 It's over, we're all doomed. I think I've heard this one before. This week, Bitcoin is up 7% and with the possible $1.9 trillion free money getting shot in our faces by J-PAL's strip club cash canon and inflation rates shooting up to brand new highs not seen in the last 12 years. I think it's safe to say that it's just a matter of time now for Bitcoin. All that and more coming up. 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 knowledge and resources to help you get to that next level. So if you guys are new here, make sure to hit that subscribe button and turn on the notification bell. Also guys, make sure to like this video as it helps us with the YouTube algorithm to get this out there to more people. So without further ado, let's jump right in. So first things first, let's go ahead and do a recap from Monday's trade setups. So on Monday in Bitcoin, I told you guys that I was taking entries above $50,000. So on the break of 50k is where I was looking to enter. If you guys took this 50k trade and trailed it properly and took profits, let's say at 52k. So it ran up to a 52,760. Let's say you guys took profit at 52,000 from the 50,000 entry using 10x leverage, you would have done 40% profits on that move. And you guys definitely had opportunities here as well to reenter that trade and profit on it several times. In Ethereum, we told you guys that we were taking entries above 1600. So if you guys took the entries above 1600 on this breakout, it ran up to 1650. That would have been about a 15% profit if you entered at 1600 using 5x leverage. So those were the two entries that triggered this week from the trade setups that we gave you guys on Monday. If you missed those trade setups, do not worry because I'm going to give you guys some more trade setups for the weekend. So let's dive right in. Alrighty guys, so let's take a look at Bitcoin. As you guys can see here, we had the falling wedge breakout that we spoke about on Monday, which was a reverse signal, right? So we told you guys that this falling wedge pattern is a reversal signal. And then we also pointed out to you guys the RSI divergence, we had a bullish divergence on the RSI, which was also a reversal signal. So that led to this break to the upside here. And as you guys can see, we told you guys that the resistances that we were probably watching was going to be right here, which is at 52k area. And that's exactly what happened there, right? We got rejected at 52k and sent back down. So currently, we've been just kind of consolidating here in this area after a big impulse move. Remember, this was about a 10% move here for Bitcoin. And then we've just had some consolidation here afterwards. Currently, we're sitting at about 48,475 at the moment. We've gone as low as 46,300. So I told you guys that 4,600, this level right here, was going to be the support. And that 52 level was going to be the resistance. And that's exactly what we've seen here. So I'm expecting a battle here, guys. I'm expecting a battle. A lot of people are taking profits at 50k. Remember, we spoke about 50k, you know, for probably like the last month or so, we said that, you know, 50k was going to be a big level there, that where people were just going to be taking profits, right? However, we did see that squeeze, which kind of just took us all the way up to almost $60,000 in our new all-time high of $58,500. And then we got rejected. And once we got dumped below 50k, now is when we're doing all that consolidation that we skipped the first time around at that $50,000 region. So we're basically currently right now bouncing between that $46,000 to about $52,000 in Bitcoin. We currently have the 23.6% Fibonacci zone there, that level. So that's why it's that, plus there's the big $50,000 number. So that's why there's going to be so much consolidation in the area until we break to the upside. Zooming in here to the four-hour chart, you can see a lot clearer exactly what it is that's going on. You can see the top over here at that $42,000 range and the bottom here at that $46,000. So this is currently the range that we're watching and the range that we're pretty much consolidating in. We might see some continued consolidation here as Bitcoin prepares for its next move. Usually when there's a lot of consolidation, what it means that there might be a bigger move coming. So the longer that the price consolidates for, the bigger the next move might be. Remember, we saw the same thing here. Now, this was kind of a different situation, but this was all just consolidation. We consolidated here for about three weeks before taking off. And once we took off, we went from $33,000 all the way up to $58,000. That was a $15,000 move, guys. If we expect another move of that magnitude, we can be expecting to see basically $75,000 on the next impulse move. So right now is basically what we're watching in Bitcoin. We're going to be watching this 46K zone here. If we see any dips below 46, then you have to be a little bit more careful because that could lead down to that 45 to possibly 43, 44 range that you saw right here. And below that, we would basically probably be going down to around $42,000 to $40,000. Remember, 42 was the previous high here when we got dumped back down. We have not gone all the way back down to that point, but we got pretty close. We went as low here as 43,000 basically, right? Now on a move back up, obviously the first resistance that we're facing here is that 50K level. So that's the first thing that we're watching here. A break above this should lead us back up to this 52,000 level. And if we're able to finally break up and out of there, then we should be looking at this one right here, which is that 54 to 55 range. Then we should also probably look at right around here where we saw some price action. That's around that 56 to 57. And of course the previous all-time high, which is 58,500. Now, if we break that 58,500, we can be looking at a move above that 60K and possibly onwards to $70,000 to $75,000, possibly on the next impulse move. I would imagine there's going to be a lot of shorts get liquidated on such a move like that, which is why it will lead us up so high at that point. Other than that, we're bullish on Bitcoin still right now. We're still in this breakout from the falling wedge. We're just consolidating here after that move up from, we moved up from 43,000 all the way to 52, almost 53. So that's basically a $10,000 move within a few days during that span. So now we're seeing some consolidation here between the 46 to 52 range and a break up could lead us back to that previous all-time high and possibly higher. Another day, another purchase by MicroStrategy as well. They purchased an additional 205 Bitcoins for $10 million in cash