 Bitcoin made a new low this morning and now has gone as far as 24% down from its recent all-time highs. Ethereum did not set a new low as you can see here. It did bounce before going as low as it did before. So currently it's on a bounce back up. So everybody's panicking right now and selling and wondering if we're going lower, wondering if Bitcoin is crashing. Is this the end? Guys, I am still buying the dip. 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 get you up to that next level. So if you guys are new here, make sure to hit that subscribe button and turn on that notification bell, turn it on. Also, if you've been here before, make sure to put a thumbs up on this video. And if you guys have any questions, drop it in the comments. So let's jump right in. So what is going on with Bitcoin? Well, not really much. Like I know you guys are panicking, but guys, we're still at $48,000. Look at this crazy move up. We got spoiled with three weeks of just bullish moves up, right? If you look at this, you basically broke out of this channel on January 29th, right? And then we consolidated, consolidated, and then we started moving basically February 1st. So this entire month, we've just been going up. Look at this just up, right? Then we had two days out of the month that were kind of slow. Then we, you know, picked all that up. Then we had two more days of consolidation, picked all that up. We had another small drop and then just took off again and have just been enjoying life for three weeks straight, basically, guys, with very, very minor pullbacks, right? Remember, I said two weeks ago that 50K was a big level. I called this two weeks ago, right? Now, that's why I was surprised when we broke through 50K so fast. I was very, very surprised. I did not expect 50K to, you know, for us to just blow by it that fast. What I believe happened was there was a lot of liquidations at 50K above it, right? So the price pushed above 50K. There are a bunch of people probably trying to short at 50K. And they got liquidated, they stopped out. There are probably people taking profits as well. They stopped, so there were liquidations for from short sellers. There were people that had sold before 50K. Then they saw that we broke through 50K and they opened up new positions. And, you know, just the madness above 50K kind of drove us all the way up here to the previous all-time high routine will end in 20 minutes. Enjoy your meal. It is not lunchtime. It's Bitcoin time. So we ended up going all the way to almost $60,000. And at 60 is where we kind of got the reaction that I expected us to get at 50. So this pullback, I knew there was a pullback coming. I just thought that this pullback was going to happen at 50, not at 60. So that was where I was off, definitely. But I knew there had to be a pullback because we just had look how how much we went up. Yes, it's just crazy. So we had three straight weeks, basically of just going up after everybody was panicking over this. Right. So, I mean, think back to to this this time, this time period, right. That was from when January 9th all the way to about what is this January 27th. So we had three weeks of just, you know, going down, right? Then we had three weeks of going back up. And now we've had a week, basically, not even a week yet. But we've had a few days, almost a week of, you know, of a retracement. But if we look at the weekly chart, we can see here, we had one, two, three, four weeks of just going up. Then we had one, two, three going down. Then we had another one, two, three going up. And this is the first week that we're down now in February, really. So I'm sure you guys have already forgotten exactly what happened here. It was just a blip, you know, when you look at the big picture and probably more of the same is going to happen here. I expect us, as you can see, we're currently at 48,000. We might close this end up closing this month off strong over the weekend. If we can close today, I think above this level right here, that 23.6 percent Fibonacci level, which is right in line with around 49,000. So I think if we get back above 50 K over the weekend, then we should be good, right? Now, this could be another consolidation period where we see some consolidation similar to how we did here over the next few weeks after a big move. So it is possible to see something where we, you know, bounce, kind of appear and then bound here and kind of do something like this where we end up testing this Fibonacci level, which is right around that 42,000 area that we've been talking about. So I would not be surprised if we continue bouncing within this channel and kind of, you know, set up another bull flag. This is that's basically what this is here. This will be a bull flag, you know, huge impulse moves. Then consolidation period within this channel and then continuation to the upside. And that upside continuation could take us past 60 K, I believe to possibly hit maybe 70, 75 thousand dollars in the next few months. Now, you know, looking at Bitcoin from a bearish case scenario and when I say bearish, I'm not talking about like, you know, a drop back down here. I'm talking about when I'm say bearish, I'm talking more about this right here, what happened right here, consolidation, right? So from a consolidation standpoint, you know, we would kind of be doing something like this over the next few weeks. So basically starting in March and the reason this kind of falls in line with March is because March is known to be one of the worst months on average for Bitcoin. As we all know, last year in March, we had the worst month ever or one of the worst days ever in Bitcoin with a very, very big drop when the whole pandemic thing happened. So I was trying to look for the chart of the history of Bitcoin. And this is the only one I could find, which was in 2018. So we can look up to actually this was up to 2017. So in 2017, they were already showcasing that March is probably one of the worst months, performing months for Bitcoin over the history, right? You can see here that in 2011, it was down 9 percent, 14, 15, 16, 17, all those four years in a row, March was down in 2018. Let's see what happened in 2018. As you can see here, we were down 32 percent. So that chart was made on 2018 in February, and they definitely called the March drop there. Then in 2019, we had a better March there, where we were up about 8 percent. And then, of course, 2020 happened when we had this huge drop for 24 percent. But the drop was way worse, but we did climb back up a bit. We started recovering at that time. So now we are back at the end of February. We've had a good month. We've had a great three weeks, right? And as you guys know, usually whenever we get a red candle, after a few weeks in a row, we've seen some consolidation here. So after a big moves up, you know, here we saw some consolidation. If we are to see that again, this could be the channel where we see it. And March could be the month where we see that happen. So this is something that could definitely that's a possibility. And it's a scenario here for us to do and us to go and test. We test this previous all time high over here, which is also that Fibonacci level. You know, that's something that we can see in the next few weeks. Now as we take a look at Ethereum, we see a little bit of the same here. You know, we haven't had that much of a pullback here, actually. And