 The September pullback is in full effect Ladies and gentlemen, we got a drop on Tuesday, which also happened to be Bitcoin day in El Salvador. That is the day that El Salvador officially made Bitcoin legal tender and of course, what a coincidence that on the day That they made it legal tender. We got a 11% drop. It was actually more than that. It was around a 20% drop from top to bottom But we ended up closing at a 11% drop that day Today, we will take a look at what we could possibly expect from the current price action where we're sitting at right now and Where we might go from here. So let's not waste any more time and go ahead and jump into today's video Hey Jay here and welcome to Bitcoin daily bring 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 the beautiful people with the knowledge and Resources to take you guys up to that next level. So if you guys enjoyed this video Don't forget to smash that like button if you guys are new here Then don't forget to subscribe to the channel and turn on the notification bell So let's go ahead and jump into this analysis here today on Bitcoin as you guys can see we've after going up for a you know, sense Let's see since July 20th, right July 21st We had a run up until about September 6th and September 7th Bitcoin day. We had we got this massive drop, right? This is the biggest drop We've seen since May, right? It was initially a ten thousand dollar drop We dropped from fifty two fifty three thousand dollars down to a low forty two six twenty two guys. So that's over Basically a ten thousand dollar drop. We ended up closing that day at around Forty six thousand eight hundred and forty eight dollars. So one thing you'll notice here Is that we're holding up right here? And if you notice what level that is there? That's actually the moving averages. That's the 200 day moving average and the 50 day moving average That's been basically propping us up for the moment here And it's been acting as support there for Bitcoin So as long as we're holding there, we should be fine But if we drop below these we could potentially retest the bottom down here, which is that forty two thousand dollar price level Which is fine if we test it and bounce off of it my fear is if we drop to it and Drop below it then things could get a little a little Bearish if we were to drop below this level right here, which is that forty two thousand dollar level It's a big level for us. Then we have scenarios that can take Bitcoin's price back down to thirty five thousand dollars and Possibly even back down to the lower levels that we saw that thirty thousand twenty eight thousand levels. So Forty two thousand is very very important here It is a crucial level for Bitcoin to hold so that we can continue This overall Trend to the upside here as you guys can see, you know, it's it's been going good We were setting higher highs and higher low the entire time Except for now that we've set a new low here from the previous lows. So this was the previous lows This is the current lows as long as this is just you know a correction here where we kind of you know Kind of sit here for the rest of the month Maybe before moving back up then we're fine that the issue is if we fall below forty two Then we could get stuck again like we did here Remember last time we fell below forty two here in May. We were stuck there until July So that's currently what we're watching here for the next, you know, a few days a few weeks Maybe even the rest of the month now one thing that's bullish though to note is of course This upcoming Golden cross here you guys can see it right here. It's going to happen It's only a matter of time as long as we stay above the moving averages Now we do need to stay above them so that we can get that cross if we don't if we fall below them Then we're probably not going to get that cross if we look at and we try to project You know where these moving averages are going You'll see that it's telling us that we'll get the cross sometime this weekend right now Because the price dropped the cross the cross slowed down a bit So remember I was saying that we could get it between the 10 and 11th now It's giving us a projection possibly on Sunday the 12th, you know depending what happens here over the weekend So depending what happens here over the weekend is you know when we would get the cross So if we bounce back up or as long as we stay above these moving averages We should be getting the cross sometime at the end of this weekend or early next week If for any reason this weekend we fall below these moving averages Then you know it might push that golden cross Back a bit now if you guys remember we did speak about this Bitcoin being bearish in September if you guys look here We made a video last week bitcoin bearish in september question mark And so far it's looking that way now if we take a look back at september of 2020 We will see that we got it's very very similar to what's happening right now So you'll see that in 2020 on september second and september third we got two drops So on the second we had a four and a half percent drop on the third We had a 11 drop and then you'll see for the rest of the month here We were basically just consolidating here. However from those lows We did post up higher lows going from there for the rest of the month And i'm hoping that we see we could possibly see something similar You'll see that the prices it didn't move back up until october 8th So in october is when we had that next takeoff And you guys already know what happened from october to december the rest is history there If we go back another year here and we look at september from 2019 you'll see that We had very similar month. It was a red month in september where