 We are back guys. We finally got back our Instagram account after 43 days of being disabled Thank you to everyone that's been supporting us for these last 43 days. We are Thrilled we're pumped and we can't wait to create more content for you guys on there We have successfully Tested and confirmed this Fibonacci level that we broke back above last week here However after this successful bounce that we had here on the bottom of this falling wedge Next what we're watching is going to be the potential here to either break out or break down And when I say break down, I don't mean break down from the pattern But break back down to the bottom of this falling wedge Which would be anywhere around 34 to probably 32 thousand dollars So the question is can we see one of those scenarios happen this week? Let's go ahead and take a look at that in today's video Plus we will go over some trade setups that we will be watching this week. Let's dive right in 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 and investors the goal of this channel is to empower you guys the community with the knowledge and Resources to help you get your wealth up to that next level. So if you guys are new to the channel Don't forget to smash that subscribe button turn on notifications and of course like this video if you have any questions about anything that we cover today Drop it in the comments. Let's jump right into today's video So we're a little late on the video today So we're going to keep it as short and sweet as possible and try to get through everything really quick for you guys So it has been a lovely time in the market for the past eight days or so, right? Except for maybe one day here. Everything else has been pretty much green Bitcoin's price has been very correlated with the stock market this whole month really so now that the stock market is green Crypto has also been in the green for the last week or so So that definitely had a lot to do with the markets just being completely Oversold remember for the last two weeks or so We've been telling you guys that on the daily chart whenever the market is oversold Almost always. There's some sort of rally back to the upside And that's exactly what we have seen here so far And if you look back in history, it remains true every time that we've been oversold Eventually, there's a rally that leads us back to the upside Even if it's some sort of dead cat bounce or just a relief rally We move back up before it continues down now something else that has been interesting here on the RSI is actually this right here if You take a look at the RSI you'll see that we have this low and then lower low However, if we take a look at the price action, this is on the weekly time frame You will see that we have a low and a higher low. So what exactly does that mean? That's called hidden bullish divergence. So what exactly is a hidden bullish divergence? Well, if you look at this chart right here You can see that when the price is going up when it's setting higher highs While the RSI is setting up lower lows. That is indeed a hidden bullish divergence You can see here. What is hidden divergence? Hidden divergence is created when the price of a cryptocurrency Carves a higher low while the indicator creates a lower low Taking a look at this a theorem chart right here You can see that last time that we had the same type of hidden bullish Divergence you can see the price was setting up a higher low RSI's setting up lower lows. Well, I mean the rest is pretty much history, right? We just took off past four thousand dollars at that point We could also see it on this Bitcoin chart when we had this hidden bullish Divergence price going higher RSI going lower then we had a move to the upside again price setting a higher high RSI setting lower lows. We had a bullish move to the upside But then at the top here, you will see that we had a higher high and a lower high here on the RSI So what was that? That was a bearish divergence and that of course sent the price falling down So now looking back at the chart here We not only have the hidden bullish divergence But we're also about to break out of this falling wedge pattern So that's two different reversal signals that are pointing for the market to head back To the upside now, of course, it's not all butterflies and rainbows as we do have a lot of Resistance that we will face here. Remember, we're still having to face that long term What was support before that will now be a resistance and we will have of course this level up here Which is a Fibonacci level and even after we break above all of this We still have a lot of ground to make up guys So this doesn't mean that we're out of the woods even if we do break out of here We have a lot of ground to make up still it will not be easy But it is definitely setting up to be possible So trade setups that we will be watching this week if you guys have enjoyed this video so far Don't forget to subscribe and turn on notifications and also of course smash the like button Let's go ahead and jump into some trade setups So we are still watching that $38,000 level if you've been playing it every time that it's either broken up above 38 it's run up at least around $500 and when it's broken below it, it's also the same thing. It's run about 500 to a thousand dollars You can see today. We actually hit a low of 36,600 So I've been playing this level to enter both long and short positions now at this moment in time The higher probability is on the short side Because we have this resistance that we're facing up here But if we do get a breakout above this level, I'd probably be looking for It's going to be somewhere above 39,000. So you could either use 39,000. Is that 40,000 is so close to it I don't feel comfortable Using 39 as an entry because we can easily get rejected back down to 38 So I think the level that I will be playing is $40,000 for a long entry. So if I see the price go above $40,000 I will execute an order there to enter a long entry and at that point my target Would be $42,000 which is where this next resistance level is now if instead We end up going towards the downside and revisiting this Fibonacci level right here That's been as you guys can see playing a role as a support level for us right now then again I'm using 38,000 as that signal to enter a short and at that point I'm looking to to hit this level down here Which is probably around $37,000. That is it for us today guys Thank you guys so much for watching to the end of the video if you watch to the end You already know to do drop it in the comments that you watch till the end of this video Helps us out a ton with the engagement which of course helps with the YouTube algorithm to try to get it out To as many people as possible. Thank you again guys make sure to subscribe Smash the like button and if you have any questions about this video drop it in the comments I will see you guys on tomorrow's video as always peace and love