And by the way, what I'm going to share with you in this video, you can apply it not just a Bitcoin, but also you can apply to the charts of the stock market, to the charts of the currencies. In fact, any chart really you want this begin first of all, with the chart of bitcoin. Now you probably know by now that in my previous videos, in my most recent videos, I mentioned that an important level is very important level on the charts, which is a 200 weekly moving average. That's the Green Line you see on my chart right there to 200 weekly moving average. And I mentioned in my previous videos that, look, if bitcoin comes down to this level, very likely we're going to, hold this level and actually see some kind of a, some kind of bounced from these levels. Why? The reason is, let me show you as an example.
And let me just show you this, this is something I saw in the airport in Washington DC and I kid you not. This was the front cover of Bloomberg Business Week magazine. And look what it says on the front cover. It says rhymes with bitcoin. Has crypto hit the fan. Alright, now this is obviously written in my opinion, to provoke an anger. Some bitcoin investors out there, probably the hard-core bitcoin investors, especially since I'm there trying to use some rather rude language in regards with Bitcoin as you can probably guess, but whenever you see magazines publish on their front cover a doom and gloom negative articles about bitcoin at any market doesn't have to be bitcoin. But whenever there's doom and gloom and negative articles on the front cover of magazine, that is actually a very positive sign for that market historically. And statistically it's a sign that that market could be getting near to a bottom or maybe the bottom has already been reached.
Bitcoin to 3150 or lower
Now, as you probably remember in my last video on Bitcoin from a few days ago, I said that I was looking for Bitcoin to eventually head below these lows below the lows of 3,500 and eventually to head south and take out those loans and in fact they've done that now in the last couple of days. Bitcoin width below the lows of a few weeks ago and below 3,500 and they're currently trading about 3,360. And the reason why we were expecting bitcoin to head lower is because of three reasons. Firstly, as you will see here on this chart, this is my elliott wave chart of bitcoin and you will see our Elliott wave indicator or lt intelligent Elliott waves is showing to us that we're going to likely wave three. And here's something else I want to show you. If we switch this chart to a weekly timeframe, this is where it gets very interesting. So the second thing that we need to pay attention to is the fact that we're not too far away.
Will it go lower than 3000? Is it will be a bottom of Bitcoin Bubble pop? What price should you start look into BTC to get it cheap?
I want to bring to your attention, firstly, before we actually take a look at the bitcoin price itself. What I want to bring to your attention is what's happening here on this chart, and you may remember about some weeks ago at the beginning of November, I said, look, pay attention to this pulse signal that's happening here on this chart, these red dots, because when these red dots turned to blue dots, in other words, when the policy eventually fires as it did on the 14th of January, you can see that policy eventually fired. You can see what happened to bitcoin. Bitcoin broke through that supports and then dropped significantly lower. In fact, bitcoin dropped by almost 50 percent, almost 3000 points from these levels. So as I explained before my previous video, that is why we never fight the momentum of the pulse. So when the momentum you can see as negative and it's momentum is increasing lower and lower.
Bitcoin will fall to 3500 in mater of time?
Am I sure of it? No. Is it possible that Bitcoin hit ground on 3500 $ mark? Yes
Now, you may remember a few days ago I posted a video which said, how low will bitcoin go? And in that video I showed you two downsides projections based on geometry, and according to the first symmetrical projection, you will see that the first target was at 4,585, again near the 4,500 level and the one below that is at the 3,500 level. As a matter of fact, we have already hit the first target. I have to tell you, I'm a bit surprised that we hit the first target so quickly. I was expecting maybe we get there in about a week's time, uh, but in fact you can see the market decided to get there much more quicker within just a couple of days. And in fact today as I'm making this video, we're below the 4,500 level. Now here's something important that I want to mention before I talk about the Elliott wave counts. Firstly, I noticed some comments from people when bitcoin was over here, a roundabout, these levels.
Is it possible that Bitcoin price may fall to 3k or it will stop on another price range?
