 What is going on ladies and gentlemen and welcome back to Bitcoin daily for another video? Today we're gonna talk about something that's popping up in the chart a lot of people are asking about the bitcoins price and why it's going down so we're gonna highlight a couple parts in the chart and Kind of give you an idea of where our heads at and what setups we're looking forward to enter So as we always like to do let's look at the market cap And see where everything is overall today So as you guys can see Bitcoin today is pretty flat and over the last seven days We're still up six and a half percent just about Ethereum also same thing pretty flat today the last 24 hours But in the last seven days up 10% XRP is down to percent and pretty flat the last week Bitcoin cash up 1% today and up 14% overall on the week Binance coin pretty flat today up 10% overall on the week Chain link pretty flat today, but up 21% on the week polka dot same thing down about half a percent But up 8% on the week Cardano down one and a half percent up 13% on the week and like coin flat, but it's up 6% on the week So let's go ahead and take a look at the chart here. So we're gonna just take a look today at Bitcoin chart Kind of show you what we're seeing here So the main thing that we're looking at here is this here, right? So let me let me draw it out for you guys Yeah, let's that's fine. Hold on chill out. I'm not drawing yet so let's Draw this line right here, right? If it'll let me boom So we have that line right there, right? Where it was going up, right? The trend was going up here. Now The thing here is look at this one This is going down. So Right here. This is called a bearish diversion, right? Divergence Bear it bearish divergence. I apologize So when the child when this pops up on the chart where The trend here is going up. The price is going up, right? So if the price is going up, this should also be going in the same direction So you see if I put this here if I line it up, right? Look look look at this part It's staying steady steady steady up Right, but this here instead of it kind of being the same It's down down down down and in here where it's up It's more down like it's still down like it didn't go up Just like over here. You see how this is high and this is higher This is higher and this is lower, right? So that's a divergence Usually what that represents is that the market is getting tired and it's kind of exhausted So it needs to take a break now when you put this together with Cme over here. So let's go to the Cme Bitcoin futures chart, right? If we look at a Bitcoin futures here, we have this gap right here. So the gap is 11,200 which also happens to be the resistance and support So what it's looking like Before we can go higher we might need to come back down and fill this gap, right? Because we it's the divergence on the chart is popping up. So the divergence is popping up here It's telling us that it's exhausted at the moment and it needs to pull back and It's it's showing us that and you see how we're starting to go lower and not much volume not much movement lately and Then if you pair that up with Right here down here. The support here would be 11,200 Bitcoin futures the gap here is 11,200 So these two things here are pointing for a pullback to 11,200 range All right, so that's kind of what I'm interpreting from this now there's can be many different interpretations and As always Bitcoin could just be like we don't care what the chart says We're gonna do whatever we want and just take off right but From my interpretation of this it's showing me that Due to this bearish divergence We are going to test this support here, which is perfectly fine right and When we do test that support We're also at the same time filling up this gap here that we have. There's a gap here missing so basically we need to kind of fill this gap we don't need to but There's it there's a high chance that we fill that gap, you know what I mean Bitcoin likes to fill gaps like that's just Something it does right So we draw this mark. This is kind of The gap right here, right? Oh No didn't do it. Let me see boom. So that's more or less where the gap is That we need to touch So that's where we're looking for If we're looking for a pullback entry right now, which is what we're looking for We're looking to buy in this within this gap. So that's within 11,200 to 11,000 to 75 right and As you can see, oh no didn't mean to do that As you can see that same gap is right here. So we can draw that same box More or less here 275 Oh my god, that's good enough, right? Um So we're we're looking right now and we're pretty close to it But we're we've gotten pretty close to it as you can see the lows for for the last four hours here The low was 11 to 89, right? So We're pretty close to it But we still haven't filled it up In the futures market like here. The low here is 11,340 So the futures has to come down and test this to fill that to be able to fill that gap We're so that's kind of where we're looking at we're in this area is where we're looking to currently buy Um, and that would be a pullback buy it'll pull back and then once it bounces here This we should see this bouncing as well at the same time So, um, and obviously and also here another another thing to point out It was already pretty exhausted here It was at the in the overbought territory. So which is why a pullback is normal here Now if we look here We've kind of pulled back to this range Right where we've been this whole time right here Um So it's gonna give us some time to kind of chill out and then uh Enter back in Um, so that's pretty much it guys pretty short video today Just wanted to point you guys I wanted to point that out for you guys wanted to show you guys what a divergence was Barrage divergence. Um, the same thing works the opposite in the opposite direction. There's bullish divergences as well when um, like if this is going down And this is going up so, um That's the main thing that we're currently looking at. Um, we're looking for a pullback buy right now We're not looking to enter up here or anywhere. We're currently is currently looking for a pullback buy Um, so if you guys have any questions about this just let me know Oh, also another thing to note here Remember this ascending support here that started in march If we stretch this out Right This kind of falls in line with that pullback right it falls in line with that zone And then falls in line with the support 11,200 support And it falls in line With the 38.2 percent Fibonacci retracement level. So those are three different um Things that would support it on this drop on this pullback So I am that's where I'm looking to buy right now that 11,200 support is my entry All right guys, if you guys have any question make sure to drop it in the bottom in the comments um, make sure to like the video drop a comment and um, hit us hit us with the follow man. We're trying to hit 2000 this month, hopefully um And we want we need your help Um, we're going to keep continue putting out all the free content We just need you guys to help us out a little bit by giving us a follow and giving us a like Thank you guys appreciate it. Peace and love as always