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.
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