In this video, we're going to talk about how low could bitcoin go on the balance of probabilities, and indeed, uh, what could be the likely targets for bitcoin if it continues to drop for the lower, which is quite likely now, first of all, some of you might be asking, well, hang on a second. Why should we even expect bitcoin to drop any further lower? What is the basis for that? Okay, so let me just quickly discuss that. First of all, what's happened is bitcoin has repeated the pattern, which we warned about back in April. I posted this video, as you may remember, I mentioned that there's a particular pattern which bitcoin needs to avoid. And unfortunately bitcoin has now repeated this pattern this month. I'll talk to you more about this in a separate video, but the bottom line is that what's happened is that bitcoin has broken key market structure.
What price will Bitcoin stop falling and where it can possible to reverse?
Is it possible Bitcoin to recover from such a fall and will we see any Bull run this year?
So in this video we're going to discuss the huge drop we saw in bitcoin yesterday and what this could potentially mean, how bad is this and what are the implications for bitcoin in the next potentially next few weeks, next few months, which is obviously going to be very important. Uh, let me just first of all, start by showing you this. I don't know if you saw this in my video yesterday, but it's quite important to mention this as I was making my video yesterday afternoon, you might've noticed something quite interesting and it certainly caught my attention, which is the pulse signal. Now, you can see at the time I was making my video a bitcoin was a 6,262. Oh, five. Okay. As you can see, and this happened on the pulse indicator, look at that. So the red dots suddenly turned from red to blue. This is something we've been waiting for many weeks, at least for a few weeks.
Who will win: Bitcoin or XRP. What price will fall more?
I just want to go very quick update on the bitcoin situation and also just quickly mentioned what's happening here with ripple Xrp as well. Our guys, so first of all in regards to Bitcoin, it's becoming increasingly difficult to call this market and just the action here on Bitcoin has been extremely frustrating over the last few months and I think I know the reason why and I'm gonna just talk about it very briefly in this video. So first of all, as you probably remember from my video last week, we had some nice little action going to the upside here on bitcoin actually broke through some important resistance levels and I actually thought, you know what? This move with rising momentum could actually be the potential big move that we were waiting for. Why a potential big move? Because these red dots you see here on the pulse, these red dots indicate that a potentially significant move is coming for bitcoin and other words that transitioned from low to high volatility is what these red dots are indicating.
How scary you are to buy a Bitcoin right now
And what Halloween means for their markets as well. Quite an interesting chart I want to show you here in just a few moments. Okay. Let's take a look. First of all, at this chart of bitcoin now, nothing really has happened much since my last update on bitcoin. We can see that bitcoin still is trailing sideways and just sort of consolidation pattern and we're just going to wait and see how this pulse eventually is going to fire. Now, all I want to say about bitcoin is simply this and it's important just to keep it very simple that I still maintain my bullish stamps on bitcoin. I've not changed my mind about that. That I might position is simply this, that as long as bitcoin can remain above six to 200, so as long as bitcoin can protect and stay above 60 to 200, the path of least resistance. And I think the more likely probability is that bitcoin will likely move to the upside and break above 6,800.
Now in this video, I'm going to make a very interesting prediction which might come as a surprise to many of you, especially being watching my previous videos. Now I'm also going to try and explain what this pattern is forming here on bitcoin could potentially mean, but before I do that, let me just quickly say this. Firstly, as you probably know as I've been saying this now for some time, the fact that bitcoin keeps coming down, the fact that bitcoin has failed every single time for these rallies succeeds. You see these rallies here, these rallies all have failed. Okay? So what I've been saying now is these failed rallies. The fact that bitcoin keeps coming down, testing this key level at 6,000. So this is the key level I'm talking about here. So the fact that bitcoin keeps coming down and testing these levels at 6,000 or 5,900 is a bearer signal for bitcoin.
In this video, we're going to take a look at the chart of Bitcoin and I'm going to ask you a very important question and I can guarantee you guys, many folks out there are giving the wrong answer to this important question and I want to make sure we clear things up in this video. Let me explain now, here's the chart of bitcoin and you can see that, as you will see from this chart, is becoming obvious that this key level that bitcoin keeps coming down to, you'll see that every time bitcoin has dropped, every time bitcoin has sold off and dropped, it keeps coming down to this important support level and that's a 6,000 level. So if I just draw a line at that level, it is without a doubt, clear that that's 6,000 to 5,700 level. We’ll let, let's just say 6,000 for the point of simplicity and clarity.
