 Another low volume and pretty much a quiet weekend for the most part Bitcoin closed on Friday right around that thirty four thousand dollar level and it also closed on Sunday pretty much around the same price again We've continued to get rejected here at that thirty five thousand dollar area and not only is that pushing us down But now we also have this right here a Descending resistance. That's also pushing us down as you guys can see now We've set up two lower highs in a row. So now we have another Decision coming this week with this new symmetrical triangle That's been setting up here on the charts this in combination with the GBTC Unlocking events the biggest ever Means a lot of volatility possibly this week Let's go ahead and dive into the charts and see what the possibilities are Hey, what's up J 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 guys with the knowledge and Resources to take you up to that next level. So if you guys are new to the channel Don't forget to hit that subscribe button and turn on the notification bell Also, if you guys enjoy this video, please go ahead and smash that like button and drop a comment letting me know Let's jump into today's video. All right guys So as you guys can see here on today's chart basically the weekend nothing really happened We opened and closed basically around the same price Today we went up as high as thirty four six eighty eight and then quickly got rejected back down So far we're down about three point three three percent if you look here the overall market everything is pretty much in the red Today, there's not really much that's green and in the last seven days We're down about two and a half percent fear and greed index is pretty much in the same spot Hasn't really moved too much. You'll see it's been around at twenty to twenty five to thirty area for the past week or so So you'll see on the monthly we've pretty much been stuck here kind of setting up a big Symmetrical triangle right and and that basically goes from the low. What's the low here? 28,000 to the high of 41,000 so that would set up potentially a move in Around this much right so this is a 36 percent move and this is actually if you look at this This is exactly the price that we've been talking about that if we get a move out basically above 42,000 our price target remember we've been talking about our price target being 48,000 and When you put the breakout the possible breakout here, which would occur We're looking at the weekly so that would be in around two and about a week or two end of the month That puts the price on a breakout to about 48,000 dollars so that would definitely go with the move that we have set up that we've spoken about right now The same move if we have the breakdown instead of the breakout This could lead us all the way down to the bottom of this range Remember that we've been talking about these these ranges here, right? And we said that if we fall below 28,000 then we can possibly retest all the way down to 18 to 20,000 dollars if we have a breakdown from the weekly chart here That's forming this kind of symmetrical Triangle here right the break down would go right to our range, which is the bottom of this range down here 18 to $20,000 And the break to the upside would take us to the top of this range Which is our target on a move up, which is around 48,000 dollars So that's definitely something that we have to keep a close eye on during these next the next move basically, right? So zoom in in here now You can see why it's so important for Bitcoin to hold this level at 28,000 if we fall below 28,000 this is the potential of the drop that we could see right here, and that's a lot of space here That's basically we would go into a free fall Down to 24 20 and 18,000 dollars Those are the potential targets on a move in that direction now with a move to the upside Nothing has changed the targets are the same 35 is a key level if we want to get into this range We continue to get rejected there after 35 then our next target is 38 40 and 42 if we break above 42 then you already know we have all of this right here that we can run up if we Cannot get above 42 Bitcoin is going to continue seeing bearish price movement and and bearish case scenarios Where the possibility as we already spoke about is all the way down here So on Friday's video We told you guys that a good trade entry for a short term would be that if you saw the price go all the way up to 35,000 and it could not get over and it got rejected that you can short it So we didn't all personally take that short But if anybody took that short and you would definitely be in profit right now And this is exactly what we're calling for that trade because there's so much resistance here that It's it's having a lot of trouble right now getting up above this 35k area So what this is kind of you know telling me is that it wants to go lower Remember that this week we have the selling pressure from GBTC So if we go lower we could possibly test 32 which we're almost at already We're at 32,000 right now we could retest that 31 to $30,000 range and possibly even test this the what we were using as a spring in the Accumulation schematic, which is around that $28,000 range now We do not want to see it go all the way down that low because if we go that low There's a big possibility of breaking below this strong support that we've been holding here for the last two months or so And if we break below that then all bets are off on bullish movements We could pretty much confirm below 28 that we are Definitely in a bearish, you know market for the moment and even below 42 right now As long as we're below 42,000 things are looking very very bearish for Bitcoin So if we look at the Accumulation schematic here for Bitcoin in the Wycoff, you'll see that you know It's not really playing out the way that it's would be supposed to play out right because in the phase C we're supposed to be seeing higher lows higher lows higher lows all the way throughout and Higher highs as you can see basically all everything played out until this part right here after we hit the spring and the test And we set up the higher high and higher low We've kind of been stuck here kind of accumulating here like if basically a move is coming now The move couldn't go in either direction because it's setting up like a symmetrical triangle right now So symmetrical triangles are basically 50-50 shots in both directions So they're not a high probability setup in either direction You just got to look for the break and enter it once it breaks either up or down So we'll keep watching this but for right now It's kind of getting into that invalidation stage because it's not playing out You know to the tee for the moment So we'll reassess at the end of the week with this and see where we're at now Although if theorem was looking very strong last week this week so far it's been looking very weak over the weekend there was really no movement here and Today we've tested as low as $2,000 which is a strong support here So hopefully we see a bounce here at 2,000 But like we said if Bitcoin continues down then you should expect Ethereum to also follow suit and continue down as well that next support being around $1,800 and beyond that would be probably around 1,700 which has been the lowest Sense of the drop here now remember that Ethereum does have an upgrade coming up on August 4th is where when it's estimated so that could it this could make for a Buying opportunity here for a theorem if prices continue down. I like a theorem at 2,000 I like a theorem at 1,800. So I'm setting it. I'm set. I'm buying definitely at these levels now for trade setups here with Bitcoin basically we're doing the same thing that we're looking at on Friday We need a break above 35k for any short-term long trade entries And we want to take short entries at the same price 35k if we see that it cannot get above Or if it goes above and drops back down then we want that short-term short entry on on BTC and try to take profits on the way down another trade that I'm looking to take if we see a breakdown here on Bitcoin then I'm possibly looking for a entry possibly below 32,000 now remember that these are scalp trades So we're going to be looking to take profits very quickly on these and that's pretty much it guys not much has changed This week we are looking more bearish than bullish as far as what's on the charts and what's been developing here over the weekend And so far today So we have to just continue watching this very closely and see where we go from here throughout the week If you guys enjoyed the video don't forget to smash that like button if you guys have any questions drop it in the comments Don't forget to subscribe if you guys are new to the channel and turn on the notification bill That's it for today guys. I will see you guys on the next video as always peace and love