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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.

 

There were some comments from people saying, well look, maybe this is a contrarian opportunity. Maybe we should be doing the opposite of everybody else and start loading up or going long on bitcoin. Let me just say something very quickly about that because it's so important. There is a good time to be a contrarian and there's also a bad time to be a contrarian and knowing the difference is critical because if you try to go against the market at the wrong time and be a contrarian, it could end up being really a disastrous situation. So let me just explain this point. Firstly, they're reasonable. I disagreed with folks out there who said this is a country or an opportunity is because of this. Notice the momentum on the pulse. When the pulse signal here fired, as you can see, when the red dots go to blue dots with downside momentum of the number one rule I've learned as never tried to fight the momentum of the pulse, trying to go against the momentum of a pulse signal is by far one of the most dangerous and risky things you can do.

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Why? Because the odds are against you and of course you can see since the pulse fired, the price of bitcoin has continued to drop further, lower, and one more thing as well. We should also note that the market structure has been broken. I mentioned this some time ago as well. When market structure gets broken, okay? Be Aware, be very careful because that essentially means the dynamics of the markets are changing as well, but there is one thing I want to mention here, which is quite important. Notice that in fact, Rsi, this is the relative strength index on my chart right now, the RSI setting, a 35 slash 30, 70. Okay. That's a special setting that I use. Why? Because this is a very conservative setting up Rsi. That does not happen very often and you can see the last time I'm just showing you the last time we had an oversoul signal on the RSI.

30 five setting was back in January of Twenty 15. Look at this. In January 2015, a bitcoin dropped quite heavily. Hit An RSI, oversold setting. Again, same setting. Thirty five, 37, 70 and notice what happened next. We had a very strong bounce by the way. I'm not expecting a bounce like that on bitcoin anytime soon. Alright. But nonetheless it is oversold. And what that means is this. It means we should be perhaps a little bit careful because I think it's possible that we might see a little bit of a bounce coming on bitcoin potentially soon or perhaps a bit lower when we hit support. And by the way, let me show you this. This is the charts on Mt. four and is the Elliott wave counts on bitcoin and these numbers you see here are our own Elliott wave indicator which I'll be releasing very soon at the end of the month.

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Now what Elliot Wave Theory is telling us something interesting, it's saying to us that the wave five very likely ended back in December of 2017 and since then what we've been doing is tracing out a one, two, three wave counts. Okay, so now we're now at the start of wave three. Let me show you. So let me bring us a bit closer. You can see this. So as you can say, since bitcoin managed to break market structure, brick below the support level is 6,000. It has now confirmed we are at the adjust the start, the beginning of wave three. You can see this is just the start of wave three and here's something important you should know about the characteristic of a wave three, which is that pullbacks pullbacks in a wave three. Now, as I said before, this market right now, bitcoin is oversold, which means it is overdue for some kind of bounce, some kind of pullback.

However, there is some bad news here you see in a wave three pullbacks alright, so pull backs or bounces are usually very shallow. That is one of the most important characteristics of wave threes, which is that pull backs or bounces are usually quite shallow or very small, so anybody out there who expect a much bigger bounce that goes back all the way maybe to 5,000, 500 or 6,000, I think they'll be disappointed. I don't think that's going to happen. No. I think the far more elective situation is we'll see a bounce either near here or perhaps a bit lower near the 4,000 levels and then the bounce or the pullback is likely to be quite shallow, quite small, and then we're going to see yet another wave, another strong wave of the continuation of wave three to the downside and that means what it means.

Once this wave three continues lower, it means that we could potentially see the next symmetrical projection which is going to be a 3,500 as according to the video I posted a few days ago, 3,500, three, five, seven, seven is going to be our next target by the end of December or potentially by January. But then again, the markets could surprise us and get there perhaps a bit quicker as we have seen already.

So the best thing any person can do right now is protecting themselves against risk.

In any case, guys, I hope this video has helped and if it has, please give it a thumbs up. And also please subscribe for future videos.

 

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