 So yesterday We had a huge sell-off to levels that we haven't seen since Three weeks ago, but regardless We are now down 31% from all-time highs and my net worth is also down 31% From all-time highs, but what will we do? Where do we go from here? Will the double spend fake news continue holding us down? While Janet Yellen continues to stomp on us There's only one way to find out Hey, what's up Jay here and welcome to Bitcoin Daily bringing you guys the best tips tutorials and ideas to help you become profitable and successful traders the goal of this channel is to empower you with the resources and Knowledge to take you to that next level. So make sure to subscribe like and share this video Also turn on that notification bell so you guys are notified as soon as we post a video five times a week In today's video, we're doing a price analysis on both Bitcoin and Ethereum and then at the end of it We're gonna go ahead and go over some possible trade setups over the weekend depending on what happens Before we jump into the price analysis for Bitcoin and Ethereum We're gonna do a quick recap on the trades that we of course gave you guys on Monday And I know it's been kind of a rough week. It's been up and down, but the trades we gave you guys made profit Let's go over them real quick So the first trade that we gave you guys was a Bitcoin entry at 35k, right? So the entry was right here 35,000 I told you guys I wanted to see a test of this 35k support and then the bounce back over that's exactly what happened guys So we had the test and the bounce back up So the entry was that 35k support and as you guys can see it went all the way up to almost 38,000 It went up to 30 a 37 920 right so if you were to wrote it from that 35k entry to 37.9k you would have made 83 percent profits if you were to use 10x leverage The second entry in case you did not catch that one was a breakout entry above 36,000, right? So the entry would have been Right on this candle when it was breaking out If you would have been able to ride that all the way up to the same spot You would have made about 53 percent profits, right? There was a moment in time where it ran up as you guys can see so it would have broke out it ran up to 37.5 ish 37.6k then it dropped it back down So you would have really been able to take profits and then we entered it at 36 again and wrote it up to that 37.9k and that would have you would have made Basically 50% profits on both if you were able to ride at least most of it, right? Then the next two trades that we gave you guys was for Ethereum So let's take a look here any any theorem and guys watch Monday's video We spoke about this right we spoke about this breakout and we called it exactly so the Entries here that we gave you guys the first entry we gave you guys was a 1200 entry But as you guys can see here Theorem after we put out the video it never tested 1200 again, so we weren't able that entry never triggered so the next entry we gave you guys was above 1250 right so that 1250 mark was basically above the these like the majority of these candles here and Look at that boom that led to this breakout, right? So that 1250 entry if you wrote it all the way up to the top you would have done about 76% profits if you use 5x at leverage like we did and if you miss that one We gave you that next entry which was above this candle right here, right? If you wanted to take a safer entry that it was that 1300 breakout entry and as you guys can see here the 1300 broke out Just like we called it wrote all the way up to that 1440 area for a 50% profits right and You could have definitely after this drop right here You could have entered it again and wrote back up and made even more profits So those are the entries that we took During this week from Monday's video if you guys want to join our trade group We have a link in the description and here We call all these trades in real time with the exact trade plans that we use exact stop losses Where we're taking profits etc etc plus we have a lot more real-time day-to-day trades So let's jump right into this price analysis on a Bitcoin guys So the first thing that we're looking at here the first thing we're gonna We're gonna remind you guys as we look at the monthly chart look at this these monthly charts guys in October Bitcoin did 28% in November Bitcoin did 42% in December Bitcoin did 46% so 42 46 and in January Everybody's panicking guys in January were up 12% on the month and on the year So everybody needs to take a step back and relax R E L A X relax So As you guys can see we've we were still green on a month, right? We are in oversold I mean over a bot territory, but we're still green on the month if we jump down to the weekly Then you can see on the RS I it's starting to come down A bit and we're almost back out of that over bot territory, but we're still currently over but we're right there We're right there guys probably what it's gonna take to get out of that over bot territory is to some consolidation really That's what what it's gonna take. So the last two weeks have been red days As you guys can see down 6% one week down 9% the next week But we opened the month very good. So We're still up overall on the month as you guys can see the bigger picture here on the weekly It seems to be a Bear flag, right? Wow, why is that all that? Why is that so squiggly? I don't know why the line so squiggly right now It doesn't let me draw straight line, but you guys can see here This is a bull flag that's forming here on the weekly chart, right? So if we zoom in a bit here You guys can see this clear channel that we're on and you guys see here this What this current drop has been so far? So we've dropped basically from the all-time high, which is? 42,084 down to the new low, which is 30 I'm sorry 28,002 So it's a thirty one point five six percent drop 13,282 dollars drop right so for every Bitcoin you have you dropped $13,000 basically, but Guys, we're still up. We've done we've gone up so much that it's crazy how much people are panicking Now with this correction. Let's let's go ahead and take a look back in time You guys know I love to look back in time look back at history because history Teaches us what happened and where we're going next right remember history tends to repeat itself So let's take a look back at 2017 when we went on this initial bull run and What it looked like Right, so the first pullback that we had on that bull run was a 14-day pullback, right? And when that that pullback happened it was thirty three percent drop guys our pullback It's only thirty one