you can see that we've been in very oversold territory since basically November in Ethereum. Currently, it turns up 110% on the year and 600% in the last 12 months. However, this month of February, or at least in the last month, we are down 9%, but in February overall, we're up 17% on the month. So zooming in here to the daily timeframe, we can see that we're currently sitting right around that 1500 area. That's kind of where we've been kind of getting bounces. We've actually been getting a lot of bounces off the 1400 range, right? So you see that we went here on this day, we went as low as 1356. Today, we went as low as 1400. So we got the bounce right on 1400 today. So we did not post a lower low here or a new low here in the week like Bitcoin did. And so far, we've had a pretty good recovery here. So we've gone from 1400 up to about 1550 ish right now at the moment, basically trying to get through this Fibonacci level, that's at 38.2% level. As you guys can see there, there's a lot of price action there. So there's going to be a lot of sellers and buyers there. We're going to have to consolidate until we're able to break through with enough volume. You can see that this 1400 level has played a big role here. So that's why we've been able to continue to bounce there. So a thing with the theorem that it kind of all depends on Bitcoin, right? So if Bitcoin continues, it's that consolidation pattern where it prints a bull flag on the longer time frames. That means it's going to be more of the same for Ethereum, right? Even though Ethereum last time when Bitcoin was doing that, Ethereum instead grinded upwards. So, you know, we still can't tell what Ethereum is going to do. We're going to have to give it still a few more days to kind of figure out, you know, how the market's going to play out from this last drop. And before we can really start seeing any patterns, right? So last time we had this very nice ascending support here that gave us that flat top pattern and we were able to predict that breakout to that 1920 area, which eventually pushed over to 2K. Remember, we spoke about 2K for a few weeks and we got the breakout and hit it. So I'm hoping that maybe this is the start of kind of the same thing here, right? Where we had that big wick all the way down here. If we have this big wick down and then kind of, you know, another similar retest there. So we had something similar right here, you know, maybe it could be something like this where we have a flat top, another flat top type of pattern. And any theorem kind of bounces within this range, right? Until we get a breakout to the top and we break above this previous all time high. So that could be something that we see if Bitcoin consolidates over the next few weeks, that would be a pattern that we might see if, of course, what happened here last time repeats itself. All right, guys, next we're going to talk about some trade setups for the weekend to hopefully make some profits because this week has been a little crazy and a lot of people are down probably on their positions, you know, and it's been hard to take trades here because like we always say, we don't like to take trades on the way down. We like to take them on the way up. So that's what we're about to talk about next. If you guys have enjoyed this video so far, make sure to hit that subscribe button, guys, turn on that notification bell and like this video. Also, if you have any questions or if you have any comments about anything that's going on right now, go ahead and drop it in the comments. We are always happy to hear you guys out. All right, so the main thing that we're watching this weekend, guys, is we want to get back over that 50 K level below 50 K is just is so unpredictable right now, guys. So the only things that we're playing for is that 50 K. And even at 50 K, guys, there's going to be a lot of consolidation, as you guys saw here, but 50 K will also lead to that testing that new high. So that's why that's going to be a level that's going to be kind of risky. So I recommend that you guys, you know, trail it tightly as it goes up, you know, and make sure to use stop losses on this, because, like I said, there's a lot of consolidation here. Now, if we do see a drop again, right, the levels that we're watching is basically going to be kind of right here, as you guys can see, that's that 46 K area. And right here, that's that 44 K area. And then, of course, this Fibonacci level here, which is going to be that $42,000 area. We are also willing to buy down at 40 K, since you saw there is a lot of price action there. And it's also a big whole number. And then after that, if we were to drop below that, the next level would be 38 K, which is this Fibonacci level there. So remember, guys, try not to buy on the drops. Try to look for something on the way back up, which is always the safest play. In Ethereum, we're looking at kind of some more of the same. We're watching bounce back up. The levels that we're currently watching here next is probably that 1,600 level. But again, the same thing is going to, Ethereum is going to reach 1,600, probably at the same time that Bitcoin is reaching 50 K. So because of that, there could be a lot of consolidation in that area, right? Plus, we're between two different Fibonacci levels there. So we can definitely see something like that as well. But that gives us about a $100 level where we can probably, if we break above 16, we could probably hit 17. So that's kind of the levels where we're looking at to play within right now. If we do see a break down, then 1,400 seems to be that level that's currently holding up the theorem price. So 1,400 is definitely a price of interest if we can catch a good bounce back up. 1,500 is just kind of in the middle of nowhere and could go either way. So we're not liking 1,500 right now. It's not an entry that we're currently taking. 1,550, this is kind of more of the same. So 1,400 and 1,600 are the levels that we're going to be watching this weekend. And that's basically it, guys. Those are the trades that we're going to be watching over the weekend to try to make some profits for you guys. And of course, for ourselves, we always want to make more profits. There's never enough profits, right? But that's pretty much, guys. Just make sure to play it safe, guys. Only be risking 1% on these moves because of the current trend that we're on right now as far as short term. So remember, long term, we're still very bullish. Short term, we could see some bearish scenarios here where it takes us back to $42,000 to $40,000 maybe. Now, I'm not saying sell all your long term positions here because this is just short term. This is not a time to get cute. This is a time to just kind of add on to your long term positions. If you guys have enjoyed this video, make sure to subscribe, guys. Make sure to hit that like button as well. Turn on the post notification bell. And if you have any questions about anything that's going on with Bitcoin, any theorem in the market right now, drop it in the comments. Let us know your thoughts. Let us know where do you think Bitcoin is going next. That's pretty much it for us, guys. I hope you guys have an amazing Friday. I hope you guys have an amazing weekend. And I will see you guys back on here on Monday, hopefully to lots and lots of profits. I am out of here, guys. I'll see you Monday. As always, peace and love.