Foreign Welcome to another update video about Bitcoin I wanted to start the video Today on the Saturday here with a view On the crypto market cap the total Market cap not in terms of an elite wave Analysis because to be honest it would Be pretty much identical to to bitcoin But just really looking at the wider Market cap obviously it is mostly Influenced by Bitcoin not entirely Because obviously the the altcoins have A significant impact as well however What it shows is that it was actually After it came down here well it's been Coming down since November like Bitcoin And mini altcoins not like all altcoins Some altcoins made all-time highs later But it has been coming down so the vast Majority has been selling off Um and here we were on a sort of good Way I would say you know in into August Then it started to drip again Um you could say this was maybe if you Look at it from an elite wave point of View wave one hero F2 but it failed to Capitalize on it in terms of any um Buddhist sentiment coming in because in The end this is a view of you know you Look at this in terms of Market Sentiment especially the the market cap Because it just shows how many people Are invested investing how many new Hands are coming into the market or are
People rather Um yeah I would say sitting on their Hands right and we can very nicely see He obviously last Um last week on the 9th of November here In that week so let me go to the daily Chart how on the 9th of November Um things 8th and 9th of November things Started dropping we had a local swing High here and things started dropping And this was of course related to a Degree To the FTX issue and the exchanges and Yeah the problem that we see is that There are not really new hands coming in At the moment yeah so there was a bit of An impulsive rally here and we can take A look at that on the Bitcoin chart and Since then it has been correcting so Generally what you would normally expect So you can actually see here five waves Up right so we go to the one hour chart From that um from that low you can Actually see like on the Bitcoin chart Five waves to the upside What you normally get when you see five Waves up and then a correction like this Because this is mostly corrective Structuring what you see here When you see that it mostly suggests That this price action here which is Taking a long time now that it is only Correcting the impulse But what we also shouldn't forget is
That there are or there have been Similar patterns in the past where It just kept dropping And It then solved itself in a bearish way Um and again there are different ways of Drawing this you know But um For the most part and you know with Bitcoin as well Bitcoin You could argue Broke out of the triangle like this one Here as well Um but again there's different ways of Drawing this I think this would still Fit into a wider triangle structure Um because it's just not really breaking Out yet you don't really see the Impulsive price action to the upside but Just means that in my opinion people are Still sitting on their hands um there Are not and I touched on that in videos This week Um and that are set for Bitcoin and for Many altcoins as well the situation is Still not really bullish yeah we can Look at the bullish potential here Because of this impulse to the upside And say as long as we're holding certain Levels a bullish breakout as possible But Um the longer this takes you know the Less likely it is just purely because You don't really get the new people come In and it's mostly then seen at some
Point as just a consolidation after a Strong move down and you start to look At this wider sell off here So yeah this is mainly I think an issue With sentiment I think we would have a Completely different situation in the Market that they had we not Um had that sentiment and the confidence Of of investors be it you know um the Retail or even institutions shaken Because you know with that issue that we Had around FTX and possibly other Exchanges I think the institutional in The institutional yeah confidence has Been shaken to a degree as well so At the moment we just don't see those Buyers come in yeah this just is fact Um I think if we see a Breakout Then this can be a strong one and then We would have to say that the low has Been in but really we won't really know That now you know obviously we've seen a Drop here in in yeah in market cap here From the I mean the main drop started Here On the 8th of November so basically 25 percent yeah so it's quite a bit Um so to get that back up you will Actually have to move Above This level Here 860 billion isn't it yeah Um so that's where we would need to get Above this high now that relates also to The Bitcoin chart Um with Bitcoin obviously the the
Current view Um is still that obviously a breakout to The upside is possible but as I said the Longer this takes the more likely an Immediate drop to the downside yes and I Can't tell you the exact moment when you Know it gets more likely the thing is We're still above this support box and You can see again how relevant this Support box is and has been and as long As we're holding a buff support very Easy as long as we're holding a buff Support you can focus on higher Um as long as your head's below support It's going to break down that is very Easy Um And the only reason why I'm entertaining The idea of a bullish count here is that Since the low we had five waves to the Upside it was quite an impulsive rally I Mean we moved all the way up to 18.1 K Basically And a corrective decline afterwards Suggests usually that this impulse is Just being corrected Yeah it has taken quite a while now and You could even see this as a so-called One two one two setup but so far it has Failed to deliver on this potential and We therefore still need to consider very Very strongly another sell-off as well So this is the same situation on many Other crypto charts as well
Um I you know I'm still you know I'm Covering a few coins I mean I'm covering More coins than many other channels to Be fair but I'm covering a few coins That have bullish potential and Basically all the other coins that I'm Not covering and there are hundreds of Thousands you know of course most of Them I'm not even aware of the chart but The ones that I'm aware of where I see Bullish potential I Do cover them okay Um all the other ones basically I don't see potential so but if we if we Follow this red count or even the yellow Count which is part of the red one Um then we would say you know the target For the Red Wave 3 would be around 20K Um But it needs to follow through it needs To follow through it needs to deliver That and the longer this sideways Movement takes the less likely it just Gets right so because it just shows that There is a lack of bias and you need to Break out above the 17 100 level to get A first indication that things are Changing more towards the bullish And then really you need a break above The eighteen thousand one fifty level to First of all dismiss well not entirely Dismissed but dismiss the idea that a Triangle is evolving here because the Triangle pattern would be the bearish One
So in terms of the triangle one we say That a Wave 3 finish down here that's The green count the green count is the One where we expect one more low so Basically here a wave a with B with C With d and the wave e to the upside and Then would follow through now basically To the downside and the confirmation That this is happening would be a move Above first of all indication would be Below sixteen thousand seventy that's The support box if we break that there's A good indication things are going down And um the break below 15 800 would be Confirmation below the low of the wave B So obviously a lot of people Um you know ask for my my opinion of Course you know I can only tell you what What we've got in front of us which is This structure here which is a Consolidation and the situation is not Entirely clear so also in terms of Trading I wouldn't do anything at the Moment other you know unless you want to Trade in the Triangle Um we need a signal and the signal will Get above 17 100 that would increase the Probabilities of a breakout to the Upside reaching 20K And a break below the 16 070 level would Confirm the green card for me Um or at least make it more likely and It would then be confirmed As soon as we break below fifteen
Thousand eight hundred until then this Is purely speculation a situation isn't Entirely clear because bear in mind you Know from November to June I was very Clearly telling you that Bitcoin needs Another low it needs another low Um It is that is not the case anymore that Is not the case anymore it doesn't need Another low anymore therefore we are or Since June we have been considering Bullish Um potentials yeah carefully of course Um but it is we've never been in a Situation where we could be confident to Call that a bottom was in so and this Situation is still not there and again The longer this takes the more likely a Sell-off gets so it might be an Interesting weekend I think it might be A decision weekend here or maybe early Next week Um Saturdays are usually a bit boring so Prepare for that if you're watching the Charts Um Yeah but that's that's sort of my view Of Bitcoin at the moment so hopefully 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