bitcoin. We need a bullish move probably for Ethereum to also move up. It's just been consolidating here and I believe it's just preparing for its next move up. As you guys can see here in the RSI, we're back in neutral. If you go into the daily, we're also in that neutral. And if you even look at the weekly, we're slightly in that neutral zone as well. So I'm just gonna be waiting and seeing what happens and if anything happens, let's see if the price starts respecting this descending line and see if we get any price action there because X marks the spot. All right guys, so I hope you guys are enjoying this video so far. So far we've covered the trade recaps from the week. We've also done an analysis on both Bitcoin and Ethereum and gone over some market news. Next, we're gonna hit you guys with what you guys are probably waiting for, which is the trade setups that we're gonna be watching for this weekend. So if you guys are enjoying this video so far, make sure to hit that subscribe button if you haven't subscribed yet. Also don't forget to smash the like button for us. Let's get it to over 100 likes on this video. All right, so without further ado, let's jump right in. All right, so as usual, let's go ahead and start with Bitcoin. As we said earlier, we're currently at the top of this range. So we either want to look for something a little bit lower down, so maybe around this Fibonacci level right here. If you look what we did here, we grabbed the breakout, basically where this impulse move started down here and drew the line all the way up. We put the Fibonacci level all the way to the top of it and we've gotten these green lines, which are the Fibonacci levels or pullback levels on this recent move. So you can see that this level right here has been holding, which is that 55K area. And then here, you can see that this level right here has been holding, which is right around that 57,500 area. So in the event of a breakout, right, if we can break out of this right here, what we're watching is for an entry above $60,000. All right, we want to see that entry above 60, because if we can break out from that, we should potentially revisit that 62K level. Like we said earlier, we can potentially see something where we break out, we hit that, we retest this level here and then continue on up. So that 60K area is the first breakout entry we're looking at. The second breakout entry, of course, is gonna be above the previous all-time high. As you guys know, there's always a lot of volatility and volume whenever there's a break of the previous all-time high. Look at what happened here. A huge volume candle there. So that's, we're looking for the same thing. We're looking for a breakout above that previous all-time high and we would be taking an entry there. Now in the event that this weekend, we see a pullback for any reason, which I don't see why we would. There's been so much bullish news lately. I don't see a reason for Bitcoin to pull back at all. But of course, in a market, prices don't only go up, they have to also come down. And people have been taking profits as at 60K, which is why you saw this huge rejection candle right here the other day on Sunday night, Monday morning. So in the event that we get rejected again at 60 or we get rejected here at the top of this ascending channel, the first level I'm looking at is gonna be that 57,500 level. Then the second level I'm gonna be looking at if we were to drop further down is that 55K level. Those are the only two entries that I'm gonna be watching. So remember on these, we want a break to the top. We don't want to catch to try to enter as it falls down. Now on this 57,5 entry, I'm gonna be risking less because we're so close. If we get rejected by this channel, then we're so close to this channel again, that it's gonna be a little risky because we can get rejected again, which could drop us down to 55K. So I'll still be doing about 1% risk on that trade. And if we have a breakout, then that's gonna be beautiful there. So we got rejected here, and then we can enter at that 57,5 and see a breakout back up to that 60K area. That'll be a beautiful entry. So those are the two pullback entries I'm looking at, 57,5 and that 55 area. In Ethereum, like we said earlier, we're watching for this crossing right here. We have to see what happens in the next few hours. And then also has a lot to do with Bitcoin. If Bitcoin doesn't move, Ethereum is probably not gonna move either. Bitcoin goes down, Ethereum is gonna go down. Bitcoin goes up, Ethereum still might not move. It might move a little bit, so we gotta watch. Ethereum's been a little weird lately. It's just been consolidating, but there's been a lot of bullish news in the market as far as updates coming and a lot of different things going on with Ethereum right now. So I am very bullish long-term on Ethereum, but for this weekend, we have to watch this level, right? There's just way too much consolidation right now at that 1800 level and at that 1820 level right now. So we're probably gonna stop trying to take entries here at 1820, and we're probably gonna look back at that 1800 level again for entries. You see here last time that we hit that, we crossed it pretty easily. There wasn't so much consolidation like here. And right now, all the consolidation is literally at that 1820 area. So we're gonna look for entries back at 1800 if we see a drop in a pickback up. If we go up, then the entries we're looking for is probably gonna be above this level, right? So that's about that 1850 range. So that 1850 range is gonna be the first level that I'm looking for for a breakout trade. And then the second level is gonna be above $1,900. Below this range, if we were to go down for any reason here, then I'd be looking at entries around this 1780 to 1760 area. You can see there's been a lot of bounces here. So I'm interested in that area right now. So I'll be looking at entries anywhere from between 1780 to 1760. And basically what I'm gonna, the way I'm gonna figure out which entry I wanna take is depending on how low it goes, right? If it goes, if the price drops below 1760, then on the bounce back above it, I'm gonna be entering 1760. If it only goes below 1770, then on the bounce back up, I'll enter 1770, the same thing with 1780. So that's how I'll be choosing, which entry I'm gonna be taking there. And if for any reason we are to go lower than that, then I'm looking back at the same entries as last time at that 1720 to 1730 area for a re-entry. And that is it for today, guys. I hope you guys have enjoyed this video. We went over the recap from the week. We did an analysis on both Bitcoin and Ethereum. And then we gave you guys amazing trade setups that hopefully some of those triggers and we make some profits this weekend. If you guys enjoyed this video, make sure to hit that subscribe button. If you're new here, if you've been here already, you're already know to smash that like button. Let's get this video up to 100 likes. And don't forget to turn on the notification bell. Remember, on Mondays and Fridays, we give you guys trade setups for the week and then for the weekend. You guys wanna have your notification bells on so that you're ready and you could get these down as soon as I post up these videos. Remember that if you wanna trade with leverage like we do, to go ahead and go to our description below and use our link to sign up for Bybit. You can get a $200 bonus on your initial deposit. That's it for us, guys. I hope you guys have an amazing Friday, have an even more amazing weekend and make profits. I will see you guys next week on Monday. As always, peace and love.