Foreign Welcome to another update video about Bitcoin again here Um still the sideways movement in the Range here for Bitcoin we talked about That this could also very well just be a Triangle pattern that's occurring here And at the you know it it starts to make Sense now you know it starts to become At least something we should consider Um as we are in some kind of a Contracting triangle so I might end up Counting this whole thing as a triangle Um especially Possible as a breakout pattern to the Downside that would be the um the green Count so as we said before there is now That Bitcoin fulfilled our primary Expectation put that new low in place Here on the 9th of November there is a Potential now that we start and move to The upside but I told you in previous Videos the longer this takes the less Likely it gets and we are now in a quite A clear Contracting triangle Um we're holding within this triangle Above a support Zone And as long as this support zone is Valid we can consider with um you know At least a certain likelihood here a Bullish pattern which would be a move to The upside which are going which I'm Going to take you through but if we say That this is indeed a triangle then we
Would be waiting for another dip down in A fifth wave afterwards because Um you would say that we bottomed here In wave three From here we moved up in an a wave we Came down in a b wave we moved up in a c Wave Maybe this was already the D or we are Still putting in the D that's not Entirely clear yet and then there will Be a wave wave e to the upside which Would have to stay below the high of the C wave So Below 17 100 which on the flip Side means should we get above 17 100 it Will give us a good clue and idea that Actually the bullish pattern might Indeed work out right um but in such a Triangle pattern a b c d e you would Expect the price to break out to the Opposite side of the e-wave to the Downside the first you know sort of Good targets or idea of a Target would Be the just take the height of the Triangle here and add it to a potential Break out one second break out point and Just to give you an orientation where we Might land depending on where the Breakout occurs Um around 13 and a half cents now That's possible Um Of course you know we are Not really constrained by anything if we Go down here next major support will be
Sort of in the region around 10K that's The 88.7 fifth level but my first chord If we really make one more low it would Sort of be in the Region 14 to 15K if we Lose that yeah we can entertain the idea Of um maybe even here the the triangle Target but the thing is with those Triangle targets take them with a pinch Of Sword as well they are not always Accurate Um so yeah especially in a state of or In in a market where there's so much Uncertainty at the moment going on Um but yeah still a bearish overhang Here over the chart just purely because We have this triangle consolidation Pattern after a fairly strong move down That occurred here um towards the end of October no early November of course you Know with um FTX and everything going Down Um So yeah down downside we still need to Consider absolutely there is no Confirmed breakout pattern to the upside Yet Very clearly there is a potential and we Talked about that as well so in the Bullish breakout pattern which we can Consider as long as the yellow support Box is holding that by the way is Located between sixteen thousand seventy And sixteen thousand four seventy Dollars
Um as long as we're holding that we can Focus on higher here but again you can See very clearly that we're constrained In some kind of a triangle so as long as The resistance and the support areas or The trend lines are valid and we haven't Broken them price really can go in any Direction in fact if we say this is a Contracting triangle and a continuation Pattern might very well go down but Again we have here a potential to move Up as well so we need to consider both Options at the moment and with Bitcoin I Think it's important to be flexible We've talked about that as well because All the technical analysis is shown as Showing us here is that there is a lot Of uncertainty in the market we get an Idea of key support areas we get an idea Of key possible entry areas and trade Setups and this is a long trade setup That we have here at the moment a Possible one two one two setup which Means after this If the pattern works out if the setup Works out in a way three we should be Moving up into the region around Whatever 18 and a half K it could Stretch out eventually into the 20K Region So there is a let's say a decent setup Also in terms of risk and reward Obviously the the reward is fairly high If we talk about possibly 20K the risk
Depending on how low we can still go Yeah the risk with a maybe a stop loss Below the yellow box is sort of Fairly Um fairly small And That's where we are really and I Personally you know we talked about in The previous video said This is a one two one two setup at least We can consider it And at the moment because this is a The Wave 2 in yellow is considered wxy which Is a more complex form of a correction So called three three pattern where each Of the sub waves consists of an ABC Correction Um here as long as we are below the low Of the B wave sixteen Thousand Seven Fifty I have to expect lower prices Because the low of the wave a hasn't Broken yet and in an ABC you would Ideally expect that Um So very choppy very sloppy price action And I personally would expect here a Lower low as long as we are staying Below the 16750 level especially as the trend line Is coming down as well but um support Box ends at around sixteen thousand Seventy dollars so keep an eye on that As well Um and that's really where we are you Know state of uncertainty triangle
Triangles represent uncertainty Um and just consolidation possible Trend Continuation that's why we cannot Cannot rule out further downside Absolutely not and however we can also Not rule out further upside because After each lower low that Bitcoin is Doing now it has a chance to put a bear Market low in place and that Capitulation ended do I believe it's Necessarily over no not really you know The whole Market is still in a state of Uncertainty and it could so either I Think You know of course we never know but Either I think it's it's going to be Capitulation overpriced or over time That we see a lot of and very long Sideways movement because I think it Will now take time after the the FTX Issue that people are going to get Confident again into the market so it's It's a difficult environment right it's A really difficult environment and um But yeah this is where we are triangle And I think probably you know you're Heading into the Apex here and Bitcoin Sometimes likes to really Max it out Until the end Um I mean this could take you know until The weekend and uh the weekend obviously Is always not always but it's oftentimes A bit boring as well so yeah we could Get we could be stuck in this triangle
Until the weekend and then I think the Break breaking those trend lines see of The triangle will be a first indication If we are in the yellow count up or in The green count down okay that's my Update about Bitcoin 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