Foreign Welcome to another update video about Bitcoin it looks currently like we're Going to come down make maybe even Another low so that was also the Expectation of the last video that we Are now in a downtrend that since we Dropped below 16 070 we made new lows Obviously and that we have broken to the Downside and therefore Um the trend has shifted down that is Why these support boxes are so relevant Because they tell us from when or from Which point of um Viewer from which moment we're going to Let's say move from a possible bullish Scenario into a parish one and so on in The 16 070 level was the lower support Area and I told you that if we drop Below that it will get very unlikely a Very likely that we're going to make new Lows we already made a new low yesterday Lower Um compared to the 9th of November Um some people commented and said that On some exchanges Bitcoin hadn't made a new low when I Told you it had here at 15.6 K and I Think that's true Um I'm people compared it to the 9th of November so some of you did Um and of course you were correct but if I look even at binance here this already Showed a new low yesterday
Um compared to the ninth of November Which was here at around 15 680 but Yesterday we made that low here at Fifteen thousands before I made the Video yesterday Uh fifteen thousand five eighty But I think on on binance us it didn't And I think on coinbase it made Basically just a double bottom but it is Not so relevant that's what uh what I Replied as well yeah it didn't here that Was this Spike here down it didn't make Make exactly a new low but I replied it Doesn't really matter because um it will Do sooner or later because it Um dropped obviously below that sixteen Thousand seventy US dollars or dollar Level when we broke below it we then we Tested the trend line from below and Started to move down And there's now the possibility that we Say okay we have five waves complete now So it it would need to move up now or if It doesn't do that from here then we Expect a much further decline straight Away so that's sort of how I would go With this Um my understanding of this wave count Is that this was a so-called Wave 4 Triangle here Um Where's the wave four Three four oh yeah because there's two Different possibilities okay let me um
So again yesterday we said Um triangle yes move down yes five waves Complete yes so we have to expect the Wave two correction either here as a Wave two Um if this was the Wave 2 it was a very Shallow one so we saw a bit of a Retracement after my last video but it Was not very strong Um told you that a good view or good Understanding of when that Wave 2 is Starting would be a brick a break of the Of trend line Um and I also gave you the other Scenario where we said that okay this Was wave four up here we're now coming Down in five but we have here a one two And then come down in three so a Basically a larger retracement to the Upside in the yellow count don't think That's too likely anymore I still leave It on the chart don't think it's too Likely anymore Um because it seems like there is still A lot of dancer pressure and but let's See you know this is still possible if We see a stronger retracement to the Upside then we have something like this A wave one because this wave one was so Long we could expect a stronger Retracement before we come down further And so on yeah Um but at the moment it seems like the Market wants to go down straight away we
Bounced again off the trend line and Again you can see how relevant that Trend line was Um but my view nearly starts to be now That we are here in a one two one two Setup Um Or at least that this was already the The wave two need to see how this now Progresses but if this is the case and We had a very shallow Wave 2 here just Draw the fips from here Yeah it would have only reached well Just about the 38.2 percent flip level That's possible for a wave two But it was only very short and it was a Very shallow wave too if that's the case We would then expect a Wave 3 to the Downside now that would be quite bearish That could take us quickly into the Region around the 30 the 14.5 K level Another possibility is to set the wave e High that's possible as well here and Then we've got a one two one two setup But also then we would now move down in Wave three so if we don't see a stronger Wave 2 then we will probably get very Quickly now to 14 and a half K Confirmation for that would be a break Below the 15 000 470 level and if we now see a break Of the trend line to the upside we're Probably going to see a deeper Wave 2 Into the region maybe first around 16
500 before we then come down but For me the trend has clearly shifted Towards the downside Bitcoin has decided To put a new low in and targets are now As I said around 14 and a half k then We'll talk about 10 and a half k Um what was the next 6K and 3K we have To take it level by level now as every Level is reached we need to look at okay Is there any impulse is there any five Wave move to the upside could the Reversal happen already Um I think we will see further bad news In the crypto World Um I think we still see more fear but The moment from when Bad news don't push the market any lower And sentiment doesn't change anymore to Even more bearish because people are Used to bad news that is when the market Probably has bottomed don't think we are There yet um it still seems we're going Down further it still seems a lot of Bad Actors have to be flushed out of the Market I think most weekends are gone I Think the people who are still left in This market are you know you and me who Believe in crypto and maybe the people Who didn't want to sell at a loss but There won't be many of them So I think it's people who really Believe in the market or we're just Trading short term Um
Other than that yeah trend is down and 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