Foreign Welcome to another update video about Bitcoin so it seems like we're getting Some clarity here Bitcoin has Bitcoin Has recovered into the yellow box again But as we had a quite a strong drop out Of the support box here which ended at 16 070 US dollars I think the um yeah the Possible bullish count is now getting Very very unlikely it's still not Impossible therefore I'm leaving it on The chart as a possibility because we Need to be aware that this is still Possible this can still come out bullish Bitcoin it wouldn't be the first time Bitcoin does this but I'm now I have to Clearly lean to the downside okay Um Just because we had this sustained drop Well not sustained drop but we had quite A strong drop and also ethereum is Staying below the 11 30 level at the Moment and until I see a clear reversal Signal now for Bitcoin I am leaning more Towards the downside which means we have That triangle pattern that we discussed Several times here Um on the chart which means probably Here a wave B Um c d and e which then came down again I mentioned that in the ethereum video As well what you typically get when a Triangle breaks it is um
Quite a strong move down we haven't Broken the B wave yet of the triangle That would be the final confirmation we Need that is at fifteen thousand seven Eighty Um a drop below that level would make it Very unlikely that we are indeed heading For lower end indeed you know it is very Close to the low from the 9th of November anyway How would I put the sub waves together Now well So let's leave that to the side here This is the bullish card still I'll Leave it on the chart until Um Until it's completely invalidated Because it's still possible but I'm now As I said clearly leaning to the Downside And until I see different signals but I Would say we had here one two this year Three four and now come down in five That's how I would see this and this Fifth wave should break the previous low And however this move down generally Could just be part those five waves Could be part of a larger Um Five-way structure to the downside in This fifth wave And this would be the fifth wave that Should end the bear market so as you Remember here coming down on the 9th of
November Bitcoin fulfilled our primary Expectations of a new low Here Bitcoin basically just moved Sideways possible scenario still bullish Possible Um getting unlikely now as we dropped Below the key support area which is Trying to do it again Um and if we now head down lower I want To take you through the key support Levels so we've got 14 500. That will be key support If we drop below that level we're Looking at 10 500 that is the 88.7 FIB Level for Bitcoin If we drop below that level then we're Talking about six to eight K and next we Talk about 3K these are the key levels Not telling we we get there they're not Necessarily targets but they are where They are possible targets only if Bitcoin drops below 14 and a half k So the reason between 14 to 15K is the next Target for Bitcoin I'll keep you updated 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