 We are back at $58,000. I guess we called that reversal, huh? February 25th, great time to average in your long-term positions. March 1st looks like a falling wedge breakout. Also March 1st, bullish divergence, falling wedge plus bullish divergence, two reversal signals. Today also happens to be the one year anniversary since the pandemic dump. March 12th, 2020, never forget. Let's bow our heads in silence for our fallen brothers with weak brittle hands who sold on this day. 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 traders. The goal of this channel is to empower you guys with the resources and knowledge to help you get to that next level. So if you guys are new here, make sure to hit that subscribe button, make sure to like this video. And if you have any questions about anything in this video, drop it in the comments. We always answer you guys. Alrighty guys, so the first thing that we're going to talk about today is a trade recap from this week. As you guys know, it has been an insane week in the market. Look at this beautiful, beautiful Bitcoin move. Any theorem had a great move as well. Then we're going to do a price analysis on both Bitcoin, any theorem, and then we're going to jump into some trade setups that we're going to be watching during the weekend to hopefully make all of us some profits, which is why we're here, right? All right, so the first trade that I gave you guys on Monday's video, guys, so on Monday's video, this is what we're looking at right here. We were right in this area. That was where we were. We told you guys, this was a bull flag breakout happening and that our breakout entry was above $52,000. Look at that $52,000 break and look at this run up since then. Guys, if you entered that $52,000 breakout and took it all the way up to the $58,000 range, you would have done around 115% profit, guys, if you use 10x leverage like us, guys, that is a lot of profits. If you guys took our Ethereum trade, our Ethereum trade was an entry at $1,800, so we spoke about the $1,800 level, which was right around right here. If you would have entered it right at that breakout right there, which is this big green candle and held that to the top, which was right around $1,875 at 5x leverage, you guys would have done around 20% profits. So hopefully you guys were able to make some profits on those trades from Monday's videos. If you did not, do not worry because today we have new trade setups for you guys. Alrighty guys, so let's go ahead and start with Bitcoin. As you guys can see here, Bitcoin had a beautiful, beautiful run this week. We've had a lot of bullish news in the market overall. Sentiment is just super bullish and we're right back to where we started at that $58,000 level before we saw this drop here last time, right? If you guys go back to this video right here, you can see in the thumbnail Bitcoin reversal signals and there was a fear and greed meter and on the fear and greed index, there was fear. So we told you guys that was the time to buy Bitcoin was flashing multiple, multiple reversal signals at that time, including that big falling wedge pattern that we told you guys about, including a bullish divergence signal here as well. And we were in oversold territory. So there was multiple signs pointing to this reversal, right? And we had a lot of support down there. So we pretty much called it guys. We told you guys about this. We called it in our trade group as well. And I'm hoping everybody added to their longterm positions down there and has been able to ride this up. You can also see here that we hit our target for the breakout. So we had this breakout target basically, and it was the previous high, that 58K range. And now how did we come up with that number? It's pretty simple. If you just take this and measure the bottom to the top and then you move this to the point of breakout, it more or less gives you that number. Now, another thing that you can do, you could put the low of this pattern to the top to the highest peak and then place it at the breakout. And that's going to give you a different type of number. So we do the low of that range of the on the falling wedge and we move it up to where the breakout occurred out of the falling wedge. That gives us a target of around more or less $62,000. Now remember, I told you guys, I believe if we break this new all-time, this previous all-time high and run up past $60,000, I think that we're going to run straight into that 70 to $75,000 range. So that's kind of the target that I'm currently watching, just this target right here, that 70 to 75, once we pass through this previous high and this $60,000 range. Now, things that you need to be aware of that we're going to be watching here is if we take a look here at the RSI, we've been touching this over bot territory again. Every time we've been overbot in the past, a correction has come. We've had some sort of pullback. So you can see that we were overbought. Boom, we