Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Bitcoin BTC Price News Today - Technical Analysis and Elliott Wave Analysis and Price Prediction!

Foreign Welcome to another update video about Bitcoin in this video also here like With ethereum I want to keep it short Because not too much has happened since My last video really but we want to talk About the possible bullish potential There's obviously a bullish scenario Here at the moment and a bearish one in The parish one we would drop once more In the third and in a fifth wave down to Around 14 to 16k if we lose 14k then we Can say hello to around 10K that is Where the 88.7 percent Fibonacci Retracement level of the larger cycle is Located that will be an important Support but in the very short term as Long as we are holding here critical Support which is the 15 620 level down here the low from the 9th Of November 10th of November 9th of November Um as long as that is the case we can Carefully focus on higher Um short-term support levels that need To hold are fifteen thousand eight Twenty and very important here in the Very short term It is the sixteen thousand one Thirty Level so these levels need to hold Breaking one of them or each of them Will step by step increase the Probability of the price coming down Bear in mind I'm following here bullish

Wavecon at the moment I'm showing you The bullish possibility we need to have It on the radar need to talk about it But it is not high confidence at the Moment Um until we really see the clearer Pattern evolve here problem with this Structure is to move up was not ideal in Terms of the proportions and the move Down was too much it came down too much But it did not invalidate it so it was Basically too much to keep Um or to to make the move up afterwards Highly likely but it wasn't low enough So it didn't retrace to um enough to Well let us focus more on the bearish Scenario so it's a bit of a difficult Situation Then yesterday as a result of cz's tweet We saw the price rally a little bit when The price hit support Um yeah that could be another wave one And we came down in two and we've moved Out of this support area that I gave you But It's still not convincing so what would Need to happen to actually move higher Because what we want to see eventually Is five ways up in red one two three Four five to indicate that a low has Been made or a more substantial low has Been made so important wave one done Wave two done okay finished so obviously For this wave two two to be valid

Ideally it doesn't drop any lower you Know so ideally We Do not drop any lower Than that fifteen thousand eight twenty Low or 15 what is it fifteen thousand So now 15 000 790 here from the 14th of November right So in the very short term though as long As this low is holding and especially as Long as we're staying in the channel Here we can focus on higher for a third Wave Target but as you can see on the Price chart it's not very convincing yet It's it's it's lacking the move up so Of course what this could be in a third Wave we could have done a one two setup Here this was a five wave move up then a Three wave move down at the moment and That's valid as long as we're holding The sixteen thousand one 70 level yeah pretty much Or 160. Um but to get more evidence that this is Actually a third wave in which we are Now a third of a third Because this could be just the one two Of the third but To get more evidence we would want to See the price rarely impulsively above The wave one high of seventeen thousand One twenty then we would like to see the Price break above the channel That would be a very interesting Development and would sort of be a next

Piece of evidence that we are in an Impulse to the upside so we want to Break that level and then there is a Price Target we need to reach And that is The 1.618 extension so in yellow here The target would be around 18 300 then there should be a wave four Down maybe the retest of the channel and Then a last wave five up that could take Us into the 20K range and that is then Based on the target for the Red Wave 3 Because the yellow wave 5 would finish Off Red Wave 3 and that could take us or Should take us yeah to the 1.618 Extension as I said around 20 k then There should be a rataway 4 and a red Wave 5 and we're looking then at around 21.8 K probably or even 22 and a half K We'll see whether it takes us but all of That requires to hold the most recent Lows it is not high confidence at the Moment and as soon as we are breaking Below those lows the downside momentum Can start again right so at the moment It's a rather sideways movement let me See if we can actually draw some kind of A trend line here Probably nothing too reliable But there are some additional maybe Resistance levels that So as you can see here maybe the price Even gets squeezed into a triangle again So a break above the

16870 level would already be a bit Helpful but yeah really the signal we Will get above the wave one high of 17 120. that's all we can really talk about At the moment because the price is sort Of hanging around there Um not doing much but those breakout Points are very important and we need to Hold the lows otherwise because we have Pulled back so far and we've come down So close to the invalidation point if we Lose any of these support levels it just Will It will massively challenge the um let's Say red possible bullish scenario and Especially if we drop out of the channel To the downside I think that will be a Very very first signal that things are Rather pointing to the downside okay in This map tell you about Bitcoin hope you Like your 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

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