Bitcoin is "Crashing" Again... Why I'm Not Worried

Hello guys funb of leading trader so bitcoin has been dropping and as we all know whenever Bitcoin drops what happens yes the mainstream media and all the articles of financial articles get back to all that hyped up news there click baiting and fear-mongering as always for example here's an article just published recently bitcoins bad week just got worse and here's another one for you bitcoin is slumping and analysts say there are three big reasons for the fear and panic YESCO there's nothing more that sells newspapers and of course makes people click on articles than fear and panic believe me but here's onething I want you to remember that whenever there's fear and panic in the market always remember the famous phrases and the famous

words from JD rockefeller who said that the way to make money is to buy when there's bloodon the streets and what that essentially means is I'm sure you're aware is that whenever there's panic and fear in the market yes guys there is also opportunities buying opportunities in fact one of my favorite investors of all time Warren Buffett oh by the way I don't know why so many people don't like Warren Buffett I think it's an absolute genius and whether you like him or not the fact is he is the world's richest share investor for a good reason he actually gives some of the best advice that I know about investing and one of the best advice he has ever given is this which is whenever there is bad news that is great news good news for you as investors remember bad news is good news for us as investors long-term investors who are looking for value why because any bad news like for example anything that drives prices down like it did in Bitcoin here as Bitcoin here dropped by 70% now sure that's gonna scare off the dumb money

dumb money who bought at prices when they're expensive but that's great news for you as smart money smart money buying at key levels in the market all right being prepared and being patient for bad news to come into the market and buying a great value that is great news alright so what does this drop here in Bitcoin actually mean now it's been dropping actually below its lows what I said was that I was looking for two potential scenarios on Bitcoin one of them was this one which I'll explain in a few moments and I'm one of them was this one so this was Plan B this was Plan A and by now I'm sure you appreciate why we look at both potential scenarios because all professional investors and all professional traders always are prepared for any scenario if you look back at my previous video that I posted and I would highly recommend you watch this video again on the five wars every Bitcoin trader investor must remember and what I said there is that every trader and investor must always be prepared for anything the market throwsat them remember fortune favors the prepared mind okay as the famous phrase says now so in that my previous video what I said was that I was expecting this is this is my preferred scenariothis was my higher probability scenario which was that I was expecting Bitcoin to hold these levels and then make another push higher above these previous highs of 11750 in a new potential wave 3 as it turns out it did not work out that way we just did not see much follow-through or indeed much demand coming through to push it above those levels which means

now this potential scenario that I showed you in my previous video not comes into play in a potential ABC move happening on Bitcoin and by the way you know who got this right I did not get it right but guess who did my good friend Simon Shepard who publishes his crypto report for our Premium Members he got this absolutely bang-on correct on Sunday on Sunday he published his crypto report and he said to our members that he expected Bitcoin to find resistance at these levels and this would be a shorting opportunity in fact for Bitcoin to head lower in fact this was his projection on Bitcoin down to these levels which by the way is

exactly what you're seeing on the chart now on Bitcoin and by the way if you're not familiar with Simon he's one of the smartest people I know is a mathematician by profession and of course a trades bitcoin has a profound interest in crypto currencies so let's take a look at the charts now and as I showed you in that particular chart here and this was my projection last week so I said last week that if we couldn't get anything going to the upside if we couldn't go above these previous highs then we could expect something looks like this in a potential ABC corrective

move on the market in case you're not familiar with what this is according to Elliot wave theory market Corrections are formed of three waves okay always remember that that most corrections in the market or form the three waves what's called ABC okay which means that if this is our potential wave one then we should expect a wave two correction and this appears
to be the wave two correction originally we saw the wave two potentially ended here we thought you know what maybe this is wave two has completed there but actually it looks like it didn't do that and this now appears to be our wave 2 which means what which means once this

wave 2 correction completes according toElliot wave theory we should then expect the wave 3 move coming and pushing us higher ok so going back to the chart at bitcoin by the way look at the chart right now and you'll see that as prices have been dropping look at the RSI relative strength index here is actually over salt on this setting I'm using here of 295 5 so I've got oversold RSI by the way notice something quite interesting that RSI gets overbought here you see that overbought RSI look at that coincided with an overbought top on Bitcoin RSI could overbought there too look at that top on Bitcoin RSI got oversold here boom look at that that

was the near the bottom on Bitcoin as it reversed direction so whenever I see the RSI getting oversold something like that I get interested that shows a likely reversal point on the market ok so just to briefly summarize this up what I believe is happening here is this is very likely to me this is an ABC correction we can just label it here a B and likely potential C wave all right off this wave - and just to show you this as well on mt4 and most charts have this - you can go here and put something called Fibonacci retracement fantastic tool by the way and what you want to do is basically just drag left-click on the chart and drag from the low to the high and it then draws you these Fibonaccilevels alright by the way you're not familiar with it's not important right now

but bottom line is keep paying attention to these two levels on the chart let me show you what they are and the two levels you want to pay attention to or the 38.2% and the 61.8% especially the 61.8% it's called the golden ratio because often markets retrace down to that golden ratio the 61.8% retracing another bounce higher okay so as I said these are key levels to watch between 8700 to 8200 and it seems now we've reversed and indeed correct it down to those levels and by the way looking at the chart right now it seems to be bounced it seems to be bouncing from those levels as well bottom line is if I see Bitcoin coming down to this 61.8% retracement 200 level there we should likely expect buying pressure coming through investors jumping in and holding these levels and in protecting these levels on Bitcoin and then pushing it back higher again and as I said before and as Warren Buffett said bad news is good news for investors alright guys I just want to bring this to your attention which is that on Monday evening Monday 8 p.m. GMT UK time or 3 p.m. Eastern Time I'm doing a live and exclusive webinar an interview with Bitcoin millionaire and crypto expert Edward again this is a guy who's made over 5 million dollars in Bitcoin and I'm gonna basically ask him whether he still sticks by his long-term projections shocking projection for Bitcoin and which cryptocurrencies is he actually looking at right now and what he sees next for the crypto market again we're not asking about Ripple Bitcoin etherium litecoin of course you can ask him any question you have as well now this is a members-only webinar for our premium members which means if you're not a Premium Member I highly recommend you try it out .