 Today, Bitcoin saw a 17% drop, which was a 6,000 decline back down to levels so low that they haven't been seen since Thursday. What's going on ladies and gentlemen, in this video we're going to cover what we're seeing in the charts plus some trade setups in both Bitcoin and Ethereum that we are watching this week to make you lovely people some profits. So if you're at a loss currently after today's drop, have no fear, Bitcoin Daily is here. Hey what's up Jay here and welcome to Bitcoin Daily bringing you the best tips, tutorials and ideas to help you learn how to become a profitable and successful trader. On this channel we do a lot of market analysis going over different trade ideas and we teach you guys how to trade to help you get to that next level. So if you're new here consider subscribing and if you've been here before then you already know to do smash that like button and drop a comment on this video show us some love. So today we're going to look over both the Bitcoin and Ethereum charts and we're going to figure out exactly what's going on. Then at the end we will give you guys a couple trade setups to hopefully make you guys some profits this week and we've been on a streak lately so I don't suggest missing that part. Are we the only channel making people money that actually gives you guys profitable trade setups? Let us know in the comments below if we haven't made you guys any money with our free trade setups that we post every single week. Alright guys no more talking let's dive right in. As you guys can see we're currently at about 32,600 right now looking at the chart here you guys can see this huge work right here that was today's candle as you can see it closed up so this is pretty pretty bullish actually a pretty bullish candle right here that's what you call a pin bar so that's when the price gets pushed down like it did today as you guys can see we came all the way down here and tested this 61.8% Fibonacci level and right on that golden ratio that's 61.8% golden ratio we took off guys we had a very very nice bounce and then the next candle opened up green so that is very bullish and as you can see we've pushed up over this 23.6% Fibonacci level so that is bullish guys. What it's telling me here that we were able to hold this Fib level bunch of buyers came in this level which was at 61.8% and it was also around that $28,000 range as you guys can see there and and we just took off after that we just bounced right back up and you can see we're currently right on top of this Fibonacci level so right now the levels that we're looking at here we're currently watching that next resistance is obviously going to be that 33,000 mark then we're gonna have that 34,000 mark and then the major one the third resistance is going to be up here which is that 35,000 mark which is also the high and it's a very very big whole number remember people love big whole numbers just market psychology so those are the main levels that we're gonna be watching this week let's zoom in here to the four hour and see if we see anything a little differently here so you can see here when we topped out and just had that drop all the way down which led to today's drop remember on Sunday going to Monday there's always a drop for some reason like lately for I would say the past month every weekend the price has spiked which is why we have so many gaps in the CME and then when it when it when we go Sunday to Monday there's usually a price drop right so it's it's happened several weeks now for several weeks now probably I would say three out of the last four weekends maybe is that we've had that now as far as what it could be if you look at the CME futures charts here you'll see this huge price gap here right so there's a big price gap that whole area so that means that we closed here on Friday and we opened here on on Sunday right so what happens to happen a lot of times when there's a lot of gaps on or when there's big gaps is that Bitcoin likes to fill them so those gaps tend to get filled now it doesn't happen a hundred percent of the time but it does happen so for example to this weekend we had a huge gap right so we had we closed there on Friday we opened here on Sunday so what happened we had a sell-off that came right back to where we closed on last week right but like I said gaps don't always get filled if you guys look over here there's another gap this is a huge gap right here and that has not been filled as you guys can see the price has just continued up we did have a push down they see here how it opened here on Sunday and then it kind of went down a bit and then it you know it took off and now kind of similar thing except this time we actually filled the gap right so we still haven't we have not filled this gap right here currently this is a open gap on the CME there's another open gap right here and there's another gap right here let's see was this one filled it's around 18,000 yeah this one this one was more less filled so that's something to always watch for especially you know look at this gap right here this gap what is all the way down to 18k so currently we have a gap right here this huge gap and then this one already got filled right so now you know it obviously leads to question will we fill this gap this gap is down at about that $24,000 range so we need $24,000 to hold if if if this wouldn't have held here we would have definitely dropped down to 24 because that's where the other gap fill is and if that gap doesn't hold then we'll drop all the way down to fill this gap which is down at $18,000 so that's a scenario that you should be aware of in the event that it happens again not gaps don't get filled 100% of the time but sometimes it does and you have to be prepared for that scenario as far as supports that we have here we have the Fibonacci level right here that 23.6 which is right around that 32k area 32 200 around there then we have the 38.2 support as you guys can see there's been support right there support right here now we did have this huge one but you know but it did it has shown support in those areas and that's right at that 30,500 mark right and then the last one well not the last one but the next one we have is that 50% Fibonacci area which is right around that 29,000 and then we have the Golden Ratio which is 61.8% which is right around that 28 to 27 ish thousand range as you guys can see here and that would be our biggest support there so right now we are seeing kind of a bull flag pattern here as you guys can see you can definitely make the connections here there you go boom and you guys can see that we have this bull flag pattern basically you know impulse move up so we have the move up and then consolidation over