Foreign Video about Bitcoin so Bitcoin saw here A move to the upside Um earlier today we haven't really Broken important resistance yet so Um let's Let's take a look at this wave pattern So obviously we've been investigating The possibility that a low could already Have been made here at around 15 600 on The 9th of November we then did move up Here in five waves however I stated Previously that the Red Wave count here Is not highly reliable yet yeah what we Want to see is really five waves up here In The Wider pattern to get more Confidence and then obviously this would Confirm a larger wave one and then we Want to see the ABC down the correction Down to hold and that would confirm a Larger impulsive pattern to the upside At the moment with just these five up of Course you know this could be the Foundation of something That is moving to the upside now but Um Because the internals here the Proportions are not ideal it is less Likely and less reliable it's of course Possible you need to be ready for it Yeah I gave you the support area where It should ideally turn around but as you Can see it even dropped below that we Then had um well cz's tweet today which
Led to a bit of a rally but it hasn't Broken any highs yet so we haven't Really made any higher highs so I told You know I I replied to a few people in The comments earlier today who were Already talking about the breakout just Relax you know we haven't really done Anything crazy yet this could be the Beginning of something of course but This is really the only you know first Of all we only have a few green cannons That's it it hasn't really held any Support yet because we haven't really Had a retracement it hasn't broken any Resistance so it's too early really to Confirm the possible breakout here to The upside Um it would be though in line with the Red count even though we've pulled back A bit deeper than Um it would have been ideal but that Again just confirms bitcoin's weakness And you will remember that I've talked Many times about ethereum just having The let's say the um The more ideal the clearer wave pattern Than Bitcoin and Bitcoins just still uh A horrid mess really so Um yeah I continue to be focused more on Ethereum than Bitcoin because Bitcoin uh while I started to DCA when It made the new low It is still for short-term trading for Me less reliable than ethereum right so
And it's you know it the proof is it Just came down lower than for example Ethereum I think ethereum put back like 50 to 61 percent of the move up whereas Here we we move down more than 80 Percent so this is not really a sign of Strength and would rather confirm Further downside so this is nothing Really that would be in contrast to uh What I said in previous videos right so Here you know move up yes it could be a Wave one this could be a wave two of Course we just need to monitor the Potential for a more bullish breakout But at the moment this is still for me Less reliable very very clearly so I Told you that in this could be a wxy Pattern here w x y I'm Gonna Change well It's still the wxy but I will disregard From now on this week because I do not Find it on any other Exchange So it remains this High which is of high Relevance around 16 920 because this is then a triangle Pattern I disregard these Wicks they are Not really meaningful because you can't Find them on any other exchange normally I would never disregard a wick When doing the Elliott wave count also In terms of resistance but it's highly Likely it's not going to be an important Resistance Point Um this 17 000 250 level just because it's not
Visible on any other exchanges so yeah At the moment what needs to happen now So first of all to follow the red count It would obviously now need to hold the Previous low the 15 780 level if we lose that level we're Probably also going to lose the low from The 9th of November and we need to push Through resistance at the 16920 level That would be the first indication we Are pushing indeed higher in a third Wave and then in the next step we would Need to break the 18160 level these Those are two structural resistances and Um in terms of a target for a third wave I can give you that as well assuming we Have bottomed here the target would be a 19875 the 1.618 extension for of the Wave one and that would be Earth wave a Wave 3 Target then there should be a Wave four and away five when we have These five waves complete that would Definitely confirm With more clarity that a more Substantial low has been made and then I Would also be more interested in buying The retracement because this would then Be a wave one and we would be buying the Wave 2 retracement until we see Something like that I will continue to Dollar cost average for the long term Smaller positions not leveraged because It can still go lower and but only small Positions and keeping money aside for
The moment when we have a confirmed Bottom in place because this is really When there is a greater chance of Finally moving up at the moment there is Very clearly not yet a confirmed bottom But what we do with the red count we Observe the potential for a bullish Breakout the threat because the threat Or the potential of still moving lower Here in the fifth wave in green is still There as well so that is of course Possible that we move down lower here in A some kind of a diagonal pattern in a Fifth wave that we still see a lower low Um in green and the key resistance that Needs to be broken to make that less Likely Is The 50 or the 18 580 level which is the 50 Fibonacci retracement which means should We really break above that wave one high And push just a little bit higher into Wave 3 area that will make a third a Fifth wave to the down south downside Less likely in this particular wave Pattern so therefore the development That's going to happen now over the next Few hours or days will really be Relevant to understanding the likelihood Of a new low at the moment it's still Sorting away sitting below between the Um we're sort of sitting on the fence Really between two scenarios and we're
Waiting for a clear trade setup at the Moment there isn't really one not on the Bitcoin chart ethereum was interesting Because we have reversed in the support Area Bitcoin clearly failed the support Area and therefore this is for me less Uh certain Ethereum is more certain but Bitcoin Clearly both possibilities are still There because we are still below the 50 FIP retracement only above that level The Wave 4 will get less likely and it's Most likely something different maybe Something more bullish Um Yeah and only really if we get above That level then we can we can confirm The red count is in control should we Drop now below the swing low from Yesterday here at around uh yeah fifteen Thousand eight seventy or something Right eight no let me zoom in 15 000 800 pretty much then that would Put control over to the Bears in the Green count Okay There's my update about Bitcoin I hope You liked the update 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 Thank you