Saturday Bitcoin drop will bring a Bear market?
Now in this video we're going to try and address an important question which many of you been asking me, which is whether this recent drop in Bitcoin, in fact the drop over the last few weeks, and perhaps the most recent drop on Saturday, is this actually game over for bit coin, and if it's not game over, then what does it actually mean? What's going on here? Okay, so here's what happened here on Friday. Okay. The price of bitcoin fell into the support level on the 21 and the 55 ema. Now, by the way, I'm looking at a chart here that excludes, we can data, so I always look at two charts, one that excludes weekend data and one that includes we can data that you see here. Now, the reason why looks at both of these charts, because I mentioned this before, because often data can corrupt the charts because it's driven by often by bots and algorithmic activity.
Will bitcoin use his last chance to surge 10 k or it will fall into 2 k?
Now, let me explain to you what I mean by that by the term last chance. So what we're going to do is take a look at this chart over here first. Now let me explain to you why I'm showing you the chart of gold from about a few years back and why this is relevant to what's happening on bitcoin. In fact, as you'll find out, it's extremely relevant and important is it guys, as you may remember, between the year of 2009 to 2011, gold went through an extremely powerful bull market. In fact, the price of gold doubled in value, almost doubled in value as you can see there from about a thousand dollars all the way to nearly $2,000 by 2011. And of course I'm sure you're a member. What happened next? The rest is history because that bubble eventually burst in the year 2011, as you will see here. And I'll show you exactly what this chart over here is telling us.
What is Bitcoin time wall for a Bull run reversal and will Bitcoin start new a Bull run for new ATH?
I'm going to explain to you exactly what this particular signal you see here on my chart could potentially mean this is the first time I've seen the signal for a number of months. I'm going to explain to you exactly what this means and in fact I'll show you what it meant the last time. In fact, in previous times when this signal occurred on the charts and also something quite interesting as I'm making this video is the fact that bitcoin has seen a nice bounce. In fact, as you may remember in my last video when I said that bitcoin has hit a very important level here at this point, it's going to potentially see a bounce and in fact we're seeing that happening right now as I'm speaking and I'll explain to you what that could mean in this video as well. Our guys. Let's take a look at this chart of bitcoin.
May Bitcoin start new Bull run from a golden ration 61.8
As we're speaking on the chart of Bitcoin, in fact a bitcoin has just seen a sudden bounce today and I want to show you what this bounce on bitcoin could potentially mean, and of course in this video I'm going to talk to you about this recent poll from CNBC and what this could mean as well, so all that to come in this video and just a few moments before I talk about that though, I do want to share with you something much more important, which is this, what is the purpose of analysing the markets and what are we trying to achieve in this video, and guys, if you can understand what I'm going to share with you in this section of the video, this will put you way ahead of everybody else out there because most people out there do not understand this. You say, guys, our job when we analyse the markets, analyse the price, is to do something that actually many historians do in their job as well. I want to play a very quick clip by one of my favourite historians. His name is Reza. Aslan is an absolute genius and I've got to tell you, every time I listened to one of his lectures, they completely blows my mind. Listen to what he says here, and this very quick clip I'm going to play for you and it's absolutely important and relevant to what I'm going to share with you in this video.
Is bitcoin on a downtrend yet?
Outlook on bitcoin. In this video we're going to try and answer an important question which everybody should be asking, which is, is bitcoin really in a bear market? Is it really in a downward trend? And if the answer is yes, then how do we know when this downtrend comes to an end? How do we know when it goes into a bull market? Now, before I actually start this video, let me just say this, either we are at perhaps one of the best buying opportunities of a lifetime on bitcoin or we are at the beginning of a major sell off that could potentially see bitcoin going much further lower in the next few months. Now you're probably asking yourself right now, well which one is it? Is it the first one or the second one? Okay. I'm going to try and help you with this question. So firstly, as you can see, look what bitcoin has done just recently.