percent right then the second pullback that happened in 2017 took about a month. It was about a month long and that pullback dropped 39% right guys our pullback so far is only thirty one percent Then when we had our third pullback of that run It was about another two weeks and that pullback was forty one percent So it seems like it increased little by little right thirty three percent thirty nine percent forty one percent guys our pullbacks only Thirty one percent so far and then the the final pullback before the before we turned it bearish was a four-day pullback Which was around thirty percent that's the only pullback that was less than ours And if you look at every single pullback we've had during every single bull run in Bitcoin's history You will notice that Hours is not that bad thirty one percent the only one that's less than ours is this one right here Which is thirty percent and then also look at in 2017 every time we had a pullback look at the return to New High so we drop thirty three percent then we went up forty nine percent drop thirty nine percent one up sixty five drop forty one went up seventy You know so We've always returned to new highs. This is the first pullback of this run Right, you'll notice that all the all the runs had multiple pullbacks So there's no reason to stop believing in this bull run at this point This is the first pullback of this run this pullback was gonna going to happen We spoke about a pullback eventually coming of around thirty percent because that's the typical pullback And as you guys see thirty percent is not even the typical pullback usually a lot more than thirty percent But because of the fundamentals of Bitcoin at this day and age Thirty percent is the pullback that we were expecting because we were not expecting a pullback of fifty or more percent at this point, right? so Looking at this chart you guys can see that we're currently in this pattern right here down up down So so this is a channel that that we're currently in right? We're in this channel and it's been Respecting this line right so you see that it's respected the tops here tops here top here And it's respected the bottoms right and now just respected that bottom yesterday So we're hoping to see a break of this fifty percent Fibonacci level to take us to possibly the top of this pattern Which will coincide with this next Fibonacci level thirty eight point two percent And that's right at that thirty five thousand mark that we've spoken about so much we've had so much a consolidation here in those areas and It looks like that's going to be if we're able to break through here today and over this weekend It's what's gonna lead up here back to that thirty five K range So once we get here that's gonna be the battle right so we we're gonna we're going to need to break out of there in order to break out of this lower high pattern that we're currently in and to it invalidate it and to you know Possibly make new highs so we spoke about this pattern last week and in this week right on Friday And on Monday's video where we had this high then we had a low then we had a lower high Lower high and now a lower lower low right so we need to Flip out of this pattern so that we can stop you know if not we're gonna continue down on this channel now Going down in this type of channel is a you know or if you look at the big picture It is a bull flag. This is exactly. This is a textbook bull flag This is exactly what a bull flag looks like where it goes up big impulse move up then consolidation within this right Consolidation going down and then a break back up So that break up where that main entry is gonna be is you know that what's gonna Basically confirm the bull flag pattern is if we we can break through that twenty three point six percent Feminace zone right so in this scenario that we don't break up this bull flag and Continue trending down within this channel then we're looking at basically You know possibly bouncing up here and getting rejected back down here and then going lower than than this one So I would expect something lower than than what we just did yesterday Which was 28 so I would probably expect us to possibly reach this Fibonacci level Then maybe bounce here and then test this one if we don't bounce from there, right? So it looks something like this right if we cannot Break the cycle right we're gonna continue to print lower highs Lower lows lower high lower low lower high lower low And that could take us basically all the way down to this Fibonacci Area right here, which is right around that 27,000 mark and then the final target really is where we started off right here And this is that 23 24k and then after that it would be where we broke out into new all-time highs Which is really that 20,000 mark, right? So I do not see us going below 20,000 But it is a scenario that we need to be aware of in the situation that it does happen All right guys, so let's go ahead and take a look at ethereum here As you guys can see here. We basically bounced around We had that triangle and and then this one we actually did break out, you know on the Bitcoin triangle We did not end up breaking out. We broke down, but in this triangle. We definitely did break out I told you guys we're gonna do new all-time highs and we printed new all-time highs now We didn't reach the top of this remember I called for 1600 because unfortunately we had Bitcoin break down and the reality of the situation is that a theorem is like about 98% correlated with Bitcoin So of course with bitcoins breakdown ethereum went down as well, but overall it's held up a lot stronger Than previously before right last time when Bitcoin broke down look how low ethereum went We went down to about 900 this time. We only went about not even we didn't even get to 1000 right so we went to the bottom of the triangle and then currently right now we're Basically breaking back up above and out of this this triangle So if we have a the break up to the upside here if Bitcoin doesn't pull ethereum back again We will definitely retest this all-time high and I believe we will test that 1500 and 1600 level that I Originally mentioned so it's only a matter of time before we get to this level that I that I previously stated It's just it's dependent really on the overall market and on Bitcoin overall Bitcoin is what's basically been pulling down ethereum every time it's gone up So as long as Bitcoin doesn't drop like it did yesterday and if it just Consolidates in a range then ethereum could make a move right as long as Bitcoin is either Consolidating or moving