Bitcoin Hits First Downside Target… What’s Next?

Now that bitcoin has reached our first downside target (around 4500) and broken below it, what could this mean? What are the next likely targets and what does elliott wave theor say? We explain.

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About the Author: Alessio Rastani


  1. I find that in people’s pride, they don’t want to sell. They’ve been saying HODL, and don’t want to relent. But at some point they’ll jump. I was a long time holder but even I pulled out to see what will happen (for what it’s worth, it was an enormous sigh of relief). I told my wife if it hits a certain value, I’ll go back in. Too much risk, too much speculation, too much global uncertainty. I love the technology and it’s here to stay, but I wasn’t willing to lose my initial substantial investment. What i did to better my stand was get into a community of beginner and expert traders called the "Fidelity Traders" headed by Joseph Civello and his team where i receive daily signals and trade patterns/strategy which are so easy to use and has proved indispensable to me as a trader. His demo sessions are also awesome and i have made very good profit trading with Joseph's system. You can contact him ( Josephcivello3 @ gmail com )WhatsApp >> + 1 (631) 364-4612.

  2. if we have 5 waves up as we know we have that goes without saying, by suggesting that we are now in a wave 3 (of 5) are are either WRONG as you cant have 5 up and 5 down or suggesting that this the 5 of the A wave correct ? and are looking at stupidly low prices around 1k or under right ?

  3. The current trend of hodling currency for life from a financial point of view is a wrong strategy for profiting. There is a major difference between stocks which can be based on professional advice held and currencies (cryptocurrency) and this is because most of them are hypes and highly speculative. I myself have made over $80,000 in the last 2 months day trading my btc which i am sure would be a fantasy if i where hodling. I used a trading system developed by Mr Joseph Civello and with his trade pattern and signals, i am aiming for greater highs. If you have any inquiries, you can reach him on via ( Josephcivello3 @ gmail com )WhatsApp >> + 1 (631) 364-4612.

  4. The current price of bitcoin doesn't in anyway affect the ROI of Bitcoin mining.
    So the best thing for everyone to g=do right now in my opinion is to mine and then HODL or sell.

  5. I am waiting to have more dip (for most of trading portion – shifted from future profit) or buying it after confirmation (smaller portion),… I am a small med trader, I should be more care.

    So you mean that it ll go higher now and more dip,…. interesting. I need it to accumulate more.

  6. Waaao! what a brilliant philosopher you are. but your philosophy will FAIL because Bitcoin has no leg in which to stand, and neither do all the other Crypto currencies; it is been very evident that it's childlike to play these crypto currencies. They all use the SAME block-chain technology, however, they all have different values, that's very stupid. Wake up and get out while you can. The block chain tech will prevail, but not now and not with these crypto currencies; it will be when we have a ONE World Government and ONE (only one) crypto currency {One World Coin) sponsored by that government..

  7. Bottoms are formed during market capitulations. After Bitcoin broke below the critical support of $5,900, investors dumped their holdings, fearing a complete loss on investment. For someone who does not believe in the future of cryptocurrencies and who was in it only for making a quick buck, it might be the right thing to do.
    However, for the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers a great opportunity to invest for the long term. During bottom formations, the outlook is always very dire and every bit of news is viewed as negative. if you want to grow your BTC at 30-40% roi a week text me 0n +16034352623 or send me a message on hangout :

  8. Can you please have a video on stock, i bought some stock because of your bullish view on stock and suggesting Nov is the best time to buy, is it going to go continue going down ?

  9. I respect your opinion about looking at charts only, not the news. But this is also true that Bitcoin was almost stable around 6000$ range before this BCH fork kicked in and whales manipulated the hell out of it. In fact, a verified Twitter account named Dr. Craig S Wright publicly said that he will sell hard and bring it to 1000$, just because of his tweet people did panic selling.

  10. With all due respect , as mentioned in the previous video, I think is a wrong count. But I’m not driven by confirmation biases or hope, my targets are 3200 and possibly 1600. So overall I guess it doesn’t matter who is right 🙂

  11. Hi Alessio, I don't understand why you say that we are at the beginning of wave 3, because on the graph, it looks like we are at the end of wave 3. on elliot. 1 down, 2 up, 3 down, 4 up, 5 down. ???

  12. Another great video as always. Thank you. Can you tell me where I can get the LT Pulse Indicator? I'm using TradingView but it's not in their library. Many thanks Ken

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