 It has been another roller coaster week in the market. Monday was a dump fest as we dropped 11% here and then on Tuesday it pretty much continued down where we touched the lows of the week which was around that $28,000 level. But on Tuesday we did get this hammer candle here which brought us back up and above $32,000. Over the next two days then we saw two green days here with the options expiration contracts coming up. The max paying level for options expiration was around that $40,000 level which is why we probably got that bounce up here. And then of course once the options expiration expired we got the drop which we're watching right now. It's been around an 8% drop so far back down to that $31,000 range. So now the question becomes will we be seeing a bounce back up to the top of this range over the weekend or could we be retesting these lows? Let's go ahead and take a look. 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 the community with the knowledge and resources to get you up to that next level. So guys make sure to smash the like button on this video and if you're new here don't forget to subscribe guys we're almost at $10,000 subs. So as you can see here guys today we are in a sea of red and sell-offs. Everything has been basically down today as you can see as I scroll down all you see is red. Oh I see one green random project. The market cap's down about 1.67% today to 1.28 trillion dollars and the fear and greed index is now today at 27 which is actually not too bad and that's probably because of yesterday's pump. So now why did we see a pump up yesterday? This all takes us back to the options expiration contracts. If you've seen my video before on Bitcoin options expiry explained then you understand the concept of max pain. Max pain is the price at which the stock would cause financial losses for the largest number of option holders. So in today's case that number was $40,000. So although we did not hit $40,000 we did push up as high as $35,500 and then of course as soon as the option contracts expired then the prices don't. So we have actually seen this over and over again for probably the last six to eight months at this point. Now the difference on all of these months was that the prices went down right before the options expiration and then on the day of the expiration price went up. Now what's the difference between today and all these other months that we have here? Well the only difference is the direction that the move went. During all these months here the max pain number was under the current price that we were at. The last two months the max pain number has been above the current price where we have been. Now remember on average the average move of the price on the day of options expiration was around seven and a half percent. So far today we're down about eight percent and if you look back on May 28th where we had basically the same thing where the max pain price was above the current price that we were at you will see that that day on the day of options expiration we went down 7.33 percent. So if you guys caught our live stream on Wednesday we spoke on this and the possibility of this exact scenario happening. So hopefully everybody saw that and was prepared for that move. Alright so now let's go ahead and dive into what the charts currently showing right now and where we can possibly expect some movements over the next couple days this weekend. Before we do that I want to tell you guys really quick about a new project that just launched yesterday called Liddy Capital. Liddy Capital is a Swiss private equity focusing on litigation finance. They are tokenizing its shares onto the blockchain. The digital shares called Liddy tokens are asset backed by investment in pending careful selected legal cases. These KYC required tokens allow any investor to engage in the high performing litigation finance market previously only available to elite investors. Liddy token holders have shareholder rights and access to dividends. 80% of profit distributed will be paid out in dividends. The tokens launched yesterday so you can now purchase Liddy tokens at LiddyCapital.com. Alright guys so let's go ahead and jump into the chart here. If you guys were watching the live streams of this week you will know that I told you guys that the price will be ranging between this right here, this top part right here and this bottom part right here. So the top of this range here that we're trading in is $35,000. The bottom of the range is going to be right around that $28,000 mark. So you can see here that we tested that $35,000 range and got rejected on basically three separate days. We tested it on three separate days and we could not get above it. It's going to be a strong resistance as I told you guys. You've seen how many times it's played as a support right here, very strong support. So now as it flips it's going to be a very strong resistance here. So we have to be watching that level because above that level and closing remember we have to close above $35,000 and that's going to kind of give us a confirmation that we're now onto this next range. This next level is what I like to call it. Now however we for the downside here $28,000 is still the downside here. $30,000 will be a minor support as well because it is a big hole number. So people will be buying at $30,000. You know $32,000 is another minor area as well but the main main areas that we're watching is $35,000 and $28,000. Now remember that this $28,000 level is not just a random number. This is a 61.8% Fibonacci level aka the Golden Ratio. So that's going to be I'm expecting this to hold here right. I don't expect the price to drop below here but in the event that we do drop below here then now we would leave this level that we're trading in right and we would enter what I like to call this final level here. So this final level, the range in that level is between $18,000 to $28,000. Now if we were to fall below this Fibonacci level I'm not going to lie guys it would be tough to get back above it. That's why we need this level here to hold. The same way it's been a very strong support it's going to be an even stronger resistance if we were to fall below it and then we would have a lot of trouble getting above it so that would leave us open to fall to drop all the way down to possibly $18,000 which is the last time we went under this level as you can see there that's where that support was. You'll see right here that support was right on this yellow line and that's right around that $17,000 to $18,000 range. So we definitely do not want to see Bitcoin lose this support. This is crucial. This is basically make or break here for the short term of course if we were to fall below this you know we could just it will be a free fall and we just don't want to see that. So if we can hold here above $28,000 then we have the ability to get back above $35,000 and retest this range in here this same level that we've been kind of trading within right. Now one interesting thing that has popped up today is the amount of open short contracts here. So open shorts have increased by a thousand percent today guys all the way back up to the top here where we were a few days ago. So remember on Monday we were basically at highs not seen since June 24th of 2019 right. That was the last time we saw this amount of short positions open and what happened with the price during that time we had a basically a big drop here of about 11%. Once we had that drop then you'll see that basically all those short positions were closed but now the short positions have opened again. Now remember what I told you guys though in 2019 when we had this amount of short positions we did have a run up in the price. If you look back here you'll see that we had a run up of about 87% in the price when we were at the highs of open short positions there. But on Monday when we had that amount of short positions we had a drop of about 11%. So that's why you just kind of want to be cautious here. It's not really a signal for anything. It's not something that's going to for sure drop us down or for sure take us up. It's just something to watch here over the weekend. You know on weekends there's less volume so it's easier for the prices to move and to be influenced in any direction. So you want to be careful here because we could possibly see another retest of 28,000 over the weekend if we get a lot of selling pressure like we currently are getting here today. But if some major market makers decide to step in and liquidate those positions then we can definitely see a move up and above 35,000. I believe a move above 35,000 will start a cascade of liquidations for those short positions which could take us potentially back up to the top of this range. So those are the scenarios that we're going to be watching over this weekend. It is possible for what are those scenarios a play out or it's just possible for us you know with low volume over the weekend to just kind of bounce around in the range that we're currently in here. So I hope you guys have enjoyed this video. If you did make sure to drop a like on the video. If you have any questions drop it in the comment. I'm always happy to answer those questions for you guys. And if you guys are new to the channel don't forget to subscribe guys. We are at 9.92k subscribers guys. We're less than 80 subscribers away from that 10,000 milestone. So smash that subscription button, turn on the notification bell, smash the like button and we will see you on Monday. As always guys, peace and love.