Foreign Video about Bitcoin in this video we Only want to focus here on the imminent Short-term wave count yesterday I made a Video and talked about the longer term Wave count for Bitcoin so if you're Interested in looking at the larger Context also with long-term targets then Take a look at my previous video the Last Bitcoin video I made just before This one okay Um here In this current particular scenario we Can first of all see that we broke out Of this triangle to the upside yesterday That is not yet convincing though Because Bitcoin got rejected at the Resistance Zone here so this is the Zone Located between 16930 and 17 100 pretty much we need to Get above that level to get some clarity About possible further increase In addition to that what we see here at The moment to the upside is only three Waves so it's not really convincing yet So this entire move actually Um So I would like to see at least one more Leg up and then we could be carefully Optimistic that things are changing but At the moment I could very well also Just move that wave B up here and we're Still looking for a lower C wave of this Yellow wave
2. okay and for that purpose I have to Move just the other waves to the right Hand side something that happens all the Time If a move takes long Okay Um obviously we've got here on this Chart a bullish interpretation and a Bearish one that is what you have to Have especially if you are in a triangle Pattern or if you are in range because In the end it's the market who decides You know in which direction we break out Um we can only make some assumptions and Prepare for basically both scenarios and Then react to it as the market makes its Decision but um it is definitely Possible to move up from here in a Yellow one two setup or bullish scenario It wouldn't even be necessarily bullish Because even in the green count that you See here which is the sort of yeah Bearish pattern where we will make one More low which we have to expect as well Because all of this here is an Elliott Wave triangle Um in a bearish interpretation yeah Um and also this hasn't broken yet even Though the trend line is broken but the Elliott wave triangle I'm going to show You that in a minute hasn't actually Broken yet but um even in this bearish Interpretation so either either so if we Say we come down low and make one more
Low you could count this as a triangle Or you can even say that um it okay if It's not a triangle then it would be an A Seconds here an a B And we're now moving up in C of 4 which Is just sort of an Impulse within a Correction so the yellow counts could Also be the C wave in the wave four so a Larger correction Um or part of a larger correction or it Could be part of that red Wave 3 where We've got one two three four five which Would be the bullish breakout pattern so At the moment just need to keep options Open that is usually the case when you Are in a consolidation pattern Um did mention to you before there will Be the point where for Bitcoin there Will only be a bullish and more bullish Scenario yeah Um at the moment there is a bullish and The bearish one very clearly because Bitcoin fulfilled our primary Expectation in making one more low so They did that here on the 9th of November that was no surprise it was Expected for a long time for weeks and Weeks yes FTX might have been the Catalyst but still a lower low for Bitcoin shouldn't have been the surprise What was a bit surprising for some Altcoins was how far they were actually
Sold off Um but as I said many many times the Majority of altcoins was still fishing For lower lows and really only a few of These Um that I covered as well had bullish Potential so the uh the latest selloff In crypto generally was not a surprise From a chart point of view Um it was a bit surprising how fast it Happened but that's always what I tell You you can't really Elite waves or Generally any other method You can't really Predict Um how long the movement takes and how Fast something is selling off there are Certain indications but it the market Does it when it's when when the market Is ready right Um there's also why it's so difficult With these triangles because the market Can max out a triangle Um or even if even if a trend line Breaks here Um the trend line might just simply Shift and the whole triangle might Extend out a little bit So the bullish count as I said wave one Up wave two down here to 15 800 roughly We'd be now in a wave three in the Bullish count that can take us to 20K That would be a way four down and away Five up
Um and within this third wave in yellow We've got our wave one in yellow that's Right in the in the third wave in red We've got all wave one in yellow the Wave two Yeah ideally for that for that wave two I I'd be looking for another wave C Which comes below the low of the wave a It failed to do to to do so Um and I would primarily still expect a Lower low in wave C which means it Should hold above The 15 800 level but should go below the Low of the wave a that's sort of what I Would ideally expect Um if it breaks above seventeen thousand One hundred it will go up straight away Without making that lower low that would Be my expectation Um and that would all be either the Bullish count or Part of that deeper correction in wave Four at some point we will have to say That the Wave 4 is getting unrealistic Because if we then move up in the yellow Five wave pattern At some point which would be the 50 Fibonacci retracement so above roughly Eighteen thousand five fifty Above that level a Green Wave 4 will get Unrealistic then we have to focus more On the bullish count we however can see Here some short-term upside as well in Green Wave 4 and then another sell-off
As a possibility as long as we are below Eighteen thousand five forty but we just Need some clarity by the market in which Direction is breaking out so either Above that red resistance zone or below The 16 070 level that would take out Here our support Zone and then we could Be heading down and get some clarity the Other interpretation of the bearish Count is the triangle In a way four so where we will not see a Stronger move up but it would be Um with a b c d maybe e now so it could Have finished its e wave it shouldn't Really move any higher than that maybe a Little bit but it is constrained below 17 100 in the triangle pattern and would Then in the next step Sell off to the downside and first Indication that we're breaking out would Be a move below that 16 070 level and Then taking out the b wave flow which is At fifteen thousand eight hundred will Give us the confirmation so these are The short-term scenarios for Bitcoin That I see Um I don't necessarily have a preference I think we can focus on higher as long As we focus as long as we are above this Yellow support level but really there Isn't really a preference and the reason For that is that both scenarios are Likely Bitcoin hasn't shown enough yet To make the bullish scenario very likely
It also hasn't shown enough yet to Invalidate the bullish scenario but I Mentioned to you yesterday in the video And days and days ago that the longer This sideways movement takes the more Unrealistic we'll get a bullish breakout Just because the impulsive nature of it Is missing and typically the longer Something takes sideways it increases The chances of just a wave 4. just a Long consolidation before another Sell-off okay and 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