 The crypto market roller coaster continued this week. This week, Bitcoin has traded in a consolidating range here as you guys can see between the low of around 47,000 with a high of about $52,000. When the market's moving like this, it's pretty easy to get chopped up in the price action if you're trying to predict which way it's going next. Today we're going to look at the charts here to see what's happened over the last few days this week. And try to figure out the different scenarios that we could see going into the weekend and into next week into basically almost a second half of December. Try to see the different scenarios that we could possibly see here. Then of course we will end it with some trade setups that we will be watching in both directions whether depending on the scenario that plays out, we're going to try to play both long entries and short entries so we'll have trade setups for both of those scenarios. So let's go ahead and jump into today's analysis. 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 is to empower you guys the community with the knowledge and resources to take your wealth up to that next level. So if you guys are new to the channel, don't forget to subscribe, turn on those notifications. If you guys enjoyed this video, make sure to smash the like button. The like goal for this video will be 100 likes. I know that we can do it guys. So smash that like button. And if you have any questions about anything that we covered then of course drop it in the comments. Alrighty guys. So looking at the chart here, we can see pretty much exactly what's going on, right? We were within this channel right here. We ended up breaking down the channel. That caused of course a lot of people selling on that breakdown and which then cascaded into liquidations and panic selling. The result of course is huge candle that ended up being down about 13.5% last week. Now this week, the candle is only down about 2.5% and if we close this week below 49,484, that's going to be four weeks in a row of red candles. Now this would be the first time that we have four straight weeks of red candles in, well in a while, even in May and June when we had this huge drop here, we did not get four weeks in a row of red. So we would have to go all the way back to June of 2020 to find the last time that we have four weeks in a row of red candles here. Now this move was more of a consolidation move than anything. They're just trading in a range and that's kind of where we're at right now, although we did have the big red candles to start us off here. Even during the pandemic, as you guys can see right here, we only had three red weeks before starting to move back up and back at the end of 2019, you'll see that we had a few of those four red weeks in a row there as you can see through September and November. So when are we finally going to have a green week? Are we going to have one soon or are we going to have a fifth week of red candles in a row? So I went back all the way to about 2014 and did not see not one instant where we had five red weeks in a row. Not one time, at least in the chart that I was looking at, I did not see not one time. Now does that mean it's not going to happen? Of course not. There's always a possibility for it to happen. But because we've had four in a row because, well the week isn't over yet, we can still close this week above 49. But if we do close below and close another red week, I have to believe that we will have a green week next week. We're all looking for that Santa rally. December 15th through the 19th is known as a period of time where Bitcoin is usually parabolic or at least very bullish. You can see here last year starting from December 14th, we had four big green candles basically closing out the year very strong and then opening up the year the next 2021 very strong. The week of the 14th we had a 22% rally, the week of the 21st we had 11% rally, the week of the 28th, the last week of the year we had a 25% rally. Now of course it doesn't always happen that way. As you guys can see here in 2020 during this exact time we pretty much had mostly red candles but we did have one green candle and that was the week between the 16th and the 19th right? If we go back to 2018 yet again there's only one green candle and it lies within that time period as well. You can see that this week started on the 17th so between the 17th and the 23rd we went up 23% that week. In 2017 which was the end of the previous bull run, we actually topped out between those days. You see that the week started here on the 11th so from the 11th to the 17th is we had a 26% candle which gave us our previous all-time high basically of $20,000. If we go further back to 2016 you can see the same period of time in 2015 yet again. And finally in 2014 was the only time that we had a red week during that week between the 15th and the 19th of December. So remember we're trying to put a puzzle together based on historical data because history doesn't always repeat but it often does rhyme. So December 15th through the 19th is historically very very bullish. We haven't had a red week during that period of time since 2014. We've also never had five red candles, red weekly candles in a row at least since 2014. I'm going to go out on a ledge here and say that next week we will have a green week even if we just go up 1%. I think that we're due for a relief rally here soon and I think it has to be next week. If we zoom into the daily here you'll see that we're currently down 40% from previous all-time highs. We're currently in this symmetrical triangle here after the big drop so we've just been consolidating. You'll see that today we had a move up and then got just thrown right back down which was rejection that is that candle formation there is a bearish candle. So we have to watch for that because one thing that could happen here we could potentially see a breakdown here where we could retest this bottom here the bottom of that flash crash. If we put the symmetrical triangle and measure it that it gives us a target of down here this is about $40,000 the bottom of our flash crash was about $42,000 so it is a scenario that we could see in another very quick drop where we retest this and then finally get that relief rally going and possibly push back up to these higher levels above $52,000. You know how the market is guys it loves to scare the weak hands out of the market before moving back up that could have been this that could be this there's a lot of fear in the market right now people are getting scared people are this the sentiment is very very low people are saying that the bull market over this type of price action will exhaust you right it's going to exhaust a lot of people especially if they're new to the space and that's exactly what Bitcoin and market makers love to do before a move back to the upside so that's something to keep in mind so what are we going to be watching for this weekend well the first thing of course we want to see what happens here we want to make sure that we don't break below this so in the scenario that we do break below it we are going to set up some trade entries there right so the first trade entry that we're going to be looking for is a break down below $47,000 now why 47 well we want to make sure that we're below all these wicks right here that's also below this symmetrical triangle that we have going on here so that would kind of be a breakdown there and that could lead down to at least 44,000 you know 44 to 45 it's gonna be a weak support there so I believe that if we see that breakdown we probably retest the lows here before moving back up now in the event that we do bounce back up over the weekend 50,000 is a possible entry but the issue is there's going there's been so many fakeouts here and it's not above this descending resistance line right here so instead of taking that what I'm going to be looking for is a breakout above 52 so above 52 then you're going to be as going as gonna be a new high of the week so that should come with some momentum which leads us beyond 53 and at least back to like 55 range if you pull up the volume shelves here on the side you'll see that there's a lot of consolidation here that's why there's so much open interest right here so we want to enter above here and you'll see that above there look at this drop off there's just nothing there so we should be able to run up at least to that 54 more most probably are at least at $55,000 area so that's a nice little gap there that's the perfect long entry that you want because you can make some nice profits on those type of entries there since there's such a gap here that it's going to need to fill there's not gonna be a lot stopping us at that point so those are the two trades that we will be watching both long and short instead of trying to make a prediction and then creating a bias within us because of our prediction because we of course want to be right we're gonna let the price take us in the direction that it wants to go and then we're just going to play the price on these we're going to be risking very small amount one percent or less because again prices very choppy right now it's a very unpredictable so you just you want to make sure that you're not risking too much right now so that's pretty much it guys I hope you guys have enjoyed this video don't forget to smash that like button on this video we're trying to get to a hundred likes on this video guys so take a second to smash that like button right now if you guys are new to the channel don't forget to subscribe and turn on those notifications don't want to be missing these videos I hope you guys had an amazing week I know it's been very choppy in the market but at the end of the day guys don't forget to live your life outside of the crypto markets and outside of just investing you want to also be spending time with your friends families and still doing normal thing right don't spend all your time in front of the charts like me so have a great weekend guys I'll see you guys on the next one as always peace and love