 China has decided to ban Bitcoin yet again for the 1,000th time, what a surprise. So of course, because of the China FUD yet again, the entire cryptocurrency market has gone into the red for the day. Bitcoin currently down about 8%, Ethereum down about 10%, and everything else also down over 10% today. From a technical standpoint, the falling wedge pattern is still intact. We are still in oversold territories, and we still think that the reversal signals are there. Let's talk about this and more on today's video. 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 with the knowledge and resources to take you up to that next level. If you guys are new here, make sure to consider subscribing to the channel as we are on our way to 10,000 subscribers. Don't forget to also turn on the notification bell and while you're doing all that, minus all smash the like button. Let's jump into the video. All right guys, so you guys already know what happened here. I don't, I'm gonna just do a quick recap, but we had basically a head and shoulders here pattern on the daily, which broke down here. This was the neckline, as you guys can see here. And we spoke about this on Friday's video. We spoke about this on Monday's video. So we've been speaking about this pattern for a while now. And as you guys can see, the breakdown led us all the way down. Now, we gave you guys the potential target if the breakdown happened and where it would be. And we told you guys $30,000 was that target. And if you guys look at the price here, you can see it went exactly where our target or price target was based on the head and shoulders pattern, if it went to completion. So now the question becomes, where do we go from here? What is next? What is the chart saying? Et cetera, et cetera, right? So the first thing here is if purely looking at the charts here, you can see that we've been going down in this downward channel, right? However, you can also see that this is somewhat of a falling wedge pattern. So if you look up what a falling wedge is, you can see here that it says that when a price has been falling over time, a wedge pattern can occur just as a trend makes its final downward move. Then it says the trend lines drawn above the highs and below the lows of the price chart pattern can converge as the price slide loses momentum and buyers step in to slow the rate of the decline before the lines converge. Price may break out above the upper trend line. So you see here a very similar pattern and declining volume. If you look at our current pattern here, you can see that it is, you know, sliding down, the price is sliding down and the volume is declining as well. Now what else do we see here? We see a huge wick line usually when there's a big wick that suggests exhaustion in the direction that it's been going, that buyers came back in and bought the dip. You can also see here that the RSI is yet again in oversold territory. Remember that the last time that we were in oversold territory was back in March when the pandemic hit. That is the last time that on the daily timeframe we were in oversold territory. What did the price do after that? It went up. If you guys zoom into the four hour chart, you can see a little bit clearer of what's going on. You can see here that we had this right here. This is a hammer. It could be called a pin bar hanging man, whatever you guys want to call it. This is a sign of reversal and exhaustion usually. And you can see after this we started getting started grinding up slowly. So we were right at the brink of this falling wedge. Remember yesterday's video I told you guys that $42,000 was the price that I wanted to see us go above. So yesterday we were dancing. We were right on the edge, right on the cusp of that breakout, which I believe would have broke out and above $42,000 and continued up above this Fibonacci line. That would have been the confirmed breakout at that point. However, while we were kind of, you know, just kind of dancing there with it, we got some more fud China news today. So what's the news today? What's going on in the market today? Oh, nothing. China is banning Bitcoin again for the $1,000 time. So it's the usual guys. This is nothing new. They're literally reiterating news from the past. So if you look here, this guy from Bloomberg says China reiterates call for crackdown on Bitcoin mining and trading. And you can see the frustration in people as this guy says, how many times can the same headline try and push the market down? Guys, this same headline has been hitting us for about three days straight now. They just continue to reiterate news. That's not news. This is old news. And they're just continuing to reiterate it and put it out to continue creating this fud, creating this fear, this panic in the market to continue pushing this down. Remember that China does the most mining in the Bitcoin market, right? They own, I believe, the biggest mining pools that there are. And they're purposely pushing the prices down. Why? Why would they try to be pushing the prices down? I don't know. Maybe to continue buying up prices, the coins at cheaper prices to continue having the power to manipulate the market at any point in time. If they're able to get enough of this, of the power to manipulate Bitcoin, then let's say that years down the line, countries start to accept Bitcoin and start putting it into, you know, using it in everyday life. If China has the majority of it, if they have the majority power, they'll be able to threaten different countries and be the number one power in the world, really, right? And remember yesterday's video that we spoke about these elites, this group of elites in China that are manipulating the market on purpose to make a lot of money