had a pullback. Here we were overbought. We had a pullback. Here we were overbought. I had a pullback. Here we were overbought. I had a pullback. Very overbought. I had a pullback. So you see where this is going. Every time we've been in overbought territory, we've seen red at some point. So you have to be careful there because that could, we're starting to get back, we're starting to creep back into that zone. Another thing is you see how we had this lower lower to higher low. And then we had the divergence here, which was a higher low to lower low. So now with what this is showing here, we move this over to where we're currently at. So you can see that on the RSI, it's kind of, it's been losing a little steam and it's printed. We had a higher high to lower high, but on the price action, we had a lower high to a higher high. So it's the opposite. So that's, that's what you call a bearish divergence. Now, that doesn't mean that we're going to go down right away, but it could be signaling either a reversal. It could be signaling a top. So we have to watch this closely and see what happens here, right? We're currently in consolidation after we hit that, that overbought territory. So this consolidation here that we've been forming here for the last day or two has helped us move back into neutral territory. So we've, we've been able to cool off as far as on the RSI. However, we are showing it did flash this signal here that we have to keep an eye on where there was a bearish divergence. So that's just something to keep an eye on as we move forward. Because like I said, that could be the signal of, you know, on the short term, a pullback of some sort. We're also right at the top at that overbought territory. So we go back into the overbought. That's when we might get that pullback, right? So it's hard to put a timeframe on it, but it's something that's why it's something we have to continue to watch here. So you guys already know that that next resistance level is the previous all-time high, of course, and the support levels that we're watching here are going to be right around that there's going to be a lot of consolidation probably between, let me try to map out these levels in a straight line here, right? So this seems to be the range that we're currently in where, where it's basically 55k all the way up to about 58k, right? So we've been bouncing within these levels the last two days basically. So that's basically more or less the range. So 55k is going to be the strongest support here in this range. And 58k is going to be the strongest resistance. Now there's going to be minor supports like 56k is going to be a minor support as well as 57, but the major ones are going to be 55 and 58. Another thing to add here, looking at the Bitcoin dominance chart, you can see that we've had a breakout to the upside here in Bitcoin dominance, which might be the reason why a lot of outcoins are currently stalling or dropping in price right now. If you look across the market, we have a lot of red as far as outcoins. We'll do another video on Bitcoin dominance another day, but just to give you guys an idea, if you look at this chart, this is Bitcoin dominance, Bitcoin price and outcoin prices, right? So if Bitcoin dominance increases and Bitcoin price increases, then outcoins decreases. If Bitcoin dominance increases, but Bitcoin price decreases, then outcoins decrease or dump fast, right? If Bitcoin dominance increases and Bitcoin price stays stable, then outcoins usually accumulate and stay stable as well. Now if Bitcoin dominance decreases and Bitcoin price increases, outcoins increase very fast. And that's what's known as outseason. If Bitcoin dominance decreases and the price decreases, then outcoins are usually stable or dumping. If Bitcoin dominance decreases and Bitcoin price stays stable, then outcoins increase. So right now what we're seeing is Bitcoin dominance increasing. Bitcoin price has been increasing as well over the last few days, so outcoins have been decreasing, right? Today specifically, Bitcoin dominance has been increasing while Bitcoin has remained more or less stable. Therefore, if you look back at this, when Bitcoin dominance increases and the price is stable, then outs are usually stable as well, and they're just kind of consolidating in an accumulation phase. So all of this ties into the market and we will do a deeper dive on this another day. Any theorem right now, we're seeing a very clear bull flag here. You can see that we had the huge impulse move up and then now we're just consolidating there. That is normal guys. Prices don't just go up. I'm sorry to break the bad news to you guys, but prices do not only go up. So every time this happens, people start to panic and say that, you know, saying all sorts of craziness when it's just normal. It's part of the market. It's part of a healthy market structure. And if you look back at history just a few weeks ago, look at what we have here. What