we had a big drop This drop came later on in a month But we still got that big drop which uh took us down at that time all the way down To ended up being bottoming out around 8 000 in september And in in october at the towards the end of october we got a move up again So that's just to show you guys that it's very common for Bitcoin and just the overall market to perform not so good During september as it gets ready for its next leg up So this could actually be a blessing in disguise. Remember here on the rsi We also had some bearish divergence here where momentum was falling off We were in an overbought territory momentum was falling off and prices kept going up So it needed a reset and so this might be exactly what we need here to reset this rsi here Get everything back together And you know as we get ready for that next move up because that next move up could mean a new all-time high Ethereum is of course just kind of following in the footsteps of bitcoin right now We had the same drop on the same day there Ethereum's drop was about 12 and a half percent and we're just kind of consolidating right under that $3500 level So that's that's definitely something we're watching the bottom of this range here Is $3,000 as you guys can see there. So $3,000 is definitely a good support there If for any reason we drop lower than that, um, then we could be looking at for support at the $2,500 range Hopefully it doesn't come to that But we have to of course always be prepared for all these different case scenarios But overall Ethereum is following, uh bitcoin So next let's go ahead and take a look at some possible trade setups that We will be watching during this weekend to take some trades and hopefully make some profits So in bitcoin the first thing that we're watching is this level right here pretty much exactly where it's at right now $45,000 we like that level there. It's a psychological support there We have both moving averages in that zone as well And it's halfway between, you know, 40 and $50,000 So what we're doing is taking trade entries on any dips below 50,000 and trying to catch that bounce back up. So for example, you see here today We went as low as 44,700 and we caught this dip as it bounced back up now, you know Obviously we want this to continue up because it has a potential to to run up to around that $48,000 level So the idea here is to be able to enter there around that $45,000 area And be able to ride the bounce all the way up back to $50,000 And of course you're taking profits along the way there now if we drop any lower here We're going to be watching of course the $42,000 level We'll be watching if for any reason we have any dips just below it and then a bounce back up We want to catch that bounce. We don't want to catch the dip Right and the reason why we don't enter during drops is because it could potentially just continue dropping down And we don't want to have an open position if it continues down Even if we're setting up stop losses, we're going to get stopped out more The the probability of being stopped out if we buy while it's dropping is higher than if we buy while it's bouncing So now another trade idea here that we could look into is a short Position if the price drops below 42,000 So if we get a drop below 42, we will be considering opening short positions And trying to in case it just continues to drop down trying to make some profits on that move down as well Now other than those positions, um, if we see a move up over this weekend, we're looking at $48,000 as that next Breakout entry and of course $50,000 will be the very next breakout entry that we're looking at this weekend In ethereum, if we have dips any lower that first level that we're watching is $3,200 We're definitely looking to take some bounce entries in $3,200 And if we were to go below that then of course we're looking at $3,000 here You can see on Tuesday it hit that level it hit a low of $2,960 So we like both of those entries for bounce entries. Imagine you would have entered that $3,000 entry on Tuesday You could have rolled that up as high as $3,500. That would have been some really nice profits there Now if we break above $3,500 here, we're looking to take those entries above $3,500 as well Now there might be fake outs. You can see there's been a multiple fake outs here already So that's why you just have to trell it aggressively And if you want if you're trelling aggressively, you can set a new order above $3,600 So that you can take profits as it moves within $3,500 And if it's a fake out you made profits regardless if it continues up You're buying the breakout above $3,600, which would be a new high here since the drop So I like that entry as well for ethereum. That's pretty much it guys Thank you guys so much for tuning in to today's video I hope you guys have had a good week Even though it's been a little red and been a little muddy little bloody Hopefully we have a better weekend and hopefully next week We see some uh light at the end of this tunnel that we've been in through this week But don't worry guys. I am still bullish on it. I still believe that we continue up especially Come october So let's go ahead and stick to our guns here and keep playing these different Areas to make some profits regardless of what bitcoin's price does here Thank you guys so much for tuning in. Don't forget if you enjoyed this video to smash that like button If you guys have any questions about anything in this video drop a comment and ask us there We are always happy to answer And uh, if you guys are new to the channel, don't forget to subscribe and turn on the notification bell Alrighty guys. Thank you guys so much for tuning in. Have a great weekend. As always peace and love