Foreign Welcome to another update video about Bitcoin yeah Bitcoin has decided to turn Down we had this ascending wedge on the Chart that you can see here in ascending Which is Normally considered a bearish pattern of Course you never know when it is coming Or when it is dropping out to the Downside in this case it happened Overnight here in the UK Um and I as you know I warned in the Last few days about the situation that a Top could have been made here already And in the end we have been coming down We now lost even this support at around 20.5 K here around the um ascending Trend line But in my last video yesterday I already Mentioned to you that this move down Makes quite an impulsive impression we Were here and that it's not unlikely That we drop further which we then also Did Um I mentioned to you two key support Level right so to maintain the Um the possibility really that we push Higher in a fifth wave it was necessary For the price to stay above the 50 Fibonacci retracement so let me just see Where we were That was at nineteen thousand eight Ninety now we've lost that this is done Over so this is not going to happen
Anymore so I have to assume that Wave 4 Was in down here Um at around 20K And that the wave 5 was in already yeah So a bit like ethereum but the problem Is that the overall Bitcoin chart is Rather bearish Whereas the overall context on the Ethereum chart is rather bullish and That just makes it more likely that Bitcoin is going to make new lows while The theorem is going to hold critical Support areas but there's still a long Way to go so it's it's not entirely Clear but there are key levels that I Will tell you that you need to watch out For so on the way down now the next Major support level from which Bitcoin Can recover Based on the latest oops Based on the latest drop yeah Um because in the end you know I can't Rule out I can't rule out that this all has been Some kind of a bullish pattern this Cannot be ruled out because it's five Waves up so there is still a chance even If it's in a different scenario it's in The the White Wave count let me go to The flower chart this is not my primary Expectation but of course we can't rule It out so the White Wave count would Suggest we moved up in a wave one year After June we came down in a wave two
And we're now moving up in the third Wave and in this third wave bit like Ethereum we can then assume a wave one Was done and we're now coming down in Wave two Um This is of course possible and to make That likely Or actually to to leave that possibility Open Bitcoin needs to hold the 18 890 level that's 78.6 flip level going Below that level will open the doors to Completely new lows below June okay but As long as we're holding this level it Could still be that we're doing it Something like a one two setup of the Third wave the third wave Would take us to 30k so as long as we're Holding 18 900 yes we have a deeper Retracement deeper deeper pullback but There is a chance to Rally to 30k Afterwards okay so this would actually Be quite bullish if we now hold this Support the problem with that That the overall chart context is still Bearish so we have a short-term possible Bullish setup and an overall bearish Chart context if I have this with Bitcoin and if I have a bullish chart Setup or a bullish trade setup and a Bullish chart context with ethereum Personally I would rather focus on ethereum right But of course this is a possibility for
Bitcoin as well Um so this is the possibility and then In the very short term yeah Um it's currently looking like that we Are coming down here in um well in the Wave three then would be the primary Expectation that we come down as per This chart but it could obviously be an ABC so it's all about you know which Which support levels do we hold now Because in this current move down what I Could put onto the chart here Is Just in case we are holding the 18 800 or 80 900 this could just be an ABC Yeah and in this ABC in the C wave we've Done now three waves As It Seems So as long as we're holding that level It's all good but if we go below the Eighteen thousand eight hundred dollar Level we're gonna have a proper impulse To the downside and we'll probably see New lows there is one more possibility On the Bitcoin chart that I mentioned a Few times I'm not focusing too much on This scenario but there's a possibility As well that the entire boring movement Since June has been or is a massive Triangle yeah we talked about that in Previous videos It's not a scenario I'll show in every Video but it's something to be aware of That this will move up could have been a Wave a we came down in a b wave due to
The messiness of the chart here in September we've now peaked in a c wave And we would come down in the next I can Give you a target for D that's fine so Just to get uh here you know Just that you get an understanding of The possibilities and the target here Would be a c and that already Yeah we get into trouble here with this Scenario because the ideal Target would Be around 17K due to the length of the B Wave that's not going to work out so This is not a very likely pattern Because the wave D needs to stay above The B wave so it needs to stay above the 18 200 level if this level goes then we Have a break out to the downside and the Triangle would not be valid then it's Rather this scenario which is the Primary anyway okay that's my update About Bitcoin so in summary we still Have short-term upside potential even Though it's much less likely than with Ethereum We now have the situation that we could Already be on the way down two new lows Below the June low there is one more key Level that Bitcoin needs to hold to Maintain the possibility of well this Bullish this bullish scenario Um to maintain that likelihood yeah and That would be if we hold the 18 000 Um 800 level I can just show that again It would be the assumption that a wave 2
Bottomed here in October at around yeah 18 000 US dollars And We count this as a five wave move up so Yeah it's around the 18 800 18 900 level That we need to hold to maintain that Possibility because below that level and Then we would count it as a one two but Below that level it's probably not going To be a wave two anymore and we're gonna Come down impulsively in a wave three Okay that's my 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