up ethereum what can go up if Bitcoin is dropping down then that's the time when ethereum It's it's difficult for ethereum to continue up with a Bitcoin pulling the entire market down But overall you can see here we zoom into this for our that we had the bounce right here It was the bottom of this triangle range It was also exactly where that 50% Fibonacci level was and you guys can see there that we had the bounce and We basically held was it were held up really by this 38.2 percent Fibonacci zone So we had the nice bounce here and we're currently we broke out of this triangle again And now we're currently testing the triangle as support. So as long as we stay above this line right here we should continue right back up to that 300 that 1300 level and Beyond to retest this off this previous all-time high. So as again, like I said, if Bitcoin Consolidates Ethereum will go back up if Bitcoin moves up ethereum will go back up now if Bitcoin drops down again Then that's a different story and it will push ethereum down like it did yesterday So the levels on ethereum that we're watching in the event that Bitcoin continues with the lower highs and lower lows. It would unfortunately also push down ethereum So the supports right now is currently right around where it's at. So that's at twenty three point six percent Fibonacci level It's that's right around that 1200 zone right then we were going to have this next level, which is 1100 which is also the thirty eight point two percent Fibonacci zone after that We have the 50 percent which is right around this is actually where we bounced yesterday And it's right around that thousand mark, right? So it's a it's a little bit before 1000 It's around ten thirty thousand thirty, but it's right around that that area. Remember their zones their areas and not exact numbers And then below all of that in the worst-case scenario that we continued to drop, right? We have this support right here that held us up there held us right here So and this also happens to be the sixty eight point eight percent Fibonacci golden ratio, right? So that would be as far as I think we would go and that's around at nine fifty area So I would I would believe that we would be able to hold above that unless something, you know Really crazy happens. So regardless guys if you guys look at the year to date down here in ethereum guys Ethereum is up sixty six point five six percent year to date and this in the past month It's up sixty eight percent in the last three months up one forty percent the last six months up to nineteen percent and last year It's up five hundred percent God the theorem is strong. Alrighty guys. I hope you guys are enjoying this video so far next We're going to talk about some trade setups for this weekend. So stay tuned Make sure to Subscribe and like this video guys if you're enjoying it also turn on that notification bell because like this video We're about to give you some trades and you don't want to miss out on these trades So turn those on let's jump right in. Alright, so the first thing that we're gonna watch here is of course Bitcoin We're currently watching This right here. So you see how we have this resistance here, which is also that Fibonacci level, right? So that's that fifty percent Fibonacci level We've had the bounce off the golden ratio here that sixty one point eight percent So we want to see a break above this. So what I'm looking for the first entry I'm gonna be watching is a break right above these candles right here and The Fibonacci zone and since we're so close already to this 33k zone Which is that big hole number that you know that we love we're gonna use that level as our Main level to enter on the breakout of right. So the entry is gonna be on a break of 33,000 right that's the breakout entry that we will have the next entry will be a support entry So the support entry is going to be at that 30k level in in the event that we continue to kind of Consolidate within this these two ranges, right? I'm looking to buy the bottom of this range Really bottom of this range is gonna be that 30k mark, which is the golden ratio So if we have a pullback back to 30k, I'm looking for an entry there at 30k, right? But like you you know how we like to enter we want to see it kind of go under and then bounce back up You want to buy the bounce you don't want to buy the drop because a drop could go on forever As you guys can see here, but the bounce is Way more profitable. So we're looking to buy that bounce and that's basically it That's what we're gonna be watching in Bitcoin this weekend. The next one in Ethereum we're kind of watching a similar thing here. We're watching a break of Around it's probably gonna be around the top of that candle. That's around at 12 1260 range, which is also kind of the top of this So if you want to make it a little bit, you know a better of a level 1260 is just kind of random So we're gonna watch around 1280 1280 a break of 1280 should definitely take us to 300 and beyond right if you want the safer entry to make sure that we're bouncing then 1300 is definitely the one I believe a break of 1300 could take us back to these all-time highs and then Down here, I'm gonna be looking for if if we can stay on this support here If for some reason we were bouncing around here I'll be looking for an entry around here, which is that 1200 area, right? So anything around 1200 maybe even something above 1250 but 1250 is gonna be a little a little more risky You see the high here was 1255 and then the drop back down. So it's a little too risky for me I don't want at least for a breakout minimum above this candle right here The safer the safer entry would be that 1280 and the safest would be above 13, right? That's pretty much it for that if for some reason we do drop down here again Then I'm looking for entries at 1100, which is basically around this support right here So those are the entries that I'll be looking for over the weekend in Ethereum. Alrighty guys, I hope you have enjoyed this video I know it's been a crazy roller coaster of a week But hopefully we'll have some more steady waters this weekend. I hope you don't see nothing too crazy, right? Only if it's to the upside would I allow something crazy at this point, but hopefully the waters are a little chill Everybody's kind of gassed on what happened over this week and maybe everybody will just kind of calm down a little bit That's pretty much it guys. I hope you enjoy your weekend have an amazing Friday have an amazing weekend I will see you guys on Monday as always guys peace and love