Dangerous Bitcoin price action on a 6000 mark.
Now, over the last few days, you probably aware that bitcoin not only went to test 6,000, the key 6,000 level of support, but also went below to 6,000 levels, which is certainly very interesting and when you look at a chart like this of Bitcoin, you might be reminded of that nineties pop song by fragment. I think it's called, the miracle is going to need a miracle, is going to need something to rescue it, and what it needs is more demand than supply. In other words, what it needs is buyers to come and rescue it. Now, I should just say that's just a few days ago I posted this ascent is to my members and this is my premium members and I send them this chart in our premium service and I talked about bitcoin and here's what I said. I said, ask for Bitcoin. Here's what the charts and the wave counts indicate, and I showed this chart of the wave counts and what I said about this chart was this.
Bitcoin comes to a lows of a February. Will bitcoin can hold these lows and start new Bull up trend?
Now in my previous video that I posted last week, I mentioned some important levels on Bitcoin to keep an eye on and if it does a zoom back a bit here so we can actually see the full picture here on bitcoin. You can actually see exactly these levels on my chart. This is what I'm looking at here is an eight-hour timeframe chart of bitcoin. Let me zoom in here and before I go through these market profiles levels on the right-hand side, let me just quickly do this here for you. Okay, so we're going to. What we're going to do is we're going to measure from this low to this high. So let me just get my Fibonacci tool here. Drag from the low to the high. Now as I mentioned in the previous video, I said that if bitcoin falls below this golden ratio level, that's what you see there to 61.8 percent retracement level.
Bitcoin bull run price to not cross
He'll be glad to know there's a very short and sweet update and outlook here on bitcoin because we've already covered so much detail in the previous video, so as you'll see here on this chart of bitcoin on a four-hour timeframe is a four-hour timeframe of bitcoin. I'm going to show you in a few moments what the significance of these Bitcoin price levels are on my chart. These two thick red lines here, what they mean, and these two thick blue lines on my charts, so I'm going to. Explain to you what they represent and what is the significance of that in just a few moments. Now, let's just go for a moment on the daily timeframe this, switch that to a daily timeframe, and now in the previous video I talked about the FIBONACCI and if you haven't seen it, go ahead and see it. Let me just go ahead and draw the FIBONACCI levels here from the left, from the lows to the high here.
Bitcoin rally that may FAIL and destroy Bitcoin market fundament.
Welcome to this week's update and outlook on bitcoin.
Now Fridays, sell off on bitcoin. As you can see here, certainly managed to freak out and scare a lot of traders, a lot of bitcoin investors and traders. But I want to show you actually this drop that you see here was actually quite normal and actually nothing really to be scared about.
Now, let me just put this into context. You see in early April we formed this bottom that you see here this low and then finished to have a nice rally off that bottom. We went through these highs near just about the 9,600 level and what we've seen so far. Let me just bring us a bit closer. What we've seen so far is after this rally, it appears that we're now making a correction, a pullback, and as you can see it rested, arrested, right on top of that 200 moving average at Green Line.
Dangerous Bitcoin pattern that may destroy Bitcoin
See what you must search in chart about Bitcoin and where trend will show us that Bitcoin in danger and we must leave drowning ship right away.
Very dangerous pattern, which bitcoin must not form if it's going to avoid total disaster.
OK, so in this video I'm going to show you what this pattern looks like. I'm going to show you exactly what happens when this dangerous pattern begins to form and how you can recognize it so you can avoid a total disastrous situation.
In other words, how you can avoid being stuck in a situation where the market just keeps plunging and plunging lower and you're stuck there making losses along the way. By the way, even though I'm going to show you what this pattern looks like so you can recognize it, I'm not making this video because I think this pattern is going to happen on bitcoin. In fact, there is no way of knowing at the moment whether this pattern is going to happen or not. It's impossible to predict at the moment whether this pattern is going to definitely play out on bitcoin.
Very dangerous pattern, which bitcoin must not form if it's going to avoid total disaster.
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