 Bitcoin is up over 7% today and 15% from its recent low over the weekend. We are currently sitting at 48,730 which is just below the big $50,000 mark. Today we're going to show you guys two big reversal signals that have popped up on the chart and can eventually lead us back over that $50,000 mark. You don't want to miss today's video guys. Hey, what's up Jay here and welcome back 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 to that next level. So if you guys are new here make sure to hit that subscribe button and turn on those notification bells so you guys are notified when we post videos like this. Also make sure to give it a thumbs up as it helps us with the YouTube algorithm. Help us continue to spread the adoption of cryptocurrency through our YouTube channel which of course also helps the Bitcoin price. So let's smash that like button and see those profits roll in. So let's start off with the trade recap of the weekend with the trade setups that we gave you guys on Friday's video. So with Bitcoin we gave you guys about three setups on Friday's video and two of them hit. So the first setup that hit here was at $44K entry. We told you guys if the price of Bitcoin continued to the downside that we were looking at two entries the first one was that $46,000 entry which would have been this and that $44K entry right this. So remember we always tell you guys do not buy on the drop you buy on the bounce. So if you guys would have been able to pick this trade up right here at $44,000 on that bounce back up you guys would have done about 113% in profit using 10x leverage like we did. The second entry that we gave you guys was that 46K entry which was right there. If you guys were able to catch that entry right here you should have been able to do about 65% profit if you wrote it up to that $49,000 area we're sitting at right now and using 10x leverage. In Ethereum we gave you guys that $1400 entry if we continued down. So if you were able to enter this $1400 entry on this bounce like always you would have done about 50% profits if you used 5x leverage like we did. Alright so now that we got that out the way let's go ahead and look at the overall market. As you guys can see today's global crypto market cap is at $1.49 trillion which is up 11 over 11% over the last 24 hours. If you look over the entire market we are basically in the green basically everything is green so far today in the last 24 hours. Bitcoin is up about 12.8% and Bitcoin's market cap is now over $900 billion again about to hit that 1 trillion very soon. If we look at the Bitcoin's fear and greed index we can see that we are at 38 which is basically fear. You guys can see here that this is the most fear that we've had in the market since about January 22nd. January 22nd we hit a value of 40 in the fear and greed index and today we've hit a lower value of 38. As you guys see here whenever there's fear in a market it's always a good buying opportunity and when there's a lot of greed in the market it usually means that a correction is eventually coming. Now you guys can see that it could stay in greed and extreme greed for very long periods of time as you saw in many different instances so just because it hits the top of the fear and greed index doesn't mean to sell right away but to start you know maybe taking profits or just be careful because a sell-off is eventually coming. You can see here in this tweet that they also spoke about the same fear and greed index by from the arcane research and they said market sentiment dropped down to fear levels again this week in the lowest sense September. These resets of market euphoria are necessary and healthy in a bull market. Bitcoin please carry on so you can see here in the same chart that we're basically looking at here if we look all the way back to September so we were looking at the three month which showed us January but if we went to the one year this is where we're currently at 38 this was in January we're at 40 and then this is back in October and September when that's the last time that we hit 38 on the fear scale here so and what happened after that in September basically Bitcoin took off so and what happened when we hit the fear index of the so low here in January Bitcoin again took off so this is always not always but a lot of times can be good buying opportunity it'll be a good a pretty good buy signal when there's a lot of fear in the market and then you can see here by another analyst saying pretty strong coinbase premium since 43k coinbase wells are most affected by the macro environment and I think they're buying indicates the correction is over so let's go ahead and take a look at the charts guys let's dive into this you guys can see here that over the weekend we set a low $43,017 this is on the buybit exchange if you go to to bit max is set a low of $43,040 so depending on what exchange you're looking at there could be different prices the prices are going to vary we trade on buybit so that's why we look at the buybit charts so you can see that we're up from the low that we posted here we're up about we've gone as high as 15% of a recovery and as you saw in here in the last 24 hours we're up about 12% overall if you take a look at how deep we've corrected from this all-time high all the way to the low right here it's about 26 and a half percent correction which is just