 The Bitcoin winter continues. As we sit patiently waiting for that Santa rally, the market prices has really, really been putting us to the test. So with a lot of fud being spread throughout the markets about the new COVID variant and the feds possibly speeding up tapering, which basically means that they will slowly start pulling back the stimulus that they've provided during the pandemic for the last two years, which of course has kept the interest rates low. It has basically belled out a bunch of failing businesses and of course kept the stock markets at new all-time highs regardless of how everything else has been doing. And not to forget that now we also have December 8th to look forward to where top executives of eight major cryptocurrency firms including Coinbase will be testifying before the U.S. House Financial Services Committee. Apparently they will be discussing the challenges and benefits of financial innovation according to the committee's announcement. Hey, maybe this time they will finally understand what Bitcoin is. So with so much going on, you're probably wondering how will Bitcoin react to all of this? And more importantly, how will it react over this weekend as we lead up to these events? Unfortunately, there's no way to be able to predict the future or what will happen or how the prices will react. The only thing we can do is look at the charts and look for different levels and different ways that things could play out depending on what happens and then over the weekend and leading up to that December 8th meeting and leading up to the tapering, the COVID variant. There's a lot of variables, a lot of moving parts in the market right now. So with all that said, 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 as a community with the knowledge and resources to take your wealth up to that next level. So if you guys are new to the channel, don't forget to subscribe and smash that like button. Turn on the notifications. If you have any questions about anything that we cover, drop it in the comments. So currently looking at the structure of the market in the weekly timeframe, we can see that last week we ended up getting a very bullish candle, which set up what looked like to be a bullish week, going into September, finishing off November. What we've gotten is a bunch of more fud into the markets this week. The stock market has been dropping almost every day and the crypto market has kind of been following. So all this fud out with of course the COVID variant and all that that we just spoke about. Of course, this is all affecting the market right now. And if we look at the structure, you see that we're still structured, we're still in place. We're in the green buy area. We're in the green support zone. And you can see that we're on the bottom of this channel that we've been kind of bouncing on for the last, you know, since back in July, maybe even June, right? So we're still at support. There's still no reason to panic at this point. But we do need, remember, just like we spoke about this last time that we were down here last week, we do need to see a bounce here to make sure that we stay within this channel and we revisit the top of this channel. If we do not get a bounce here and the support does not hold, then we could potentially be seeing a drop and that drop could be as low as around back to that $42,000 area, which was down here. Now we do have some supports on the way down, but they're not going to be that strong. We have, of course, the $50,000 area. It's going to be, you know, then we have the $48,000 area along with this moving average right here. This is a 50-day that's going to be right around there as well, right within that $48,000 area. And if none of those could hold, then we're dropping down to around the $44,000 to $42,000 area. This is why it's so important for us to hold here. If not, we might either go into an early bear market, which has never happened before historically. Historically, after Thanksgiving, we've never gone into a bear market. We've never hit an all-time high before Thanksgiving and then just gone into a bear market, right? So historically, during Christmas time, December, January or something where we've hit our tops. So if this is the end of the bull market, we're still expecting that one more move up. All on-chain analytics and historical data back this theory up. So that's currently what we're waiting for. But of course, this can all be, this can all change. We could either go into an early crypto winter or we can potentially be expanding this bull market into early 2022. So as long as we hold above 53, 52, I'm expecting a bounce. I'm expecting us to continue back up and I'm still expecting a new leg up hitting a new all-time high at some point. I thought it would be this month, if it's not, it could still happen in January. It just, there's a lot of things outside of Bitcoin that's currently adding into the fear, uncertainty and doubt right now in the market. And it's not just a crypto market. It's currently in all markets right now. So unfortunately, it is a reality of the markets and we have to just kind of follow it and see what happens. So you see that we're still holding this very strong support here. It was a huge resistance before. So, you know, we need it to hold here. If we can hold here, I'm expecting the bounce back up the top of this range up here. If we were to hit it sometime in mid December, that's going to give us a price range of around $85,000, a price target to potentially if we can hit the top of this channel here. If we fall below, I already gave you the levels in the event that we fell below, we'd most likely come all the way back down here. So that's currently where we're at right now. Maybe now in about an hour, the stock market will close and what I've noticed for the last probably two weeks or so after the stock market closes, prices kind of relax a bit and they tend to go back up usually overnight. And then as soon as the stock market opens again, prices once again to start to tank. And that's literally what's been happening, I think, for like the last two to three weeks. We've been seeing while the stock market's open, just a bunch of fud going on and it's been pushing prices down as soon as the market stock market closes, then prices kind of relax a little bit and prices tend to bounce back up. We usually get a bounce into the overnight and into the morning. And then once the market opens again, prices start to fall again. So now with the weekend coming in, usually weekends is low volume. It's hard to be able to predict what to expect there. So we're just really, there's really nothing to do here. I'm currently recommending people in the group to either stay out of trades or if they are using trades to use very low leverage at this time and to make their position sizes a lot smaller than they would usually use due to the fact that right now, it's hard to predict where we're going to go. And there's no direction in Bitcoin. We've just been bouncing around back and forth, back and forth. And it's, you know, when there's no direction, it's hard to make money in the market. So that's currently where we're at, what we're thinking and what we will be watching over the next few days, you know, going into Monday. Trades that we will be looking over for this weekend will be basically if we get a break back above 55k, that's a potential entry there to try to ride that up to around that 58 to $60,000 area. If we were to fall below 53, 52 and below 50, those are potential short positions there. You can potentially look to enter a short position on a break of maybe 52, maybe on a break of 50, a little bit safer. And that you can potentially ride down to maybe that $42,000 area if it were to break below those levels. So those are definitely areas that we're going to be watching. We're looking to play both sides if possible. Again, everything is very risky, though, because Bitcoin doesn't have a direction right now. So you just have to use lower leverage than you than usual and use lower position sizes than usual. During times like this, risk management is key. So that's how you will want to look to mitigate your risk. That's it for today's video guys. I hope you guys had a great week. Hopefully you all have a great weekend. You know, when prices are like this, you just got to kind of get away from the charts, enjoy your time with your family and friends, go out, have fun. And, you know, once the market decides on a direction, then you can jump back into the market. Sometimes the best thing that you can do is just sit on your hands, stay out of the market, stay out of trades until there's a better opportunity out there to make some money. If you guys enjoyed this video, make sure to smash that like button. Let's try to get back to 100 likes again. The Monday's video hit 100 likes. I thank you guys so much. Let's see if we can hit that 100 like goal again this video. If you guys are new to the channel, don't forget to subscribe. Over 60% of you who are watching this video are not subscribed to the channel. Also turn on those notifications. And if you have any questions about anything that we covered in today's video, make sure to drop it in the comments. Thank you guys so much. I'll see you on Monday. As always, peace and love.