Foreign Welcome to another update video about Bitcoin while we don't see too much Short-term price action we want to take A look here at the longer charts as well In this video Um the higher time frame did that on the Ethereum video as well We want to do that as well and then Later we dive into the lower level price Section Um I wanted to give you an idea of the Potential that Bitcoin actually has and In Elite wave we always look at five Waves to the upside Um for a trend and here with Bitcoin we Have the situation that on this linear Chart I would get to the come to the Conclusion that we've seen a wave one That was back here in 2017 we came down In a wave two Where we move up in a wave three so we Basically are in this wave three at the Moment there'll be a wave four and the Wave five but this is sort of the super Long term Um Chart here yeah and time frame within This yellow wave three We've had another one two set up which Was here one two I'll change the color In a minute one two Um this is the three at the moment four Five
So and you can see how this all works Together How you've got waves within waves so one Two three four five basically now we are In the third wave and within this third Wave you also have five waves and here We have the situation that we made From the low March 2020 a wave one to The upside that was the high early last Year in April May and we've come down in A wave two we're probably still are in The wave too Then next is the wave three up a wave Four down and away five up and that Would finish off this wave three in White so I would have to move everything Over here a little bit Um but yeah just to really highlight to You you know where the direction for Bitcoin could be going in the future Um because really for let me just show You We say this was one two three four five Again make that different Color and degree Um just to show you where you know the Target for this Wave 3 for example here In blue I mean this is not in in proportions Here really but we talked about that Only I think yesterday where I told you That this Um Just to give you a rough idea really
The target here we talk about 120 125 000 for the Wave 3 in blue maybe all the Way up to 145 000 uh then there will be This way four and blue the wave 5 in Blue that would finish off the wave Three in white there'll be away four in White away five in white that will Finish off the wave three in yellow that Will finish off the wave four and yellow The wave five and so on right and so This is how this is continuing to Cascade High and that is why Bitcoin has Such a strong Foundation because what What you see here and this is for Anybody who's struggling with this Concept of one two setups Um this is exactly that you've got Three one two sit-ups on this chart I Mean I wouldn't take too seriously what Happened back here but you've got this One one two and again this needs its way Three four and five you've got this one Needs also the wave three four and five And this one And it also needs that so this just Creates a very very powerful foundation And I did show it in previous videos you Know months ago already If you look at the tech stocks very Early days Apple 1980s 1990s if you look at the stock Price and you can see those one two Setups as well it's a very very similar Foundation and this is what charts need
They need to build this Foundation Because this is exactly what the what Will enable the charts in the future to Move to Crazy Prices you know Bitcoin Maybe at one day in one day 50 500 000 Maybe even a million so I wouldn't rule That out you know it will take years but This is what the chart at the moment Suggests so this is sort of the long Term chart for Bitcoin if we now dive Into the lower level price action here Of course we have several possibilities And Bitcoin still hasn't really decided At the moment it's looking a little bit Like we're breaking out of this yellow Triangle to the upside but it's not Confirmed yet what we really need to do For let's say confirmation that we can See some further upside is a Break about Above this red resistance Zone which is Sort of going all the way up to 17 070 Dollars so there are Um different different possibilities Here about two main possibilities yeah Well let's say three let's say three Um obviously primary expectation Fulfilled we made lower lows not a Problem everybody talking about and Everybody a lot of people talking about Crypto is going to die Um I believe none of you believe that Because otherwise you wouldn't watch a Crypto Channel but there is a lot of Stuff going on in the world again about
Crypto is dying Again we've we've heard it so many times And usually when you're really close to The bottom or when you're in some kind Of a capitulation phase you hear these You read these comments Um you get emails like that I do and you See it in the news you know It's not that bad yet but the more this Is happening these talks about crypto is Going to die Bitcoin is going to go you Know it's going to die the closer I Believe we are to the low Um is the low already in I can't answer That for you I think the potential is There but I would also not be surprised To see one more low and that's why I've Got the potential here on the chart This is um basically the Green Wave Count where we came down in a wave three This is away four and we come down in a Five once more Um and again there's the possibility Here That in this wave four in green yeah That okay let me just show you here with The yellow Um Highlighter so we came down in a wave Three So the first possibility is that this Wave 4 Is still unfolding In an a
B and we are going to see some upside Now in wave C And we would then come down this is Possible Or The other possibility is someone doesn't Change the wave quantity it's a Wave 3 Done And let the Wave 4 unfolds as a triangle Basically wave a B C D and maybe one more e high and then Come down wouldn't surprise me at all It's a triangle possible Trend Continuation pattern This would only be come very likely in My opinion as soon as we drop below 16 070 that is the lower support of my Support box here as long as we're Holding the support box we can also Focus on higher but on the flip side We are still below resistance so Basically we're in the range you know You could call it a Contracting triangle The market needs to give us a signal Bitcoin has made a new low what you do Then you're waiting for a signal of the Market now we haven't really seen that Because we're only consolidating Sideways right this could also again it Could lead to short-term upside in a way For absolutely or it could even be a Breakout here to the upside and we've
Talked about this bullish possibility in Previous videos as well that we say From the low here so actually the red Count the red count suggests that the Low is already in a wave one to the Upside A wave 2 to the downside and then here Another one two setup in small but we Would now need to break to the upset in A way of three Four five so that is how we could Cascade higher so we just need to break All of this range here Um to get a clear signal with what is The next step for Bitcoin again I Wouldn't I wouldn't rule out lower lows Absolutely not I also wouldn't be Surprised to see another dip we need to Be very very clear about that Probabilities are very close together Here Um a bullish scenario is possible but I Also told you the longer the sideways Movement takes the less likely a bullish Scenario is yeah it's getting less Likely now as we are moving sideways and Sideways and sideways it just lacks at The moment that impulsive price action Um I think that impulsive price action Could come in as soon as we break well First we need to move above this B wave High he had sixteen Thousand Seven sixty And then here the high at 70 17 000 well let's call it 17 100 you know
Then we are breaking through resistance And can move into the region around Well overall you could get to 20K yeah Um so yeah still in the Triangle here Hovering sideways could be a Contracting Triangle here maybe a breakout to the Upside but way too early for that to Confirm that Um so yeah but as I said to you before This is a valid long trade setup as well Here the support box Um does it mean you know and that's so What many people don't understand you Know you can trade something even if you Think you will make another low for Example yeah I mean this is a trend Continuation pattern it suggests we are Going to see one more low that the Impulsive price action isn't there yet But we have a possible long trade setup That's why I've put on the chart here a One two setup one two here and then here Another one two setup and from here even If it's on the short term upside You can see that right as long as the Yellow support box is holding but if we Break that it will make the break below The triangle very likely and well then You could look at 14k 13 and a half K Here for it's entirely clear it depends On how the subdivisions then develop and I'll of course keep you updated okay and That's my update about Bitcoin hope you Like the update if you did please hit
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