about in line with the average corrections in bitcoin you can see here our previous correction we corrected about 31 and a half percent so a bit lower on the percentage size on this one than on our current correction but we corrected about $13,000 there and here so far we've corrected about 15 and a half thousand dollars so as you guys can see we corrected down basically right down to this Fibonacci level here the 38.2% level which we spoke about that's currently exactly where we got that bounce that was pretty much right at that $43,000 area right before that 42 that we spoke about which would have been the next support area so we had the Fibonacci level plus that 42k previous high support there and it looks like that's where we got the bounce on this drop currently we're back to this very next Fibonacci level which is at 23.6% level and we're and it's also falls in line with that 50k level so that's going to be a nice resistance there I expect a lot of price action a lot of people that bought the dip could be taking profits there and if we do break up and above this then I expect us to possibly hit anywhere between 52k which is kind of where we were here to possibly our previous all-time high and I will tell you why all right so how and why would we hit this as our target right so to understand that we have to understand that first of all what pattern we're looking at right here what's going on here as you guys can see this is currently what you call a falling wedge so this is a first bullish reversal signal that I want to show you guys here today on the chart this falling wedge on the bitcoin chart so what is a falling wedge pattern the falling wedge pattern is a continuation pattern formed when price bounces between two downward sloping converging trend lines as you guys can see here these are the converging trend lines and once there's a breakout usually the target here is the high of where this started right so it's going to be the peak of where this pattern started so now if we come back and look at the bitcoin chart and we look at the highest peak guess what the highest peak is the highest peak is the previous all-time high which falls right at $58,500 so that's how I've come up with this target for the next week now that doesn't mean that it's exactly what's going to happen but there's a probability that it's going to happen due to the pattern that's currently playing out so if it plays out to the book then 58k which is the previous all-time high is our target now we can get rejected at any time and we can form some sort of a channel going downwards right right now we have resistances like I said at 50k there's going to be a lot of price action there so we got to get through that first then we have to get through 52k which you can see there was already a lot of price action in that area once we get through there we'll have the 54k area and after that we have 56 to 58 which is this entire area right here so we have a lot of work to do but according to the theory of the falling wedge pattern it is a bullish signal it is a reversal signal and its price target according to this pattern is going to be the peak of the pattern which is the all-time high 58,500 the next thing that we're looking at in the bitcoin chart and this is the second reversal signal if you look at this blue trend line going down you see that it had a higher low and then it formed a lower low but if you look at that rsi you see that it had a lower low and then formed a higher low this is called bullish divergence a bullish divergence occurs when the rsi creates an oversold reading followed by a higher low that matches correspondingly lower lows in the price action you can see here in the photos a different bullish and bearish divergences and if we come back to the bitcoin chart now you can clearly see that the price action has been showing higher lows to lower lows and the rsi has been showing lower lows in oversold territory to higher lows that my friends is a bullish divergence it is also a reversal signal and it's a signal that the price will be or should be at some point going back up like we currently are right so let's go ahead and jump into the ethereum chart now guys if you look at it it's looking very very similar to the bitcoin chart right we have basically the same thing right we dump down you know bitcoin's been pulling basically the entire market down and it kind of bottomed out here at the same exact time as bitcoin and now it's posting you know similar gains to bitcoin as you guys can see here for the day um since the new candle started ethereum's up eight percent and bitcoin's up eight percent as well so basically mimicking each other at this point you can see that ethereum printed a low of 1292 which is the lowest sense what the beginning of february it's the lowest price that we've seen since the beginning since one month ago and that's basically where it got its its pop back up right right around that 1300 level it bounced right through 1400 which is a level that we spoke about on friday's video and it's now currently at around 1537 now we're currently sitting here at that 1500 level and the next thing that we're looking for is basically it's for it to jump back up to these levels up here right um that's at next Fibonacci level it's currently sitting on the 38.2 percent Fibonacci level and if we are able to break