here we had this hold the support right here and then now we're currently bouncing back up so we're currently at the top of this range which might be while we're currently having trouble trying to break through it right now so you see right here we're having a little trouble breaking through but we are in the green for today's candle we just got to get past that 33k zone if we have a breakout above that 33k zone then we should be testing the previous all-time high which is around 35,000 dollars alright guys so let's go ahead and take a look at a theorem as you guys can see it had an incredible move over the weekend and it's so far this year it's just taking off it's currently at $1,100 this move basically started at $700 and it just took off to $1,170 guys the biggest movie saw was yesterday where Ethereum went up 26% and then today we saw Ethereum up 6% so here the major resistances that we're looking at is gonna be the this high this previous high here then is going to be that $1,200 mark so that's the two levels that we're watching here as far as resistance now if we see a drop off then we're looking at the 1,000 level first as the support which is also the 38.2% Fibonacci level then it's that that 50% Fibonacci level which is around 959.44 but that's a little bit of a weaker support the next big support is gonna be the 61.8% Fibonacci retracement level which is also aligned with that $900 big whole number right so that's currently what we're watching and you see that that's where on this drop today that's where that bounce tap in right on that Fibonacci level I hope you guys are enjoying the video so far as we said we're not gonna jump into some trade setups for this week that we're watching to hopefully make not only us but to make you guys some profits make sure guys if you haven't subscribed yet and if you found value in the content that we've been providing to you guys so far hit that subscribe button hit that like button and drop a comment let us know what you guys think and let us know what your results are from these trades if you do take them all right so for the first trade setup that we're watching this week we're gonna start with Bitcoin right off the bat though the main thing the main one we're looking at here let's zoom into the zoom into the four hour so we want to see this zone right here right we want to play off this the bull flag we want to play off the Fibonacci level and we want to play off this breakout so you see that we had a test here of 33,000 you know it tried to break out and it could it did not break out so the trade that we're looking at here and we're looking for here is a break above 33k so we want to see a break above 33k with some volume as you guys can see the volume is pretty low right now we want to see some volume and that push up and we believe that if it does break 33k it'll break out of this bull flag and it'll test 34 and 35k again so that's the first that's the breakout trade that we're watching that's the first one and then the second one would be a breakout above these new highs right so a break above 35k there's gonna be a lot of volatility so you have to be careful playing it but I think in the long run it would a 35k break would eventually take the price all the way up to $40,000 per Bitcoin guys so that's the second breakout trade that we're currently watching now if Bitcoin does drop again this is the way that we'll play that we'll be watching this down here so first we're watching that Fibonacci level is that that's a 38.2 percent level which is also 30,500 and then we're watching the bottom of this range right here which is just around 30,000 I imagine by the time this would get here it would probably be closer to 29,000 which would also coincide with that 50% Fibonacci level and then of course if that doesn't hold then that next support is that 28,000 level so we'd be looking for entries on one of those supports if in the scenario that the price were to get rejected here and drop down right so remember the way that we like to enter these support entries is not on the drop itself because if you enter on the drop and it continues dropping then guess what you get stopped out and that's not a high probability trade or a good trade because you're gonna take a loss so what we want to see is a drop and then a bounce on this bounce that's where you want to take the trade because you will be taking it with momentum back up and riding that wave of buyers that are buying the dip so next let's take a look at Ethereum so the level I wanted to give you guys really was this main level right here that 1,000 area which is right there you can see that you can see that so there's a lot of confluence there so if we were to see a drop that 1,000 area is definitely where I'm unloading my my cash my fiat and just throwing it throwing it in of course on a bounce so I don't want to buy it when it's going down if it continued down then that next area is gonna be around that 950 area but like I said before it's not too safe so much more prefer this the golden ratio which is right around that 900 area for breakout trades currently we're looking at trades above 1100 that's the first trade that we're looking to take for a breakout and then the second breakout trades that we're looking to take would be above this previous high this is the past year's high basically and that's where we want to take that next breakout trade so that pretty much covers it guys we looked at the charts did us a little analysis on both Bitcoin and Ethereum then we gave you guys some trade setups for you to make some wonderful profits this week then you guys subscribed and liked the video right right if you guys have any questions please go ahead and drop them in the comments and we almost always answer all the questions if we have an answer for you if we don't have an answer we try to find someone called Google who might make sure to check out our momentum trading tutorial and that will help you identify when and where to enter some of the trades that we're taking I also recommend our Fibonacci with Tracement tutorial where we show you exactly how it is that we use our Fibonacci with Tracement to find levels of support and resistance to then you know set up some trades with high probability so that's it guys please make sure to hit that subscribe button smash it if you can and then hit that like button as well nice and soft on that one though and hit the notification bell because you want to know as soon as we post these videos you don't want to be late to the party and miss a trade miss out profits you want to get it right away so that's it guys I appreciate you guys if you watch to the end as always guys I'll see you tomorrow peace and love