In this video, we're gonna take a look at the recent drop in the price of Bitcoin and what this potentially could mean going forward.
Could it be all bad news or is there some hope around the corner for Bitcoin?
We're going to take a look at this chart as well and what this chart also means as well as this one as well. So it's a lot of things. And take a look at here in this video before we take a look at those charts, let me just first of all read you some of the headlines today because actually, believe it or not, they can be quite interesting. So here's what CNBC saying, over 26 billion wiped off cryptocurrency market in 24 hours after a massive oil plunge. What's like a look at that? We'll also take a look at this one over here. This is CoinDesk. They're saying Bitcoin falls to one month low below eightK amid the global market routes. And here's one from Forbes, four per saying, the cause of the sudden sell-off, uh, wasn't immediately clear. Though some have pointed to wider stock market and commodity turmoil in the face of the spreading virus. And by the way, at the end of this article, there's an interesting paragraph here at the bottom of the article and it says over here the latest fall and the Bitcoin price will all but destroy any remaining expectation that Bitcoin has begun acting as a so-called safe Haven assets, um, so which are expected to move higher in times of greater risk and uncertainty.
Is bitcoin in a bear market correction wave
We all agree that Bitcojnnew bull run has started. But what if we are all wrong and we fooled, and we are on a BIG bear trap? See video, and you will understand what I am talking about.
This is a video which many of you have been asking for. So in this video I'm going to try my best to answer an important question, which is this, what if what we're seeing on the chart of bitcoin is not what everybody thinks this is. In other words, what if this is not a bull market in bitcoin and what bitcoin has not actually bottomed. Now, before I start this video, let me just mention this quickly, I've already made two separate videos stating the bullish case for Bitcoin. So in two separate videos, I've already addressed the question that if bitcoin has bottomed, what could potentially happen next? So in that video covered the bullish case for bitcoin and said if bitcoin has actually bottomed and we could be starting a five wave move towards the 30,000 and 50,000 levels on bitcoin. Now in this video we're going to look at bitcoin from the opposite point of view.
If a Bitcoin bull run has started, we will see a strong price retrace from marks we hold now. Where to search possible entry point for a long time investor?
In this video in just a few moments, I'm going to share with you a very interesting signal on this chart of bitcoin. I'm going to explain to you what this potentially means. So very interesting updates here on bitcoin. Stay tuned for that. Uh, before I go into that, I just want to make sure I mentioned a few things. Just a quick recap on what's been happening here. So in the last video that I posted about Bitcoin, here it is, I mentioned that video at towards the end that if bitcoin where to close above the trend line, this is the trend line I drew on in the previous video. And I said if bitcoin where to close above that trend line, we could see a move towards 6,000 and in fact, and the video after that in the member's video. So this is the member's video updates I said in that video, that's because bitcoin has not closed above the trend line as long as it remains above the trend line.
May will be a new Bitcoin Bull rally start point or a big disappointment. How far Bitcoin may drop if this Bull rally will FAIL
In just a few moments in this video I want to discuss with you a very important chart of bitcoin that is a long term chart of bitcoin and I want to show you why this chart is now very important for bitcoin. Something very interesting we're seeing now on this chart that's in just a few moments before I did that deal. I just want to give you some context. Give you some background what's been happening recently. Now, first of all, after bitcoin dropped down to this important level, the 21 daily moving average that you see their bitcoin decided to ignore all the bearish signals that we saw at this point and essentially blast through higher. And very interestingly now it is now closed above a key level. Okay. It's closed above the 50 simple moving average on the weekly timeframe, which is quite significant by the way.
What must happen that Bitcoin drops in price hard and return to previous lows? What conditions must be fulfilled that Bitcoin price retrace?
I have some very interesting charts to show you today. In this video, I'm gonna explain to you what this means in a few moments. First of all though, let me just do a quick recap. As you probably seen in the last few days, there's been a tremendous amount of volatility in bitcoin and bitcoin prices actually have dropped quite significantly down to some key levels. In fact, we're down now to the 21 daily average. In fact, right now you can see the bitcoin prices dropped from 5,000 just near 5,600 down now to the uh, to 21 daily average, although just a few days ago. As a matter of fact, uh, there were down as low as 5,000. So the question everybody's asking right now is, okay, has this changed a picture on Bitcoin? What's happening right now? Uh, what, what could this chart potentially mean here? Okay, I want to bring you to this chart that I'm showing to you here on empty for now.
There's going to be quite an interesting and important video on bitcoin because I'm going to show you in this video three scenarios, three potential scenarios like if they happen it means that a potential bull market in bitcoin has been confirmed and therefore we would have to adopt a much more bullish outlook on bitcoin.
Show you this and explain to you what this potentially means. So as I explained in my previous video, there are right now to likely projections on bitcoin one on the left, which is the slightly more bearish scenario, uh, which shows this could potentially be a way for correction on bitcoin and the one on the right's projection too, which shows and more bullish scenario that we could potentially be in the wave three. I taught potential uptrend on bitcoin right now I can tell you that both these scenarios carry about an equal probability, so about a 50% probability on both these scenarios.
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