 Bitcoin has hit a high of $52,000 today and if you look at the weekly chart here, you can see that the weekly candle here closed above this 50 week moving average as we suggested in last week's video on Monday. Not only is this bullish, but then we also closed engulfing the previous week's candle. This is called a bullish engulfing candle. And if you look back at the last time that we did this, we had a huge run up. And then back here again, we had a huge run up. So guys, this is all pointing up to set up some new higher highs in the next coming weeks and months. Let's go ahead and dive into today's analysis. And we will also look over some trade setups that we will be watching this week. Let's dive right in. 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 the notifications and of course smash the like button on this video. Let's try to hit a hundred likes on this one. Alrighty guys, let's go ahead and jump into today's video. Alrighty guys. So I know everybody is excited. We finally have got some green candles here. It feels like it's been forever, basically five weeks in a row where prices just kept dropping and dropping and dropping and crypto five weeks is a very, very long time. So I am definitely as excited as you are. We've been with you guys through this entire process and we've walked you through it telling you each and every week exactly what we thought what was going on and what it looked like was could happen next. And we've been able to get it right for the most part, not to the detail and not to the number, but overall we've been telling you guys that we were not in winter, that we were going back up and that we strongly believe that we're going to get a bounce here. Remember when we told you guys that last week and just like that, that's exactly what happened guys. Not only did we get a bounce and close back above the 50 week moving average, but we also engulfed the previous week. So why is that important? Let me show you. So let's take a look at what is a bullish engulfing pattern. So the key criteria here for a bullish engulfing pattern is that the market must be in a clearly defined downtrend. So let's take a look at the first criteria and you see that we were in a clearly defined downtrend during this period right here. The second criteria is the first candle is bearish. So this candle right here before the big green candle has to be red. If you look here, it meets a criteria we have a red candle there. Third, of course, is a second one has to be bullish and fourth, the bullish candle engulfs the previous candle's body. You see that it says here bullish engulfing pattern is an important bottom reversal signal. So if we come back over here, you will see that our green candle completely covers the entirety of the bearish candle from the bottom all the way above it. So this is what's called a bullish engulfing candle. It is a reversal signal. Then if you put that together with this falling wedge pattern, which is again another reversal signal that's two different reversal signals, plus we had the confirmed breakout here of this falling wedge. This is what's made us so bullish over the last few weeks. So you guys already know what I like to do. I like to go back and look at history and see what's happened previously when we've had this same type of scenario. So of course we look back into so of course we look back into the summer when we had this huge drop here and we had the same thing play out. We had a falling wedge here and of course we had here this bullish engulfing candle, which completely engulfed the previous bearish candle to reversal signals and you already know what happened after that. And we actually saw it yet again during September going into October. This is what actually started our October rally this year. So remember in September we had a pretty bearish month and then at the end of September we had a bullish engulfing candle right here, which started our move up higher. So if we look at the move up from the bottom of where this the first initial engulfing candle started all the way to the top, you'll see that the first move was an 80% move up. You'll see that the second time it happened it was a 69% move up. So if we average that out that gives us about a 74.5% move up as the average. So that would basically put us up around $80,000 if it plays out what the average from those two moves were. And then of course if we look at the time that it took from this first initial candle to get to the top, you'll see the first one took about 49 days. Second one took about 42 days. So that would give us an average of around 45 days that puts us at a date around pretty much the end of January beginning of February for to hit the possible top here of $80,000. Now does this guarantee that that's what's going to happen? No, definitely not. It could definitely go way higher. It could definitely go lower. It could be faster. It could be slower. There's no way to know. I'm just giving you guys averages of the last two times that we saw a similar scenario just so that we can all have some sort of idea of the possible price target for this move up and the possible time it might take. This of course all points to a very bullish start to the year similar to what we had last year. So now we're currently sitting just below $52,000. We've hit a high of $52,100 got rejected. That number might tease us for a bit. Remember that there's also significant resistance in around that $53,000 range as it's been another level that we've been rejected at really hard before. But pay attention to the volume shelves here. You'll see that once we get through this level right here that 52 to 53. There's basically a gap here, right? So remember we love pointing out these gaps because a lot of the time that that means that we're going to, you know, it might not just shoot straight up in one day, but we're just going to grind right through it. So you'll see here last time we hit the gap, we had a huge weekly candle of over 13% on that move and that shot up all the way to a high of $56,000. So this is definitely something that we can see again either this week or next week. I am probably expecting something like that this week. So that would probably take us up to the top of this level where there's a lot more volume here. There's going to be a lot more selling and buying there. So that'll be another resistance here. And you can see that that's right there with that $58,000 level. You can see that we've had a lot of resistance and support there before. So that would be the next main level there once we get through the current level that we're at. Once we break that, I'm pretty much expecting us to just continue up. You can see how this dies off here. And that basically puts us in price discovery at that point. And other, a lot of other things will come into play as to whether or not we continue up or not. But as we just told you guys a few moments ago, we think the price target, if we end up setting a new higher high should at least be around this level, which is around the $80,000 range. Now we could zoom in to look for some trades here that we will be looking for and some ideas that we will be watching for this week. So the first one is, of course, $52,000. Now, it might tease us there a few times. Eventually, we will get that pop. Once we get that pop, I'm expecting it to go at least to test this $53,000 level. You have to remember at the $53,000, we will have some resistance here. This resistance that started from the top of October all the way down, you see that it's been resistance coming down and it's going to be a resistance level once again here that's sitting right at that $53,000 area. So that's definitely an area that we're watching. And we're going to because of that, we're going to also set orders above $53,000. You're going to also see that we have a Fibonacci level here. And it's right in that same range between $53,000 to $54,000. Now I'm not expecting it to play too big of a role as far as resistance. You can see last time that we hit that we broke right through it. And then we actually used it as a support here before continuing up higher. So I'm not too worried about it as a resistance at this point. I think that once we break above $53,000, that'll be 52 and 53 are the main levels. So I'm using entries above both of those levels, only risking about one to 2% on the 52 entry. I'm willing to risk a little bit more on 53, because I think that could lead us at least to like that 55 to $56,000 range. So I'm probably risking around 3% on that trade. And if we continue to see moves up, then I have another entry that I'll be watching above 55K. And I'll be looking to write that one up till around that 58. I'll have another entry above 58 to try to write up to 60. And of course, above 60, we'll probably be writing that to new all time highs at that point. As you guys know, our Instagram has been disabled, and it's still currently disabled. Unfortunately, we're now at day nine of being Instagram disabled. So for the meantime, make sure to follow us at our other pages. We have a few different ones that you can choose from. We have Bitcoin dot updates. We also have Bitcoin dot university. And last but not least, we have profit dot daily on Instagram as well, we're trying to be active on all three of the accounts right now, as they are kind of dead since we weren't using them much before, but we're trying to now bring them back to life. Also, don't forget to follow us on Twitter. Our handle here is Bitcoin X daily. And finally on TikTok, it's Bitcoin dot daily there. We just have a little bit more fun usually with those. Also, guys, don't forget to check out these videos that we did last week. This one right here was $5,000 per month that we're earning in passive income. The other project I'm excited about is a pancake swap that's currently giving 75% APY. I think it's down a little bit lower right now. 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