does this look like? This looks like the same exact pattern, right? We have the same exact pattern playing out again. You know, we got rejected here. What price is that 1880? We got rejected here. What price is that 1880? We consolidated and on our way down. What's going on here? We're consolidating down. The low of the range here was basically 720 to 730 range. What's the low been here 720 to 730? These here were anomalies, so we don't count those. And then what happened, we had take off, right? And that took us up beyond $2,000. So what's going to happen here? Take off. Just be patient guys. It's going to happen. Be patient. Another thing here to note, Ethereum was also overbought over here. So this consolidation here has helped Ethereum to get back in neutral territory as far as the overbought meter in the RSI. So this is a very healthy market structure guys. We're not worried about anything here. We are just waiting and being patient here for that takeoff to $2,000. All right guys. So so far we've covered the trade recaps from this week that we gave you guys on Monday. We did a technical analysis on both Bitcoin and Ethereum. And the next thing we have for you guys is the trade setups that we're going to be watching this weekend. If you guys are enjoying this video so far, make sure to hit that subscribe button. Make sure to smash that like button. If you have 10 accounts, log into all 10 accounts and smash the like button on every single one. If you guys have any questions on anything that we're covering in this video so far, make sure to drop it in the comments. We're always happy to answer you guys. So let's jump into some trade setups. So the first trade setup that we have for you guys today and Bitcoin is going to be above that all-time high. So above $58,500 is where I will be looking to enter. This is all-time high. I'm sorry. That is where I'm going where I'm looking for an entry. That should trigger entry orders. That should trigger stop losses on people trying to short Bitcoin. That should also trigger liquidations for people trying to short Bitcoin. So we should have a lot of volume and momentum to the upside once we break that $58,500 range. And it should shoot us up to $60,000 probably. So that's currently what I'm watching. And $60,000 is just that first target. We could go beyond that. And if we break $60,000, who knows? Now, if we do see a test of the bottom, if we do see some downside over the weekend, I'm watching the $55,000 range. Remember, that is the bottom of this range. So that's where I'm looking for an entry. Now, if it goes down but doesn't go under $55,000, then of course we can't enter it because how it is it that we like to enter these trades, we like to enter on bounces. So for example, here, this was a perfect one because you could have entered on that bounce back above $55,000. But here, you wouldn't have been able to catch that trade because it didn't go under $55,000, right? So if it goes down to $55,000, but it bounces before we can catch an entry, then I'm looking for an entry on that bounce at $56,000. That's going to be the next spot that I'm watching for a entry. Now on the $56,000 entry, I'm risking less. I'm risking more around that 1% or less level at $55,000. I'm looking more at that 2% to 3% level, right? Remember, 3% is at middle ground, 4% to 5% is at high end. You want to have less than 5% of your trades be at the high end. So I like here at $55,000, it's kind of in the middle. I like to also risk my middle, which is 3% there. In Ethereum, what we're watching for here is we're going to steal one of the plays from Monday's trade setups, which is a break above $1,800. So at $1,800 level, you have to be careful because there is a lot of consolidation there. It's also right at the top of this range. So it's going to be a riskier trade. I'm only risking 1% on that trade. The next breakout entry would probably be above $1,850, but again, it's on the riskier end. So I'm only doing 1% there as well. And then the final breakout trade that I'm looking for is going to be above $1,880. And again, I'm still only doing 1% on that trade. Maybe I'll do 2% on it. If the price pushes back down, then we're looking at entries down here at that 1720 to 1730 area. And there I'm willing to risk around that 2% to 3% on that trade if we're able to catch that bottom of it and then ride the bounce back up. So that is basically it guys. We've covered the trade recaps from the week. We did an analysis on both Bitcoin and Ethereum. And then we finished it off with, of course, some trade setups for this weekend that we're going to be watching and taking ourselves. If you guys enjoyed this video and found value in this video, go ahead and hit that subscribe button. If you're new here, also make sure to turn on that notification bell so that every time we post videos, you guys are notified. Remember, we post five times a week. 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