Foreign Video about Bitcoin Bitcoin continues to Be in this sort of upward sloping Channel here it's not very impulsive Price action that we can currently see To the upside here and I think the Market might be waiting for the PPI Figures they will be released today they Normally don't really generate too much Volatility well there should be some Volatility normally but it's not to the Same degree to what you would normally See when a CPI is released so there will Be some volatility and maybe the market Is just waiting for that that will Actually take place in actually 20 Minutes from when I record the video so You will probably already have seen that Volatility Um I don't expect the trend change here But maybe just some sort of a push maybe Here into Um well into into the within the channel Maybe you know but there could be some Up and down just short-term volatility That might take some stops out as it Usually happens right Um I'm not gonna really Um yeah change my counts because of that You know because of some kind of Expectation or anything as you know at The moment there is still an uncertain Environment here in the crypto space Also within Bitcoin
The elite wave method allows us to Understand that just without looking at News or anything you would know that Here there is a bullish and a bearish Scenario that just sort of gives you the Uncertainty there is just uncertainty in The market and of course you know the um The elite waves also can't really look Into the future and tell us definitely What's going to happen they purely Reflect the uncertainty in the market And there is a potential here to make a Lower low absolutely and the green count Talked about that extensively in the Last few videos that would go down into The region around 14k 15K if we lose the 14k level it could really go down to 10K That would be the next major stop and Support because it is the 88.7 FIB level However as long as we're holding Critical support levels we can focus on Higher and as long as we are in this Upward sloping Channel we can also focus On higher at least carefully Um please understand that the bullish Scenario is not super high confidence so There is a big element of uncertainty in Here but from the low on the 9th of June Uh November I mean from the 9th of November low we can focus on five waves To the upside we had five up we had Three down the problem here is that the Five up were not really perfect yeah not The greatest proportions and the move
Down was going a little bit deeper than Ideal now that doesn't invalidate Anything but it challenges The Credibility of this count however as Long as we're holding the critical Support here which is fifteen thousand Seven seventy pretty much we can focus On that and we can focus you know Carefully on higher that's one important Aspect and then if we look at that from This support area which I gave you here A few days ago we could focus on higher We can now say that yeah we had support We had a support area here critical Support here went down to Um well the the low of that candle was Around sixteen thousand one Thirty so as Long as we have during that level short Term we can look at a third wave to the Upside third wave to the upside Target I Can give you that as well But obviously to do that we need to hold That sixteen thousand one Thirty level Because if we drop below that the first Stop would be here the fifteen thousand Seven seventy level and then we've got The 9th of June low and if you drop Below that well then we're making new Lows anyway but for now let's look at a Possible Target here for a third wave in Yellow that would be around eighteen Thousand three hundred so the um as long As we are in this channel as long as We're holding the support we can use the
Channel to guide us higher and to use The channel support basically for Increased prices and ideally we would Look at a break of the channel to the Upside here and that would then be a Very good confirmation that Wave 3 has Started there's sort of two confirmation Levels that would tell me that a Wave 3 Has started the first one is really the Breakup of the wave one high that is 17 140 and the next one would be a break Above the channel high so actually that We've seen some sideways Movement we Have to move that to the side so that's Sort of um what ideally would happen now In a bullish scenario provided that the Support levels that I mentioned hold Because below this 15770 level the green count would get Into force and could drive us down into The 14k range now the yellow Wave 3 Would only on the yellow yeah the yellow Wave three four five would only be Completing the Wave 3 in red which is The higher degree wave the target for That is around Um 19 000 so basically twenty thousand yeah 20K Um and so that is really what it is I Think what you also can see here in Addition to that channel Um we have a descending trend line here That I added to the charts B in the
Previous video so we are hovering around That dancing on that trend line now so It might lead to a breakout and if you See a breakout and it goes above the 17 000 one 50 level 160 level the wave one High it is a really good confirmation That Wave 3 is started then we're Already above 17K as well but yeah Overall let's see there's still a lot of Uncertainty I think the PPI figures Might be a catalyst for something but as I've just explained there is still a lot Of uncertainty and it is in no way Guaranteed that a bear Market low has Been made in fact it actually feels Wrong to a degree I think you know it Doesn't really feel like that we've Already had the capitulation what I'm Thinking more and more and it's Obviously not great news but what I'm Thinking more and more is due to the Fund Elemental issues that we're now Having in the crypto space with a lot of Sort of let's say Bad actors that still Need to be flushed out it might really Be that we get a capitalation not not by Price but maybe over time that it really Takes a long long time to really recover Let's all hope that won't happen Um obviously we still get a lot of Volatility short term anyway but um yeah Let's see what will happen Um and the market here I guess in around 20 minutes will show us which direction
It is going for the next few days and it Would be great to have a substantial low In place of course but that's not yet Guaranteed and we haven't really seen Enough price action to be super Confident about that but my preference At the moment would be to the upside Here following the red counts and within That obviously the yellow count within The the Red Wave three okay let's update About Bitcoin I hope you like 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