out of that you know this area we should break right through 1600 and above 1600 i think we'll definitely run straight up to 17 and beyond which is right around that next Fibonacci level on our way back up to test the previous all-time high now the target due to this pattern if you guys look at this same pattern that we're looking at in bitcoin is a fallen falling wedge so what did we just learn that a falling wedge that usually the pattern goes to the top of the wedge it's peak right so if we stick to that and if this does a textbook falling wedge then we should see a retest of this previous all-time high which is at $2,000 area so that's the first reversal sign in ethereum if we also look at the bullish divergence here we can see that we had a higher low and a lower low followed by a lower low which was oversold and a higher low on the rsi so the same thing goes here in ethereum uh we have a bullish divergence which is the second reversal bullish signal that we're seeing on the chart here which is what's telling us that the price might have bottomed out here where it currently you know it's current low and should be going back up possibly to retest that previous all-time high all right so next we're going to cover some trade signals and some trade setups that we're going to be watching this week to make some profits make you guys some profits make everybody some profits and so that we're all just rich and happy so make sure to stay tuned for that but before you can make those profits you have to smash that like button and if you're not subscribed that you have to subscribe by subscribing smashing the like button you're helping us with the youtube algorithm which in turn helps us to reach more people which in turn helps us reach more adoption which in turn helps you make more profits because it's going to help us continue to put this knowledge out there for people that don't know about bitcoin and they're going to put their money into bitcoin and we're all going to make profits together so what i'm saying is smash that like button make sure to subscribe if you guys have any questions about any of this make sure to drop it in the comments all right so the first entry that we're looking for in bitcoin should be of no surprise we're looking at that 50k area right there you guys know that that's a big number for bitcoin we expect a lot of price action just like we've seen there we've seen there so expect a lot of price action you know once we get above there we should shoot up to that 51 to 52k area but make sure that you're trailing properly you're using proper risk management and all that other fun stuff uh you don't want to get caught on the wrong side of the trade if we shoot back down i'm really honestly trying to stay out of all this craziness down here um but if we shoot back down that first entry that you can consider using is that 46k entry and then the second one is going to be back at this 44k entry that's the same level that we were watching over the weekend and then uh the the last one would be that 30 that 42 to 43k level where we basically bottomed out over the weekend so those are the trade setups that we're watching in bitcoin this week in ethereum we're going to be watching for a breakout above that 1600 level so that's the same level we gave you guys on friday but it did not hit the next level that we're going to be looking at if we don't hit that 1600 and instead we get rejected and fall back down then of course we're watching this 1400 level which is pretty much right around that area we're going to be looking for the same thing we want to see a bounce up and then that's when we take that 1400 entry if we bounce below that then we're looking at basically the area where we bottomed out um over the weekend which is right at that 1300 level don't forget never try to catch the price while it's falling you want to catch those trades while they're bouncing back up trust me it makes your life a whole lot easier if you do it this way and that is a wrap guys that is basically it that's our outlook for the week hopefully you guys enjoyed this video and you saw what we're watching right now you know we gave you guys our target of a possible reversal back up to that previous all-time highs in both bitcoin any theorem and hopefully we're able to hit that this week over the next you know few days if not we have some trade setups that we gave you guys uh for any other drops back down you know and hopefully we'll be able to make money regardless of which way the market goes over the next seven days because we already know that long term we're going to make lots of profits so if you guys enjoyed this video make sure to hit that thumbs up on the video like it and share it with your friends and family it helps us out overall if you're new here make sure to give us a subscribe and turn on that notification bell so that you guys are notified every time we post out these videos and we post up these trades for you guys to make some profits as you know the goal of this channel is to always empower you guys with the resources and knowledge that we have to make everybody money and then and continue to push cryptocurrency adoption up so that's pretty much it guys enjoy your monday i hope you guys have a beautiful week i hope you guys make lots of profits and i will see you on tomorrow's video as always peace and love