Foreign Hello and welcome to another update Video about Bitcoin also in this video Today Um and then we've covered Solana Ethereum and Bitcoin I just like to make Your way of the potential hack on the FTX exchange or insert activity so you Are advised to remove your phone app From your phone delete it could be Malware and also not to access the FTX Website because trillions could be Downloaded or malware so be careful There are rumors and evidence of a hack Or inside activity very suspicious so Yeah check the news Pages check Twitter It's all over Twitter You might know it already anyway Um but just want to make you aware in Case someone still has the FTX app on The phone Um I also know only as much as is on Those news Pages you know not an Insight I can't really answer any questions About it but Um yeah if you haven't done it already Please delete your app and it's just Unfortunately more let's say evidence That the user's funds are lost which is Extremely bad but let's take a look at Bitcoin Bitcoin continues to be so in This channel yeah we talked about this Channel yesterday and said that as long As it's in this channel it's probably
Gonna follow it logically Um and it's going to continue in this Correction here the good news is that This move down is currently corrective It appears corrective it is um Basically you have a lot of overlaps Here and it's basically at a make or Break point now but let's first of all Take a look at these two possibilities Here that we've been we've been tracking Now for uh for a while so you know that My primary expectation has been a lower Low for Bitcoin when we moved up here Yeah we identified short-term Opportunities this did work out a set Many times that Bitcoin is going to be Constrained below 21.7 K so it could Have rallied even one more one more leg Up didn't Um so failed probably due to FTX Um But it was constrained below 21.7 K Above 21.7 K the overall chart picture Would have flipped bullish didn't happen Primer expectation worked out with new Lower lows for Bitcoin so my view is While FTX was probably the catalyst You know you were warned you you know Everybody sort of knew um obviously Never know we can only make assumptions But Um nobody should have been surprised by A drop what we were surprised by is the Let's say criminal activity that was
Going on on FTX and the effect on the Market and that it dropped so fast the Speed In which it all happened and how it Affected altcoins as well even though You would expect that altcoins are Affected if Bitcoin drops another Whatever how much was that Bitcoin Dropped obviously around 27 yeah significant okay so let's take a Look at um this scenario here so the Idea was that's two two possibilities Um The first one is that this here was a Wave a this year wave B no I'm wrong one Second let me just take that out oh yeah No it's correct this is of B and then The wave C down and we are currently in The C wave C wave is a five wave move And in this five wave move we had a wave One we had a wave two and that's been The scenario we've been discussing for Weeks Based on that we expected a strong wave Three down Wave four up and the wave 5 down so There's still a wave five to come as per This scenario now Bitcoin ever makes it Easy and therefore as per the Alternative interpretation which however At the moment doesn't give us too much Confidence the low could already have Been struck so in the alternative this Was a wave a this was a wave B and not a
Wave 2 and we are now in the C wave but In the well or we completed the C wave Already that's the red count we're going To take a look at when we now zoom in These are the two possibilities so Either one more substantial low or the Low is already in that possibility Exists now that Bitcoin has made a new Low because Um the overall chart structure here as You will remember I complained many Times about the messiness of this chart And that a new low is likely and that Would actually be good for the Bitcoin Chart to make a new low because Bitcoin's chart is one was so messy and It's just difficult to build on Something like this Um yeah to build on something like this A new all-time high and also you can see This ascending wedge which is generally A bearish pattern so it also followed That path yeah and then actually retest The textbook retest of resistance and we Came down but um yeah there's two Possibilities now obviously the red Count means that we have seen the low The bear Market low at 15.6 K however it Is not a convincing rally of the low So at the moment it's all good you know As per let's say traditional Interpretation we've got five waves up We've got three waves down that's fine The move that's currently happening to
The upside isn't really impulsive yet so That's what I would like to see I would Now like to see to follow the red count Bitcoin would need to prove it to us Because Yeah the Wave 3 was a bit too short Unfortunately Um so we talked about that yeah we can Just measure that and that is what what Costs it a little bit of reliability so The way three only reached the 1.236 Extension that is not great Yeah it's not great and and rather you Know at least it keeps the possibility Of this being a corrective move open Um and the other thing is that the wave One length the length of the wave one If you add that to the wave four low you Didn't even reach the target for the Wave five so you know that would have Been eighteen thousand four eighty eight We didn't reach it and therefore this is Not an ideal pattern to the upside and Doesn't really you know convince me yet That means to really call the bottom Here I need to see more evidence I want To see The price move out of the channel to the Upside I wanted price to break above the Wave B High which is at 17 500 and then Also confirm it by breaking above Eighteen thousand one seventy at the Moment we are in the support area and Either it moves up from here or it fails
That's the thing it's now at a make or Break point make a breakpoint because It's in this support area that is the Area that goes down to the 78.6 Fibonacci level and in this area it Needs to hold otherwise it will most Likely fail and follow the green count That we're going to take a look at in a Minute Um so yeah it's in the channel make a Breakpoint not only because it's in the Box but also because it is hit the Resistance of the channel so there's a Good probability we see a temporary drop Down if it then holds the 78.6 FIB level Or not that that's what we're gonna see Um at the moment we have three waves Down complete so it could at any moment Start to move up it doesn't need to go Any lower but the point is the Resistance is there as long as it's not Broken so also Elliot wave won't Um tell you if it's going to be broken Or not that's what the market it needs To do and if the market shows us the Resistance is broken Then the chart has a possibility to Follow through on this Wave 3 Target up There Um The Wave 3 scenario I can give you a Target for that one as well Target for Wave 3 would be around actually twenty Thousand five hundred dollars okay so From here there is a possibility to to
Um to move up but I would like to see a Break of the Channel first Um the problem is that this Wave 4 Resistance did hold and that's the other Count that I showed you where we still Have a chance to make a new low and the Problem is if I measure the retracements Of this Wave 3 we did say that um we Have the 18550 level here roughly yeah And this is the 50 fiber tracement we Didn't break that and that means the Resistance of wave 4 did hold it and That means there is still looming risk That we drop down low and make a new Lower low in the region between 14 and 15K so as long as we still generally Generally are below the 50 retracement This can still all be away for Yeah so this could just be a very big W X Y in waveform we just need to be ready For that and only really a move above The 18550 level with limited risk and Would reduce it it would make me tell You that probably the way 4 isn't going To play out anymore we're talking about A substantial move above 80 and 550 yeah So just a week or so it doesn't really Count yeah and that's my update about Bitcoin hope you like the update if you Did if you did please hit the like Button leave a comment and subscribe and If you really like the content then Please check out the channel membership Thanks a lot for watching bye
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