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.