Foreign Video about Bitcoin Bitcoin has just now Made a new low that was in line with the Expectation should we drop below 16 000 And 70 US dollars that we are going to Come down had to head into the region Between 14 and 15K in the previous video Earlier today before we saw the drop we Said that we could be in this five wave Decline one two three four wave four was Pretty much done and then we started to Drop here in Um wave five so let me just see I think That yeah previous video was basically Here around 16k wasn't it I think then We saw a bit of a rally to the upside But that was all part of the wave four So I haven't actually moved the wave Count here at all that is exactly how it Was Um and now we've seen this fifth wave Now bear in mind there's numerous Interpretations now how this decline Could take place Um I'm just opting here for a just a Normal impulsive way structure to the Downside that could morph into something More like a diagonal pattern in the end That's not too relevant now we need to Get a bit more price information here Um but I think we are now heading Towards the 14 and a half K level and I Think more pain is coming so um the next Few days I'm looking really at this 14
And a half K level now Um Again just to mention the key support Levels again should we break below 14 And a half k Then we should move down should we break Below that we should move down into the Region around 10 and a half K and Um so yeah ten and a half And then we could look at maybe 6K and 3K okay so all of this is very much Possible what we need to understand Because different scenarios are possible That we could now also see a corrective Rally to the upside here in a wave too So this is the main count this is the Primary count at the moment but I want To make you aware of where we could see A corrective rally that could be some You know maybe give you an occasion or Give you an opportunity for any profit Taking Um if you have any long positions open So at the moment what we can see after We broke out of this triangle to the Downside I'm currently counting this as A triangle but it doesn't need to be a Triangle there's another pattern that is Possible as well however because we Dropped below that sixteen thousand Seventy dollar level and because we've Made a slightly lower low now than the Previous one from the 9th of November It's now focused to the downside yeah
Already when we drop below 16 070 less Even if we now recover but it would most Likely be just a corrective wave Structure to the upside so just because We're going up we can't suddenly say the Low is in it would most likely just be a Corrective wave structure until certain Levels get broken But primer expectation is now that we Are obviously heading further down here This fifth wave of the first wave to the Downside could be pretty much finished Um we need to be ready now for a wave to Bounce at any moment I mean we already See here bullish Divergence on the one Hour chart The four hour chart doesn't really show It yet but on the one hour we see it Okay it's good information Um you see it you clearly see a bullish Divergence here Um when could we expect this well it's a Bit hard to say but you've got a trend Line here that you can draw on To connect these highs and you can Basically see the whole move here as Some kind it's very Ugly isn't it there's maybe some kind of A descending broadening wedge maybe we Drop a little bit more in the short term That's very RT Channel Um that doesn't really help that it's Very ugly but We already see a small reversal here and
I wouldn't be surprised if we now see a Bit of a corrective move to the upside We are oversold on the one hour we are Oversold I think on the four hour chart As well yes we are and at some point you Would expect here a bit of a balance Where could that lead to I mean we have Five waves down is complete Um and I mean I would say even though It's not the most beautiful trend line But Add some kind of trend line like this to Your chart and as soon as it breaks then This is basically the first evidence That a wave 2 is unfolding to the upside That would not be nothing bullish it Would just be a corrective wave up in a Larger downtrend Um where could that get to I can give You a target for that as well So that would most likely get into the Region between 16.2 to 16 000 well 16 200 to 16552. Should we go above sixteen thousand five Fifty two would that suddenly be bullish No Because then I would look at this Slightly differently the fact that we Now made a new low doesn't you know just Sort of confirm this overall bearish Count yeah Um so it doesn't suddenly go bullish Just because we go above a certain level Um it would need to do much more so the
First idea then would be Between a slightly different wave count Here and that from the high here yeah so That at the moment I've got the Wave 4 Here where the triangle peaked at around 16 800 but it could very well be that This was the wave four And we're already in this sort of move To the to the downside yeah Um that we started that actually earlier And that in this fifth wave to the Downside this year was The Wave one We are going to see a larger Wave 2 to The upside Before we come down in three move up in Four and come down and five this wave Two would allow um the price to go a bit Higher but it would not be bullish it Would just be a larger correction Because we have moved down in the wave One here Yeah then this was basically an A B C it Would be an expanded flat and this wave Two could go all the way up to Uh 17 650 I wouldn't be surprised by that yeah And maybe even a little bit higher if It's an expanded flat Um so I wouldn't be surprised to see at Some point now a bit of a rally where Everybody gets bullish again but it Would most likely just be a corrective Rally to the upside but in my opinion The trend is now heading further down
And we need to be extremely careful only Really if we get above the eighteen Thousand one forty level I would be a Bit more bullish or get bullish again on Bitcoin until then it's now heading Further down so hopefully these two Scenarios are fairly clear so the yellow Count here yeah I should leave them on The chart maybe the yellow count would Allow for a stronger retracement Um and the White Wave count only for a Smaller retracement I gave you the key Levels in this video but both are Heading further to the downside the Yellow count would actually most likely Be a bit more bearish actually and Probably head further downset because it Allows us to recover also the indicators A little bit more before we are heading For further for much further downside Um but also not that you misunderstand Me I do expect here at some point a wave 2 correction either way in this scenario Or that scenario but of course Um if we drop already below 15 585 then It's probably before it does that going To head Um lower now five three four five Um I mean this is absolute micro counting Here but I wouldn't be surprised to put One more low in here I think but Nevertheless if you draw a trend line on The chart you should get a good idea
When um The Wave 2 is starting yeah I Leave it on the chart maybe for now Because if you're a channel member you Can watch the charts all the time you Get access to the live charts and then You can actually see the trend line on There as well and that would be a signal That Wave 2 has started Wave 2 would Most likely be an ABC correction yeah Um but yeah we've made a new low here Today uh even though just slightly but It did here on a bit stamp and yeah That's my update about Bitcoin 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 Thank you