 Oh another boring weekend in the crypto market. What a surprise, right? The only real movement that we ended up getting was Yesterday as the price moved up a little bit to end up closing the candle on a bullish note So that the weekly candle ended up being about two and a half percent up last week So this is the highest closing weekly candle that we have ever gotten in Bitcoin, right? So that is definitely bullish So what I didn't like about this close is this candle as you guys can see although it is Still green meaning bullish, right? It was still a positive week. This is called an inverted Hammer, right? Now if this was red then I'd be a little bit more scared of the pattern But because it wasn't red it is green. It's not too bad, right? Still bullish plus with closing above the highest that we've ever closed makes it pretty bullish However, we're gonna talk about, you know, this this little pattern right here This little blow off the top almost kind of look alike thing, right? We're gonna get into that today and again, remember we're talking about divergences on Friday So we're gonna kind of take another look at that see how that's going and see what we can expect for the rest of This week as you guys can see the week opened up red. Let's see what we get guys So let's go ahead and dive into today's analysis 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 the community with the knowledge and Resources to take your wealth up to that next level. So if you guys enjoy this video Make sure to smash the like button for us if you guys are new to the channel Don't forget to subscribe turn on the notifications if you have any questions drop it in the comments Let's dive into today's analysis. All right guys So first thing we're going to do here is do a recap of the trade setups that we gave you guys on Friday's video Not really too much happened as you guys can see here the trade the two trade setups that we gave you guys was above 66 and a bounce back at 62 so you can see that we did not get under 62 so we couldn't that trade did not trigger the 66 did trigger this morning or actually last night when the new weekly and the new daily Candle opened and it went up as high as 66 642 too many sixes for me, but hopefully you guys were able to grab some profits I know it wasn't much of a move. It was basically around a 1% move So tar that's about 10% profit if you use 10x leverage like us if you of course if you took profits at the top So, you know, we understand if you guys didn't make profit on that or you might have stopped out on that trade Or if you're still holding that trade open So we're not going to call that one a W We're going to put a fat L on the screen here on that trade this weekend So let's go ahead and take a look at today's analysis. Let's see what's been going on over the weekend That's might have changed what's going on in the market, right? so the first thing that we're going to look at here you guys can see that we had the breakout last week, right and We had we've had we set a new all-time high and then after that we've just kind of been Consolidating right we've been a consolidation and been kind of dropping back down So this is a common thing that does happen in all types of markets It is a common pattern where you get a breakout above and then you get a retest down here So depending where you put your resistance here, you know, you might have set it in a way Where this could have actually touched here. So that's almost like a retest there of this Breakout. So what is it that we're expecting going forward? Are we bearish now? Due to this not at all. So this is just consolidation after a move up, right? So we moved up we had about a 10% move to the upside over what a two-day period We actually went higher if you go to the top here We had a 12 and a half percent move to the upside in one two three in a four-day period And now we've had a correction as low as about 10% here after that all-time high So I still strongly believe that there is another move for Bitcoin to be made this month Now, I don't know if we're going to hit this target up here Which was of course that around eighty eight thousand dollar range and of course we got that target there by Measuring the top of the bull flag to the bottom of the bull flag here But I really do believe that we should get another move up I think we should at least this month get above seventy thousand dollars Now the thing with Bitcoin is that when it moves it usually moves hard So if you're not ready for the move, then you're probably going to miss out on it It likes to shake people out before then just moving up very aggressively You can see after our last all-time high here We basically dumped about 14 and a half percent Before then consolidating here and then moving up another 12 and a half percent So if you guys are not prepared and are scared out of your positions You're going to miss this move up. I think we still do get that sometime in November. It's just I can't put a date on it Unfortunately, it's kind of unpredictable But I do feel like we have some sort of move coming here We just got to be patient and be ready to take this move to maximize our profits on it now with that said That's our bullish scenario right now. We can't forget about our bearish scenario That's also playing out here. Remember that the RSI is currently Trending down while the price has been trending up. So that is what's called a bearish divergence So you