 So after banning Bitcoin back in 2013, probably also around 2014-15, multiple times in 2017, and again last month, China has announced that it has yet again banned Bitcoin in China. So here are some other things that are banned in China. The phrases I oppose and disagree are banned in China. Facebook, Instagram, Pinterest, Twitter, Snapchat are all banned in China. Google, YouTube and Netflix is banned in China. Having more than two children was banned in China. I think they just made a law where you could have three children. Time traveling is banned in China. And don't you even think about reading a book or watching a movie that has to do with time travel because that's also banned, Mister. Justin Bieber is banned in China. Winnie the Pooh is banned in China because of memes. Look at this, Obama with this guy. Winnie the Pooh again. Winnie the Pooh again. And there are many, many more things that are banned in China. The moral of this story is Bitcoin doesn't need China to succeed. 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 as always is to bring you the community, the resources and knowledge to help you get to that next level. So make sure if you enjoy this video to smash that like button guys and if you're new to the channel, don't forget to subscribe and turn on the notification bell. I can't stop looking at these memes. This is gold. So today China's central bank said that institutions must not provide trading, clearing and settlement for crypto transactions. This of course stirred up the market and just brought more fear, uncertainty and doubt into the market in its current sensitive state. So we've been down, we're down about eight and a half percent or so today and basically the entire market is following as always. This was a statement provided by the People's Bank of China. Now the weird thing here that the statement that was posted on the website citing guidance from the People's Bank of China was deleted. Now with miners being banned in China, they have been migrating to different places across the world, including in a report to Maryland. In our report here it says the Chinese logistics firm is airlifting three metric tons of Bitcoin mining machines to Maryland as the Chinese government cracks down on the industry. You can see here in the tweet here and on the picture of very high quality here as they're being shipped. Even with China shutting down these mining companies, even though it might have a negative effect on the market short term, this is actually bullish for Bitcoin overall. In other news, MicroStrategy purchases another $489 million of Bitcoin. The company now holds $105,085 Bitcoin. This was acquired for a total of $2.74 billion with an average price of $26,080. All right, so apart from all the fun in the market today with China, let's go ahead and take a look at the actual charts and see what has developed since Friday. So Friday we ended up down about six percent. Saturday was a little bit more flat. We were down about 0.86 percent and Sunday yesterday we were again pretty much flat but ended up up just a bit. Then of course today with all this we've been down over eight percent for the day currently. So we have broken for the moment this support right here. This is that Fibonacci support that's been holding us. That's between that 35 to $34,000 level. As you guys can see it's held there. It's held multiple times over here. It's held multiple times over here. So it's definitely a big support that's been playing a role here and now we've currently gone down as low as $31,687. As you guys know we've hit $31,000 on two different occasions. So this is actually the third time here that we're hitting that $31,000 number. Each time we've hit it here we've bounced up. So that's currently what we're waiting for. Waiting to see what ends up happening. The the fud in the market is still fresh. So you know I don't expect a move today. Maybe during this week we can develop a bounce back up in over this $35,000 range and could possibly start you know trying to revisit that 40 to 42k area. Now because we did break this area we do have to start looking at where the next support areas are. So when we're looking here you can see that that next support is basically around this range where we visited last time right. That's right around that $30,000 range. So that's really going to be that next support and then the next support after that is going to be down here at the next Fibonacci level which that's going to be around that $28,000 level. Now the thing about this level here the $28,000 that's the 61.8% Fibonacci level which is also known as the golden level. So if you just do a quick google search here and type golden ratio you will see the golden ratios 1.618. If you go to images you will then see a bunch of these spirals right. You can definitely dig into this rabbit hole for hours and hours and hours but to keep it as simple as possible and for the sake of making this video as short as possible 61.8% is the golden pocket or the golden ratio on a Fibonacci retracement tool. So that pretty much tells us in the event that we continue to drop and drop below $30,000 which was the previous low over here. This will definitely be a big support level there that $28,000 area is going to be a big support because it is the golden pocket the golden ratio and it's also where we've kind of bounced here during this time here so it's definitely a strong support there and we have to keep an eye on it here. Now in more bullish news you can see that on the weekly chart we have set you know lows and then we set a high then we set a higher low higher high higher low currently. So we need this weekly candle to stay above this previous lower low. We don't want to set up a new lower low so that level is $31,000 basically right on it and we're currently the low is $31,687. So if we can keep this weekly candle from going lower than the previous low right here that actually also helps for the bullish sentiment here and as far as the pattern. So another interesting thing here to look at with the current pattern that Bitcoin's doing here if you look at the current pattern here and then you kind of look back at previous drops like we've had back here in 2019 then again back in 2018 you can see that Bitcoin traded within this range and continued up eventually in the same thing here you can tell that it traded within this range and moved up. So we could possibly see something similar now for this to play out we do have to remain on this trajectory with higher lows consistently enough and we could possibly see that same pattern play out here. Now of course that is the weekly time frame so that means it could take weeks to months before we see a move up so we would be consolidating in that symmetrical triangle pattern there. So for that to work out we would have to continue seeing higher lows though. So other than that we do have the the death cross that happened already here as you guys can see right here on the chart. There still is a bullish divergence here on the RSI and the price action as well and honestly there's not much to do here so what I'm doing personally is dollar cost averaging I've been adding as close to 30,000 as possible so I've been adding at 32 I've added at 31 if we get to 30 I'll be adding there if we get down to 28 I will also be adding there. So if you're looking for a short entry I would probably say below 30,000 but you have to be ready to take profits quick because remember we have a the golden pocket right down here at 28,000. If you're looking for long entries I'm not looking at any long entries currently there could be a possibility for a long entry above 36,000 but as of right this moment we're not liking any long entries for the moment it's just too risky right now. Alright guys so that is pretty much it if you enjoyed this video make sure to smash that like button guys and drop a comment if you have any questions about anything that we covered here. If you guys are new to the channel don't forget to subscribe and turn on the notification bell we're posting videos five times a week so I will see you guys on tomorrow's video as always peace and love