Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Bitcoin BTC Price News Today - Technical Analysis and Elliott Wave Analysis and Price Prediction!

Foreign Welcome to another update video about Bitcoin we take a look at the Bitcoin Chart here this is the four hour chart And we take a look at it from an Elliott Wave analysis point of view Um we are currently looking here at this Fifth wave to the downside and this Fifth wave could end the bear Market Yeah very important before we start I'm Going to mention the key support levels Here because we are in a downtrend for Bitcoin and there are key support levels There are obviously more than one There's obviously more than one count Possible for Bitcoin Um on the longer time frame on the Shorter time frame Bitcoin has generally Dropped enough to complete this overall Correction yeah back in June it was the First time in six or seven months that We even only considered bullish options Yeah in contrast to many others who were Still bullish until we dropped below 30k Then everybody got bearish But it was really only when we reached Sort of the 20K range that we started to Consider bullish options um of course Without confirming any bottom yet yeah We cannot confidently confirm that the Bottom has been in yet we are still in a Downtrend and we need to go with it as Long as we go as long as it goes and we Need to take it level by level it is

Impossible at the current stage to say Where exactly Bitcoin will end Um because it has dropped enough right It was very very Um not easy but it was straightforward To do it back in November when we said Bitcoin would go below 29k which it did But because this was the requirement to Complete this correction on a higher Level it has been fulfilled so it's not Necessarily easy now anymore To see where exactly it will go it's not Possible there are different Possibilities also to make the counts um And that points us to different targets But I can give you key support levels And we can get to all of them right so It's 14 and a half K is the next one We've got ten and a half K that's 88.7 Percent flip level they're very Important Fibonacci retracement level Then we've got um 6K and we've got 3K Yeah I did mention six and 3K in the Previous videos I've been mentioning That for a while not necessarily where I Think we get to but it's a possibility Someone said I am gonna unsubscribe from You now well fair enough Do It Um but you hopefully have learned that It's important to be flexible in this Market and we need to take it level by Level right there were probably a few People who unsubscribed when I told you Back in November December that we go

Below um 30k and I know from from some Comments that a few people are back Actually so that has all been fulfilled We need to be flexible Bitcoin is not Going to go long-term bearish until it Really drops below 500 that is fact act So Bitcoin can still maintain its Long-term bullish stance as long as it Is above 500 so I'm not worried about The Bitcoin chart at all It's rather a sign of strength but of Course short term we can go lower is it Necessarily what I believe that we go Below 10 and a half k or something no I Think we're going to see the next Decision Point around 14 and a half K of Course if we lose that level I think I'm Going to focus on 10 and a half K that's Just what it is here every low now or Every significant decision point that we Reach we have to use to identify Possible bullish setups to identify a Possible Trend reversal and of course I Give you my view but we haven't got that Yet right we are we are not there yet so Where are we at the moment generally on Bitcoin so from this Wave 4 high which Was around 25k we have come down in Three waves a B c no wrong A B C and this is the scenario that we've Been focusing on for weeks

I've been waiting for a new low which Has happened and now we are still Waiting for I think one more low here Um because you can count the Subways in This wave C is five waves so we've got Here wave one down wave two up wave Three down wave four sideways and then Wave five down and this is the fifth Wave in which we are now I believe based On that we can already calculate here a Few things just get some rough targets For that fifth wave and we do that by Taking the length of the wave one And then we add it to the Um high of the Wave 4 which is here sort Of the triangle Uh let me do that here roughly yeah and The first Target would be actually I get Here as first Target the 61.8 percent Extension that's at 40.1 K that is sort Of Um between 14.1 and 14.5 is a key Support range yeah and then The next one is actually around 12.3 K These are sort of key extension targets Here Um but there's various ways of of doing This obviously on the log chart you get Different targets as well but a very Very important one that comes below 14 To 14 and a half K is the 10 and a half K level that doesn't have anything to do With extension targets it is the main Fibonacci retracement level the 88.7 FIP

Retracement of the larger Bitcoin cycle So watch out for the area around 14 to 14 and a half k Um if we zoom in we can see here this in In more detail I've made a few changes On just one change basically to the Previous video and count as we were Getting here a series of one two setups Which is always unlikely so what I did I Changed the wave count into a one two Three four pattern in the fifth wave Still to come I think the wave four here Might be unfolding as a triangle which Would be typical therefore I'm thinking We are currently in a way four And would come down once more in five And we need to see how far we go down Um and the next low could again I say That it could theoretically in the bear Market do I believe it I won't believe It until we see a clear signal to the Upside here a lot would need to happen For me to confirm the low of the bear Market but we take it level by level and If we see a five wave structure to the Upside from the next low we can at least Focus temporarily on the upside again And look at possible bullish setups even If it is only a larger corrective move That will happen to the upside so at the Moment I think we are here in an Elliot Wave triangle looking at this as a Possible a b so this will probably take On uh or carry on maybe well for a bit

It could at the moment just be a simple ABC but it would be Um typical that we get some kind of an ABCDE here so it would probably break The trend line and then come down yeah How long will that unfold well it could Even take another couple of days maybe Or let's say one or two days this really Only happened no well okay it only Started really today or yesterday so it Could be over today tomorrow and then we Should see one more move down then my View would change if we go above 15 Point well 15 940 because then it can't Easily be away four anymore Um but it would not be bullish then Right it would just mean that I might Have to make some changes here to the Micro count but overall for me the trend Is um is still down nothing that is Super exciting here in terms of any uh Bullishness or anything I think it's Just quite clear it's still down what we Need to be aware we've got on the daily Now Um a bearish no sorry a bullish Divergence yeah on the daily chart so on The macd here you can see we're reducing Currently negative momentum it slowed Down a bit Um but we have a bullish Divergence on The RSI where we're actually making Lower lows on the price chart Um

But higher lows on the no sorry lower Lows on the price at high lows on the RSI so slight bullish Divergence doesn't Mean we have to go up straight away but It means that we need to be ready here Because if you oversold on The Daily That normally means some kind of a Counter reaction so that would fit quite Well because what it could be even if we Put one more low in place here for the Y5 that could be only the first wave of The larger five wave pattern which could Eventually take us really down to well Let's say 14k or even 10 and a half K And then we should see a wave 2 to the Upside yeah which would then bring the RSI up again right and then wave three Down and so on we would then carry on Lower so yeah at the moment I think Short term still one more low expected Would be ideal but if we get above this Um the 15 Point 15 000 940 level then we Probably see some upside already earlier And the target for that would then be my First Target Because I would then assume this is just All of all of that has already then been A a wave one to the upside then I would Be looking so always try to prepare for You for different scenarios I'd be Looking then at the area between 16150 And 16520 for a Target where we then Have the next decision Point okay that's My update about Bitcoin hope you like

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