Foreign Welcome to another update video about Bitcoin so since the last video we've Seen Bitcoin spike a little bit Um this does not make us bullish as I Said should Bitcoin go higher it has Probably already seen a swing low here And it's just moving up in a corrective Wave pattern which should then follow to The downside again at the moment I do Not see here any major bullish prospects To really do that And really get much more bullish Bitcoin Would need to do a lot more Um all I see at the moment is in the Most for me most likely scenario just a B wave to the upside yeah Um it's a slightly changed wave count to Before but so far Um we have obviously seen that low we Looked at the new low and we expected a New low we saw that new low overnight Um in my opinion we are not here in any Kind of bullish wave pattern we are Doing at the moment just a three-way Structure to the upside Um which is in my opinion A B wave Because in this wave structure to the Downside it's so called ending diagonal For Bitcoin I've got the Wave 4 high Here at 18 000 Um 180 I think in the previous video I Still had it here as a triangle
But these were the two options that I Talked about in previous videos either The Wave 4 here or here and if we have It here then it's looking like this was A wave one here or two we now in wave Three this would be an ABC pattern based On it being or the whole move of a wave 5 being an ending diagonal Um if I put the wave one here then this Can be counted as a three wave move as Well and then all the waves within that Ending diagonal have to be counted as Um as three wave moves or to be I think I might actually have had it in the Previous video that wave count I can't Remember to be honest but we are still In the overall bearish scenario here Um I had one comment in one of the Previous videos that there is no bullish Scenario at the moment and why that is The case and that is purely the case Because Bitcoin has made a new low from Here surely The overall bear Market low could be in Of course it could but there is no way To say that until you see the market Create a five wave structure to the Upside as soon as we see the first Impulse that is relevant to the upside Then we can add another bullish case Here but until we see because Bitcoin Has made a new low so there is currently No I mean with the theorem we for Example have one two setup where we can
Look at possible new highs fully Following with Bitcoin we don't have That surely Bitcoin could have finished The bear Market low here at 15 and a Half k Um I don't believe it really not at the Moment not without seeing much more of The Bitcoin price showing some bullish Potential Um But um yeah what we need to see is Obviously we need to get a signal Otherwise we've just made a new low and Can say yeah possibly it has made a new Low impossibly The bear Market low was in because from Now on it's basically a wheel we are Basically in a situation where every low Could be the last one but it is more Likely that we're now getting into the Range around 14 and a half K not in a Straight line because if this is an Ending diagonal it is messy price action That's the whole point of having Diagonal patterns because if you know a Diagonal pattern is not an Impulse it is When the selling pressure gets reduced It is when Um the sellers are running out of steam And that is basically usually the case Towards the end of uh of a downtrend now Of course this could still go down to 14.5 K 14k maybe even lower but it looks Very much like a diagonal there is also
Another structure that is possible to Understand it the whole thing Um but it would be a very similar Outcome Um so what I have on the chart here And I just need to add this ABC I Deleted it at some point for some reason BC so my my view of seeing this as a Diagonal the whole thing actually from The high at 25.2 K to the downside The way I see it is as a three wave move A b and c and that we're here in a five Wave structure to the downside That this was a wave one hero wave two Here a three this four and there will be A five there's one more way of how this Can be understood as an overall Elite Wave triangle a note not triangle but an Ending diagonal and that would be a Scenario in which I do not count this as An ABC but a five wave move that's Possible as well Um it just means slightly different Targets but it it leads to a very Similar outcome so I wouldn't get too Hung up on that Um but that would be that from here we Moved down in a wave one this is a wave Two this is a wave three there will be a Wave four which would be a bit of a more Substantial move to the upside so if we See us to go maybe to 18K it would not Be bullish necessarily Um and then there would be another wave
Down as well and all of these points Sort of into the Region 14 to 14 and a Half K if we break lower Then the next support would be 10 and a Half k Um I don't necessarily see it go any Lower than that all right um 10 and a Half is already You know for for an extreme case Um I mentioned it before it's of course Possible even below 10 and a half K as Possible nothing would surprise me in The current market environment but we Also need to say that in an environment Where basically everybody is expecting The 10K the 5K it is usually not Happening so again it's worth despite The all the bearish news in the market And everything it is worth to do bottom Watching I'm not sure if that is the Best best terminology but to watch out For bottoms really and to um To to understand that every low could Really be the last one just to be on High alert for any impulses to the Upside but usually there's no reason to Panic because if Bitcoin starts to move Up from here it would only be the very Beginning anyway so it would need to Create a five wave structure up it would Need to create a three-way structure Down and that is then usually the ideal Entry point in a classical Elliott wave Scenario and interpretation
But yeah At the moment my view is that we have Here a wave Um That we have this scenario that we came Down into one moved up in a two we're Now in the three the way three consists Of ABC this is a b wave retracement and In this B wave and I believe that as Long as we are below 16.8 K if we go Above that then there's another Possibility where we could obviously Move all the way up to maybe 18K but We'll cover that should we get to that Um That's that would be a scenario where Um Yeah where Um the the basically the one that I just Showed you with that higher way for but Maybe I'll put that on the chart in one Of the next videos should we get above 16.8k because this wave B is most likely Going to retrace here into the current Region anyway so into this region Between 16.1 K so that's basically where We currently are and the 78.6 flip level Which is 16 point roughly 16.8 K if I Move these There you go 16.8k any move above that Would be unlikely for such a wave B So from anywhere in here I would expect The reverser if not if we push higher Then it is a different wave pattern that
I might actually move to that ending Diagonal Um that I showed you but you can see Here on the four hour we bounced off the 50 line of the RSI and So currently some Temporary resistance here and overall This is not yet bullish yeah much more Would need to happen for that at the Moment I see all of this as a corrective Move to the upside okay and 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 the channel membership Thanks a lot for watching bye Thank you