at an average price of $48,888 per Bitcoin. So as of March 5th, they're currently holding 91,064 Bitcoins acquired for $2.196 billion at an average price of $24,119 per Bitcoin. So as you guys can see, the Wells are still buying Bitcoins. They've been buying Bitcoin. A lot of analytics have been showing that Wells have been buying Bitcoin at that $48,000 level. So as you guys can see here, Key Young Ju posted about Wells accumulating BTC that they're making a lot of bear traps lately, but the price seems to always recover to the institutional buying level of $48,000. Looking at recent Coinbase outflows, most of the outflows that went to Custody Wallets were at the $48,000 price. So again, guys, in Bitcoin, I am bullish. In Ethereum, more of the same basically here. It's just pretty much copying Bitcoin to the T at this point, right? The same falling wedge. Then we have the breakout out of the falling wedge. We have the bullish divergence on the RSI and we have consolidation currently here. Some people have asked about a possible bear flag here. As you guys can see, well, that's a terrible line. As you guys can see here, it looks like a possible bear flag. The thing with flags, guys, is that the probability for flags are in the direction of the overall trend. So on the daily, it is a good time frame to look at and to watch for patterns because it is more of a significant pattern, significant time frame. But because the overall trend is to the upside, the probability of a bear flag continuation are not high. So that's why we don't play those because it's against the trend. So if the overall trend was to the downside, then we'd be looking to take trades, trade setups based off of bear flags, right? But right now, the overall trend is to the upside. So a bear flag trade for us right now is not profitable enough to play. The probabilities just aren't there. So you can see here that during the week, we went up, ran up as high as 1650 and we're currently down to 1520. So we spoke about that 1500 level on Monday. We said that there's going to be a lot, a lot of chop at the 1500 level, which is why we're not playing that level. There's just way too much chop for that to be a profitable trade. You're going to be stopped out way too many times. You can see here that we've been ranging basically from 1450, we've gone as high as 1650, but really the range has been to around that 1600 area, right? So that's probably the levels that you want to be watching there to see if you could get something at that support on the bottom of the range or something above on the top of that range. This is also why we're playing that 1600 level. And that's pretty much for Ethereum. As you guys know, Ethereum pretty much just follows Bitcoin. So everything that we looked at in Bitcoin, the same applies to Ethereum because Ethereum's just going to copy it. All right. So next, we're going to jump into some trade setups that we're going to be watching this weekend to hopefully get some entries if they trigger and make some profits for all of us. Before we do that, if you guys have enjoyed this video so far, make sure to give it a thumbs up. If you guys are new here, it is your first time watching one of our videos. I'm glad that you've joined us. Please go ahead and hit that subscribe button and turn on those post notifications. As you guys know, we post trades all the time. We post these reviews and we post tutorials as well. So let's go ahead and talk about some trade setups. All right. So the first thing that we're watching in Bitcoin, as you guys probably already know, it's the same trade setup that we took on Monday, the same trade setups that we've been watching this week. So we're going to be watching those same levels for this weekend. We want to see a break above 50K. A break above 50K, it should lead us back to test this $52,000 area again. Remember guys, we mentioned this on Monday and it did exactly like we said. So we're watching that same area and we're expecting a similar result there. If we dip down 46K is that first area that we're watching for a support buy. Remember at 46, we're usually, we're always looking for the entry on the bounce, not on the drop. If we were to drop lower than that, then we're looking at 44 to 42K area for an entry. This zone right here, this is basically exactly where this Fibonacci level is the 38.2%. Another possible breakout would be if we were to break out over 50K and break out and above 52 would be over 52K. So if we saw a breakout above it, we'd be willing to take that as well with a little bit less risk. So we're only risking 1% on that one on 50K. I don't mind risking closer to the 2 to 3%. In Ethereum, we're basically doing this again, the same thing as Monday. We're looking for breaks above that $1,600 area. That's kind of the same level that we watched on Monday that took off to 1650. We're waiting to see if we see something similar to that as well over the weekend. The 1500 level, there's just so much chop there. I really don't have any interest being involved in that. But a possible support entry would be back down around that $1,400 area, which is more or less right around here. That 1450 is a little bit more high risk, but it's something that you can also take if it kind of goes like that, like where it just kind of touched it and then bounced back up. You could possibly take higher risk trade right there. If we were to break above 1600 and continue up, then that next level would be 1700, which is aligned with the 23.6% Fibonacci level. So those are the trades that we're watching in Ethereum this weekend. And that pretty much wraps it up for this week, guys. I hope you guys had an amazing week. I know it's been very choppy in the markets, not only in crypto, but also in the stock market has been crazy this week and the last week really. But I hope you guys have survived. Remember, guys, don't focus too much on the day to day. You got to focus more on the big picture. So don't don't stress out too much about it. If you guys have enjoyed this video, if you guys have ever made any money from any of these trade setups that we've given you, make sure to give this video a thumbs up so that it can help us with the YouTube algorithm to continue to grow our channel and reach more people. If you guys are new here, make sure to hit that subscribe button and turn on the notification bell. We post videos five times a week. Mondays and Fridays, we do trade analysis and trade setups Tuesdays and Thursdays. We do tutorials, reviews and market news. And then on Wednesdays, we do live streams. That's pretty much it for us guys. I hope you guys have an amazing Friday. I hope you guys have an amazing, amazing weekend. And I will see you guys next week. As always, peace and love.