might ask what is a bearish divergence? So if we look up the definition here, you'll see that a bearish divergence Signifies a potential down trend when prices rally to a new high While the oscillator refuses to reach a new peak So if your person that learns more by seeing exactly what the definition is rather than reading it This is what it means prices have been reaching new highs, right? But the oscillator aka an RSI for example, which is what we're using here This is called the relative strength index. This did not reach new peaks as you can see It has been trending downwards while this has been trending upward. So that Signifies potential down trend a potential pullback potential correction doesn't mean bear market It just means that you know something might happen at some point soon We're going to see some sort of pullback, right? So last time we saw this was right here and we ended up seeing a 25% correction in the market if you guys look at this right here right now We've only pulled back about 10% which is not enough because it hasn't reset this the divergence, right? You see when we had this 25% drop here It kind of reset the RSI and then we were able to match it back up With the prices as you guys can see here. You guys can see there. It started matching back up This is still not matching So this is not saying that it's gonna happen this week or today or next week But it might happen at some point soon What we did here was take the last time it happened and kind of map out the amount of time it took Before we saw the pullback which was 39 days So we mapped it out over here on this side that would give us a date of the end of this month Which is around November 28th as the possible date where we when we can see a pullback, right? So that gives us about two weeks where we could still set new all-time highs and still move up now Again guys doesn't mean that it's going to happen for sure that we're gonna get that pullback You know doesn't mean that we're gonna drop 25% is just a possibility of what could happen Just by looking back at history what at what happens last time that we saw something similar So I just want to give you guys the bullish perspective and the bearish perspective because currently on the charts We have both so let's go ahead and take a look at what trades we will be watching this week here You can see that I have both the bullish price target and bearish price target here Just to give you guys an idea of where it could either jump up to or drop down to if either of those Scenarios play out. So for trade setups this week. We're going to be playing the same thing I'm gonna show you guys what it is. We're doing in the trade room, right? So 65,000 so I remember on Friday give you guys 66k as a breakout candidate now. You saw we got a fake out here So so if you entered that you could have made profit if you're trailing aggressively But if you did not you probably either got stopped out or you might still be bag-holding, right? So this is what we're doing. We're using the $65,000 area as an entry. However, we're not setting up stop losses right under what we're going to do is we're going to Split our orders in multiple orders. So I am entering at $65,000 whoops at 66 65 is more over here. Then I also have an entry set around $62,000 that's gonna be right around over here. You can see that we have some support there 62 has always been a very important number here as you guys can see it's played a significant support and Resistance so we're going to add on an average down at 62 When we average down at 62 from buying up at 65 that gives us a an average entry of about 63 500 or so and then what we will end up doing is probably putting a stop loss below $60,000 because at 60 if we fall below there We might drop lower to 58 and if it's this this bearish scenario here We could even drop as low as 52 So we don't want to be in for that ride Don't want to make sure that we don't don't get liquidated. So we'll have our stop losses below $60,000. Now if you don't want to do that, you can just use 66,000 again as a breakout entry just keep your stop loss around $250 below 66 or if you want to play it the safest possible just have a breakout entry above the Previous all-time high and usually when we break the all-time high prices move in at least like $2,000 above the previous one you can see here this was the previous one and we moved about $2,000 above it and Even if you go back to this previous one when we broke above that we moved $2,000 above that So that's just to give you an idea of the potential and it's kind of a safer bet there since we get usually more volume More momentum on those trades. So other than that if we drop lower here We're currently are sitting around 64 if we go down then we're looking at 62,000 for the bounce back entries and 60,000 for bounce back entries as well. Alrighty guys, that's pretty much it for today's video I hope you guys had a wonderful weekend. Let's see if we can this time make some profits with these trade setups this week And hopefully once again see some new all-time highs If you guys enjoyed this video, don't forget to smash the like button on it If you're new to the channel, don't forget to subscribe turn on notifications And if you have any questions about anything that we covered here, make sure to drop it in the comments I'm always happy to answer those for you. Thank you guys so much. I will see you on the next video As always peace and love