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.
Bitcoin bottom is not yet reached
When the sentiment is already very bearish, which is a very excellent question, now you're at your job. Do you remember Charlie just a few weeks ago, man, you did a webinar together and we were talking about contrarian thinking. Uh, in fact, here's my video right here. So this is the video from my a video we did together that a couple of weeks ago, two, three weeks ago. I think it was. There it is. So what will happen was just to let me get my pen here so I can draw on this chart. So I, as you may know, I genuinely believe that this rally that occurred in Bitcoin here, this rally, I believe this was actually the start of a new upward trend. I got it wrong. I admit that I was wrong about that, although certainly the fact that there was a strong rally with volume with strong volume happening right here.
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.
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