What is lesser estonia bleeding try to help your wealth update here on the bitcoin situation here so i want to bring to your attention firstly before we actually take a look at the bitcoin price at self 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 paul signal that’s happening here on this charges red dots because wendy’s red. turn to blue. in other words when the pilot eventually fire added it on the 14th of january can see the pulse eventually fired you can see what happened to bitcoin analysis broke through that supports and then dropped significantly lower in fact bitcoin drop by almost 50% almost 3,000 points from these levels so as i explained it for my previous video that is why we never fight the momentum of the pulse so when the momentum you can see is negative and it’s.
Increasing lower and lower we never fight this we don’t stand in front of it because that’s like standing in front of a freight train that notice something that i mentioned in a couple of videos ago has now happened you can see what happened here i mentioned very recently that i was expecting the momentum of this pulse signal to eventually come to an end and you can see that it has now come to an end and see the moment in his not dissipate it notices going now the other way as you can see there so the momentum behind the pulse signal now has officially dissipated is now faded so this paul signal has now ended when did momentum on apple signal on this time frame comes to an end what do you usually see is either some sideways action or account or trend move and that’s what’s been happening here so far you sing a song of the count of trent smoke on the train move or is it a sideways action here on bitcoin at present now of course the big question you’re probably wondering isn’t it? you folks out there are asking.
Is the spouse potentially a wave for okay so if this is wave 3 is this our way for well let me just back up a little bit and let me just give you some context play what were talking about for the vino familiar is elliott wave theory that is something i talked about recently and according to elliott wave theory marcus tent at random five waves and i said some time ago that we’re very likely in the second half of this wave 3 and it’s like as you can see here on my charts this does the chart that shows rlt elliott waves indicator that i talk to you about in the recent webinar on our own lt alvidrez indicator is indicating green a very likely wave 3 situation here and hear something we know about wave threes which is that way threes usually have very shallow pullbacks in fact one of the characteristics of the wave 3 is that they have very shallow very small pull back seat like you see over here over here very shallow bounces.
Small pull backs and to me this pull-back here on bitcoin analysis actually rather mediocre it’s not really significant the way i see it for example take a look at this chart off oil let me try this charts of oil now as you probably know oil prices have been dropping quite significantly and i do see her on our chart again showing out lt elliott waves in decatur to cancel evernote very likely wave 3 situation in ravena new wave 3 now for some time and again notice when you going to wave 3 very shallow pullbacks notice very mediocre pullbacks bounces bounces are very shallow very small as you can see here look at just over here very shallow very small balance is on the way 3 you sent to see the price ignore oversold conditions so that is why elliott wave theory can be very useful gives you an expectation of how you’re dealing with the price and he the patterns on the charts so we just go back to this chart of bitcoin analysis first of all are we not likely wave 3 here is a wave 3 i believe so yesterday just explained if you want.
I believe this is a wave 3 situation that is this bouncier that the spouse count as a way for i think it’s too early to call that so at present i’m going to remain neutral on that i don’t think there’s any indication at present that this is the way for it is too early to call alright it’s too early to say this is a way for we’ll have to wait and see how this market place out in the next few days i had to go to the rest of the week it is possible that bitcoin analysis might see further follow-through higher-priced ward some resistance levels but at present it’s still not very clear all right bottom line is this still here here’s the bottom line i’m still expecting bitcoin to take out these previous laws that were formed here i’m still looking for bitcoin eventually to head lower head south and take out these previous lowe’s ever for justin your 3500 when is that like it to happen nobody knows it could take until the end of december but then she start of january or it might actually happen much sooner than that but the likely scenario is.
That eventually going to take out these previous lowe’s near 3500 and when we do the next likely downside targets below 3500 i explained in a previous video so if you want to know my downside targets for bitcoin and make sure you watch my previous video that i posted about bitcoins next downside target and are likely levels for that are guys when i finish this video with some fantastic music courtesy of before and guys if you like this video please give it a thumbs up and please subscribe for future update.