and to try to bankrupt people that are against them. You got to keep all this in mind. Now this is going down that rabbit hole of conspiracy theory. So, and I don't really like to get into it that much, but it's just kind of frustrating that the same headlines continues to affect the market, guys. And you guys continue to panic and, you know, sell based on this headline. Guys, this is the same headline. This is nothing new. There's nothing new here. They're purposely putting out this headline and selling put on a lot of sell pressure on the prices to make people sell. That's it. And then they're just buying it up. Once it gets to the price that they wanted, they're going to buy it up cheaper prices and shoot the prices back up. They're going to make more money and they're just going to rinse and repeat this process. You can see here that lots of the recent selling was done by investors that bought Bitcoin during the last couple of months. So what does this mean? This means that people that bought around a $30,000 range are the ones currently doing the most amount of selling here. So this is all part of the market, guys. Bitcoin has been doing this for years. This is nothing new. It likes to shake out new people, likes to shake out new investors, take them out of the market. And then when just as people are giving up hope and thinking that it's over, that's when we will see a huge move to the upside. I'm telling you guys, this is from experience. That's why in order to be invested in this market, you need to actually believe in this. You can't just try to be in here to get rich quick. You can't just be after the money only. You have to genuinely believe in this project, believe in this system and believe overall and not pay attention to the short term and the day to day moves. You got to be in this for the long haul. If you guys aren't in this for the short term, you will probably not survive. You will probably get shaken out with fear and panic because of how the market is moving. You can see in the fear and greed index today, we're at 19, guys. And the day before, we were at 11. So this is, we're in the extreme, extreme fear. These are levels that we haven't seen in the past year. This is the lowest level in the past year. If you look back from 2018, all the way here, you can see that in 2018, we also hit this mark. We were right around this 15 mark. We reached this mark a few times. The lowest mark that I see here, let me see if I can get it, was on August 22nd, 2019. The last time that we were this low was during the pandemic, as you guys can see here. All right. So let's talk about some possible trade entries over the weekend if we get this bounce this weekend. Remember that on the weekends, there's less volume. So price can be moved a lot easier. So you have to be careful entering trades over the weekend. Price can definitely move in either direction here. Remember, guys, if you're new here, make sure to smash that subscribe button. Guys, we're almost at 9,000, we're just a few people away from hitting 9,000 subscribers. Don't forget to turn on the notification bell. And don't forget, most importantly, to smash the like button. Let's all smash this like button together on three. You guys ready? One, two, three, smash. All right. Now that we have all smashed the like button and subscribed to the channel, let's talk about some possible trades here. So what I'm looking for is still more or less the same thing. I want to see a breakout out of this falling wedge here. So the possible entries are going to be above $40,000. That's going to be the first possible entry where we'd be seeing a break above the falling wedge, which can lead us back up to 42K in this Fibonacci zone, which if we can break above that, then I would say that that's a confirmed breakout and we can potentially at that point see $48,000. So that entry is going to be there at that $40,000 mark. If we go lower, now lower, I'm probably not going to be entering any looking for any trades to enter. I'm only going to be looking for long-term entries here for long-term positions. So the $40,000 entry is for a short-term leveraged entry. If it were to go down, now the bottom of this channel of this falling wedge channel is around that $34,000 to $32,000 range. But if we go this low, we could potentially even test $30,000 So I'd be dollar cost averaging if we got around that $32,000 to $32,000 range. If we get to $30,000, I'm also with dollar cost averaging there. So those are the levels that I'd be looking at. So on the way down, I would dollar cost average for long-term entries on the bounce up. I'd be looking for an entry short-term leverage entry above $40,000. Remember to risk very small amounts here, guys. You don't want to over leverage yourself. You don't want to risk too much. The market is very volatile right now. So you want to minimize your risk for the moment. All right, guys, that's a wrap. We've covered the analysis on Bitcoin, the possible reversal signals that are popping out currently on the charts that could lead us hopefully back above $40,000 this weekend. We also gave you guys a possible trade entry that we will be watching for if we can get that pop right back above that $40,000 range. Thank you guys for tuning in. Make sure that if you're new here to subscribe to the channel and turn on the notification bell. And everyone, make sure to smash the like button. You guys have been killing it on the likes we've been getting around 200 likes per video, which is definitely the most likes we've ever gotten on so many consecutive videos. So thank you guys again. It's a wrap for today, guys. Let's hopefully make some profits this weekend and I will see you on Monday. As always, guys, peace and love.