And by the way, what I'm going to share with you in this video, you can apply it not just a Bitcoin, but also you can apply to the charts of the stock market, to the charts of the currencies. In fact, any chart really you want this begin first of all, with the chart of bitcoin. Now you probably know by now that in my previous videos, in my most recent videos, I mentioned that an important level is very important level on the charts, which is a 200 weekly moving average. That's the Green Line you see on my chart right there to 200 weekly moving average. And I mentioned in my previous videos that, look, if bitcoin comes down to this level, very likely we're going to, hold this level and actually see some kind of a, some kind of bounced from these levels. Why? The reason is, let me show you as an example.
And let me just show you this, this is something I saw in the airport in Washington DC and I kid you not. This was the front cover of Bloomberg Business Week magazine. And look what it says on the front cover. It says rhymes with bitcoin. Has crypto hit the fan. Alright, now this is obviously written in my opinion, to provoke an anger. Some bitcoin investors out there, probably the hard-core bitcoin investors, especially since I'm there trying to use some rather rude language in regards with Bitcoin as you can probably guess, but whenever you see magazines publish on their front cover a doom and gloom negative articles about bitcoin at any market doesn't have to be bitcoin. But whenever there's doom and gloom and negative articles on the front cover of magazine, that is actually a very positive sign for that market historically. And statistically it's a sign that that market could be getting near to a bottom or maybe the bottom has already been reached.
Bitcoin to 3150 or lower
Now, as you probably remember in my last video on Bitcoin from a few days ago, I said that I was looking for Bitcoin to eventually head below these lows below the lows of 3,500 and eventually to head south and take out those loans and in fact they've done that now in the last couple of days. Bitcoin width below the lows of a few weeks ago and below 3,500 and they're currently trading about 3,360. And the reason why we were expecting bitcoin to head lower is because of three reasons. Firstly, as you will see here on this chart, this is my elliott wave chart of bitcoin and you will see our Elliott wave indicator or lt intelligent Elliott waves is showing to us that we're going to likely wave three. And here's something else I want to show you. If we switch this chart to a weekly timeframe, this is where it gets very interesting. So the second thing that we need to pay attention to is the fact that we're not too far away.
Will it go lower than 3000? Is it will be a bottom of Bitcoin Bubble pop? What price should you start look into BTC to get it cheap?
I want to bring to your attention, firstly, before we actually take a look at the bitcoin price itself. What I want to bring to your attention is what's happening here on this chart, and you may remember about some weeks ago at the beginning of November, I said, look, pay attention to this pulse signal that's happening here on this chart, these red dots, because when these red dots turned to blue dots, in other words, when the policy eventually fires as it did on the 14th of January, you can see that policy eventually fired. You can see what happened to bitcoin. Bitcoin broke through that supports and then dropped significantly lower. In fact, bitcoin dropped by almost 50 percent, almost 3000 points from these levels. So as I explained before my previous video, that is why we never fight the momentum of the pulse. So when the momentum you can see as negative and it's momentum is increasing lower and lower.
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.
Is it possible that Bitcoin price may fall to 3k or it will stop on another price range?
In this video, we're going to talk about how low could bitcoin go on the balance of probabilities, and indeed, uh, what could be the likely targets for bitcoin if it continues to drop for the lower, which is quite likely now, first of all, some of you might be asking, well, hang on a second. Why should we even expect bitcoin to drop any further lower? What is the basis for that? Okay, so let me just quickly discuss that. First of all, what's happened is bitcoin has repeated the pattern, which we warned about back in April. I posted this video, as you may remember, I mentioned that there's a particular pattern which bitcoin needs to avoid. And unfortunately bitcoin has now repeated this pattern this month. I'll talk to you more about this in a separate video, but the bottom line is that what's happened is that bitcoin has broken key market structure.
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- Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk