 So we have been talking about this possible incoming drop since Friday Before it became the cool thing to do on YouTube on a Monday when overnight from Sunday coming into Monday Bitcoin's price dropped so to put it into perspective this right here is where we warned you guys about the incoming drop and This circle right here is when everybody else started saying that the drop was Coming they were just a little bit late. So now that you guys know that I am indeed a wizard I'm just joking. So where exactly are we on the drop right now? As you guys can see I predicted around a 25 Percent drop so we haven't hit 25 percent yet, but we've we've gotten pretty close right 19 and a half now Where I was off was in my prediction of when this drop would happen I spoke more about towards the end of the month possibly seeing that drop and it happened a lot earlier than we Anticipated but the incoming drop nonetheless was in the charts and we knew it was Inevitable so now that we've dropped some and we've more or less reset the RSI to the point where we might be off of that bearish divergence is the drop finally over or Could we possibly still see lower prices this month? Let's go ahead and dive into today's analysis Hey, what's up Jay here and welcome to Bitcoin daily bring you guys the best tips tutorials and ideas to help you guys become profitable and successful Investors the goal of this channel is to empower the community with the knowledge and Resources to help you get that wealth up to that next level. So if you guys are new to the channel Don't forget to subscribe turn on notifications. And if you enjoy this video, don't forget smash that like button It is free and takes you about two seconds Of course, if you have any questions about anything that we cover here today drop it in the comments Let's jump into the video. So let's go ahead and take a look at the fear and greed index here As you guys can see we are back in the fear category here yesterday. We were neutral last week We were in greed and last month we were in extreme greed So sometimes this could give you an idea of where market sentiment is and this is the lowest that we've been since back in September before we had that takeoff in of course October so by now I'm sure everyone is asking what happened to moon Vember and of course that is definitely a fair question So we still have a shot here to go back up and end the month in the green We have eleven days to be exact. So is it possible? I mean in Bitcoin anything is possible guys Is it likely? That then it starts like when you try to realistically think about is it likely to hit our target that we set here in The beginning of the month that would put us up a 42% on the month, which is what we did last year It's getting it's it's difficult. It's not likely, but it is possible, right? Because now the move is no longer just a 42% Move up now this move from where we're currently at to where that would be it would be about a 55% run-up in 11 days It that's you know, it's tough, but it can be done. You can see here our most recent Impulse move up was a 65% move up between the 29th of September to the 20th of October So it is more than 11 days, but it's just to show you guys that it is possible So if we need 55% you can see here that within two weeks of this impulse move the last one We had we did 55% so again, it's a little bit more than 11 days It's three days more But it's just to show you guys that it is still possible to get a big impulse move to the upside and Maybe not hit the top target here that we were hoping for that was around the 88 to 90,000 dollar range but we can still set up some new all-time highs before the end of this month and Possibly close within the 70,000 dollar range So let's look back on what happened last time We had that bearish divergence from the time that it started to the time that the drop happened It was 39 days and this time around from the time that it started to the time that we saw the drop It was 26 days. So a 13-day difference. So now let's see From the time that the drop started to the time that we got that next impulse move You guys can see here. It took about 23 days So if we put that same amount of time 23 days that would mean that we wouldn't see the impulse move to about the first week of December now if we take into account that this drop took around an estimated 25% less time and we put that same Equation on the amount of time before an impulse move that moves are 23 days to about 17 days. So that actually gives us a date of December 1st Now December 1st is a Wednesday. Can we get a big impulse move on a Wednesday? I mean, it's definitely possible But usually there has to be a reason for that to be on such a random day in the middle of the week our previous impulse moves started on a Friday and it's actually the Friday of That is if it's usually the expiration the option contracts expirations So let's say that it happens on a Friday on the day that the option contracts expire That would give us a 26 of this month. So we've moved this back down to about the 26 That means it's going to be about 12 days or so Before we see the next impulse move to the upside. So that is literally a week from now When we could potentially see that next impulse move at least the beginning of it and something like this Could rally over the weekend and we could see by Tuesday Which would be the 30th, you know prices going back up and possibly even setting new all-time highs And that would end the month for us in the positive in the green as you guys know November is the most bullish month, but we had bearish divergence in the charts Now that the bearish divergence is Potentially reset we could see a move higher Or a move back up eventually, right? The impulse move is eventually going to come The question is trying to figure out when and by how much so again We're trying to figure out and piece this puzzle together I'm taking data from the previous time that we saw the same exact scenario and trying to make it fit So that's how we got to 12 days before the next impulse move because the last one was 23 days before the next impulse move When we saw the same drop due to the same bearish divergence, but it happened faster this time around around 25% faster So we kind of calculated that in but then we also took into account on what day that moves started Which it would probably be on a Friday the last Friday of the month Which is a day that the big option contracts expire so from here till then we could potentially still see lower levels Maybe even touch this level right here Which was the target that I gave you guys for the drop which would make it around a 25% drop now another Interesting thing the same way that we deducted 25% from the amount of time that it took here if you deduct 25% from the 25% drop that we saw last time it actually gives us 19% as our price target at that point right so if we're using that same calculation that everything is Reduced this time around by 25% then that would mean that we did hit our bottom Today that would be the bottom of this drop so from here on for the next week We could potentially just kind of be consolidating something like this before then getting that move up at the end of the month You'll see here that we saw something similar after we bottomed out on the 21st It was on the 29th that then we hit that impulse move up So that's about eight days if again, we put that 25% Calculation onto this that would give us about six days of Consolidation here after the bottom before an impulse move up almost lining up perfectly off by one day Really of when I'm thinking we could get that next impulse move up on the 26th of this month so now that we have taken a look at the chart and have some ideas from probability plays some predictions on When we could see we can possibly bottom out when we could possibly start moving back up when we could potentially See that next impulse move. Let's go ahead and look at some trade setups In case we do get a move up over the weekend Primarily Sunday going into Monday. So now because we're kind of in a risky area Kind of middle of nowhere. I don't really like any Trades on at the current price I want to see a decision being made by Bitcoin and know that we're moving in a Direction for certain if we zoom out a bit here You will see that this there is a lot of buying and selling in this range So we can expect a lot of consolidation here as it's been support and Resistances multiple times over including all the way back here So I'm going to zoom in and the levels that I'm looking for I want to see the prices get back over $62,000 now 58 is a resistance and it is a level You can play. However, you might see a lot of consolidation there You can however use an average down strategy where you Buy in at 58,000 then maybe at the next support, which is around 55,000 right here and below that which is around 52 50 thousand dollars, right? So you can definitely do that However, the safer play if you just want to be a little bit more conservative is to wait on the break back up And and wait for a break back about above 60 So 60 is still a risky play, but it is a play you can do the safer play will probably be a break above 62 a break above 62 could potentially lead us back up to that 65 thousand dollar area and then a break above 65 could and I think would potentially take us back to that previous all-time high a Break above the previous all-time high would at least take us up to 72 to 75 thousand dollars So those are basically going to be the breakout entries and the support entries the ones I just mentioned on the way up and going down it's gonna be 55 and 52 and 50 if it were to get that low I don't think we would but if we were to break below for any reason market makers would Love to cause mass panic in the markets and drop us all the way down to 50 So it is a scenario that could definitely happen before move up So on the way down again, it's a little bit on the riskier side But you can definitely if you average down your entries Then it kind of mitigates some of the risk and then I would keep my stop loss either below 52 or below 50 Depending how much you want to average down and how much you want to risk and what your risk tolerance is of course So that is it guys. Thank you guys so much for tuning into this video I hope you guys have had an amazing week even though prices have been down. Keep your head up guys It's only a matter of time before we see prices go back up I don't think that the bull run is done yet I still think that we have another at least one more impulse move to the upside minimum So I think we see at least one more after that we have to reevaluate the situation But for now, I still believe we have one more impulse move in us If you guys enjoyed this video make sure to subscribe turn on the notifications and smash that like button If you have any questions about anything that we covered in today's video, of course, you could always drop it in the comments I'm always happy to help you guys I'll see you guys on the next one. Have an amazing weekend as always peace and love