Foreign Video about Bitcoin so yeah we've got Some news here we've got some new Developments and um on Friday I think it Was as we entered the weekend I talked About this could be the decision weekend Where we are we are going to see a Decision so we were waiting for a move Down to the support level here around 16.1 k Um for the market to decide do we still Have a chance to Rally in this redwave Count one two three four five to the Upside possibly already putting a a Bottom in place for the bear Market but I said in previous videos it doesn't Really feel like that yet Um but the Buddhist potential was there It wasn't highly likely due to the Um not great proportions to the upside You'll you'll know that if you've been Following me in the last few days so Yeah we can take that off the chart now And we are following the bearish count We have it decision now Clarity is Always good in the market and The reason why we have clarity now I Already explained it in the previous Video today and if you've been watching The last few days you'll you'll know That anyway that Um the 160070 level here dropping below That support box would unlock much lower Prices for Bitcoin first of all into the
Region around 14 500 Breaking that would take us down to Around 10 500 I believe that is the 88.7 FIB level of the larger Bitcoin cycle Below that we're looking at 8K 60 6K and 3K price levels that seemed very Unrealistic Um let's say months ago I've always said It's possible but I would see a 10K Bitcoin really only under extreme Circumstances now you could argue we're Getting into extreme circumstances right Now with um the FTX collapse Um with Rumors that grayscale or dcg which is Sort of the parent company of Gemini The Exchange and dcg and uh and the Grayscale Um trust that they they go bankrupt Right so there's more rumors there we've Got um coinbase where we had Rumors in The past that they might have liquidity Issues now I think they've done a lot to Work on that but I think they're Probably you know there's still some Yeah I mean it still smells a little bit Fishy Um but again I'm not qualified to make Any comments about like say coinbase's Financial situation but I believe if This if the share price of coinbase Drops further then they might get into Problems yeah it's just my opinion Um so yeah and I think you know we
Obviously still have the chain reaction Of FTX going on it's like you know it's Like you couldn't make it up anymore There's so much going on Um and we're in a situation where I'm Not surprised by anything anymore really Like fundamentally in the space I mean It's it's crazy so uh we just need to be On the side of caution here as long as We don't really have a confirmed bottom In place we need to be extremely careful Um talked about that many times my Strategy around dollar cost everything For Bitcoin I'm only DCA uh small Amounts until we really have a confirmed Bottom in place Um I really only started my DCA program Again when we made that last law here on The 9th of November Um which I talked about but I'm still Careful right Um because at the moment we just got Catching the falling knife especially Now that Bitcoin has dropped below key Support at 16.1 K so at least we have Clarity here so I'm going full now with That triangle pattern and I would say That this was the way for triangle so We're going with the green count yeah I'm going to zoom out a little bit Um Where I'm going to explain you the count Again because we discussed it before I Take the red count off it's not working
Out so we are basically in the Green Wave count here where we've said that Um The Wave 5 to the downside a fifth Wave in green would still be coming Which means that from the high here Around middle of August when we were at Around 25k that this was an a b or this Is currently an ABC correction Um where we've seen the wave B High here On the 13th of September roughly and in The wave C which is a five wave move That's exactly where we are now and we Had here wave one a wave two this was a Strong wave three down the way four in The end was a triangle and the wave five Down is still to come and that now you Know we now need to see how low is this Wave 5 to go Um Looking at the length of the third wave Because the fifth wave you know the Third wave is shorter than the let me Just see Um A b no the third wave is not the Shortest anyway that's fine that's fine Um It's all good now there is no limit to The fifth wave the fifth wave could Become the longest one that's not the Problem the problem would be if the Third wave would become the shortest one But it can't be because the third wave Is longer than the first so yeah we can
Go as I said here's the 10.5 K level Marked which is that 88.7 FIB level and Um yeah no confirmed bottom in place so We continue to follow the bearish Scenario Um that has been the primary scenario Anyway until we finally made that new Low here on the 9th of November here we Had a possible situation of rising Prices but we only really had a not Ideal five wave pattern to the upside so We followed both scenarios here and as You know we had here arranged between 19 No 17.1 and 16.1 K basically and the Drop below 16.1 K is giving us clarity Now for lower prices and Um I think what we are seeing here is From the high which was the wave e High Yeah yeah we came down we're coming down And there's different ways of how this Can be can be drawn doesn't really Matter too much in the short term but Let's say we came down in wave one we Moved up in a two we came down in a Three this currently is a small let's Say microwave four I think microwave Um four Where um let me take that out as well Don't need that Um where we're probably still gonna see Here a fifth wave down Which would be probably the first wave Of that fifth wave So I don't expect a strong retracement
Yet but I think there will be one as Soon as we have five waves in So um target for that fifth wave I can Give you as well Just roughly let's say from here we Measure the length of the wave one Go to the possible you know Clarity is Always good honestly Um so this fifth wave could go down to This for 15 850 would be the first Target and we might already be underway Here and the next Target would be Fifteen thousand six eight five that Would be the 1.618 extension so Somewhere there I would expect this way Five to go that would then finish off a First wave of the fifth wave so again we Can put here the count in place and say We'll see here probably a wave one and I'll change the color in the degree in a Minute here are two there'll be a three Four and a five and you know this is not By proportion at the moment so it Depends you know let's see if we if we See here fifth wave which would go down To 14.5 k for example in fine support That's fine as well any new low now yeah Or any completed five five wave Structure to the downside could Theoretically complete now the bear Market but Um so what you need to understand Bitcoin and all these cryptos they have Dropped enough they don't you know until
June we had sort of the narrative here Those coins need to drop more they need To drop more because they haven't really Completed the correction all these coins Have now completed the requirements for This correction but it doesn't mean they Need to go up we now need to whenever we Make a new low we need to be on the Lookout for possible rallies and Possible bullish structures but we Currently have an avalanche of bad news Coming in you know what I think about Bad news they don't really affect the Market but if you have fundamental major Fundamental issues that affect Market Sentiment yeah then of course it drives Prices lower and it is the possibility Is there in the market I did say it Before Bitcoin could go down to 3K yeah It is an absolute extreme case I don't See Bitcoin go down to 3K not at the Moment but we need to be flexible okay So I'm extremely careful at the moment Especially with those news around Grayscale dcg it's just shocking what's Coming out stuff like that you know it's Just rumors at the moment But it tells you something that you know Grayscale gbtc is trading at 40 or 50 Discount is absolutely crazy so yeah the Avalanche of bad news is probably not Over yet Um and I think it will only get worse The lower prices go because it's not
Like as simple as news Drive prices yeah Um it is a combination it's like it's Like uh feeding them they're feeding Each other it's like you know you've got The sentiment that might be driving Prices down then you see prices coming Down further then maybe you get some News come in drive price down further Then you've got all this sort of Um those lower prices again they affect The Liquidity situation of some of those Providers and institutions so it's like A you know it's like that Chain Reaction Which is crazy Um but it remains you know it's good That we have Clarity Um obviously we haven't really broken Below that wave below that would provide Us even more confirmation Um at the moment theoretically we could Still be in a bullish pattern it Wouldn't be the first time that Bitcoin Suddenly breaks out of a structure like This to the upside but we've just broken Now below key support levels and that Makes me lean now towards the downside Should we and only then should we now Suddenly make a U-turn here and um go Impulsively about first of all 16 800 And then 17 100 we probably see a more Substantial rally Um and we need to rethink again but at The moment it's pointing to the downside
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 each and a Membership thanks a lot for watching bye Thank you