Foreign Video about Bitcoin yeah we can see five Waves up we're not really in a different Situation as we were earlier today when I made my first Bitcoin video Um it shows us obviously a five wave Move to the upside that's possible That's likely Um I mean we can clearly count five Waves Um The Wave 3 is a little bit short but It's fine Um if we measure that you know in a Volatile market like that we have Reached well the area between the 1.236 And the 1.618 extension for the way Three so we can see five waves up and in The worst case it could count as a Diagonal pattern so Um I would have liked to see a bit of a Longer wave three but it's fine and Ultimately this wave 5 itself could be Finished now as well Um talked about I think in the first Video today we were just at this point So we haven't really moved but the way This is developing looks like that the Wave 5 could be finished Of course these can always extend out Further and if we break out above 16.6 K It's probably you know confirming a Trend continuation to the upside without A retracement at this stage but this Would be an ideal time and an ideal
Point to turn around why because the Wave 5 if we look at the wave 5 Target Yeah this has reached perfectly and you Know it depends on how I am How if we consider the Wave 4 actually As a triangle which I think I have to Here now the wave four then we can see That we've perfectly reached the 16.6 K Level the one to one ratio which is Between wave 1 and wave 5 the Proportionality Target which is an ideal Target 4085 so it's an ideal time to Turn around now not necessarily make a Lower low in fact because of five waves Up it makes it actually more likely now That we see a retracement in three waves Um and if we now I did put on the chart Earlier today already the retracements But we have to shift them slightly Because we pushed a little bit higher Not massively though So an area where we would now primarily Expect the price to drop into that is The area between the 78.6 FIB level and The 50 FIP level which is between 15.7 K roughly and 16 point well 16 050 US Dollars yeah 15 726 and 16 050 with The 61.8 percent FIB retracement one of The most important ones that's the 15.9 K level in between so anywhere at the One of these three levels we should Ideally find support and then turn Around if this is a more bullish setup Don't get me wrong if I say bullish it
Doesn't mean we have already seen the Bear Market low it means only that we Are possibly moving higher either in a Larger corrective pattern or a proper Impulsive breakout pattern so just Because we see five waves up it doesn't Mean that we have to go Go full pull Mode here but we still need to be Skeptical because it all needs to be Confirmed on higher time frames but as I Mentioned to you before because of the Five waves up makes it quite likely to To see this ABC down now let me just put It on the chart again Something like that a b c yeah and then This would count as a wave two but only And the condition needs to be fulfilled For that only if we hold the 78.6 Percent flip level below that it will Get more likely to make a new low Straight away okay so You know we generally still expect lower Lows for Bitcoin because we just purely Haven't seen the evidence that we're Turning around but short term it shows Some potential and this could of course Continue and if it does and confirms a More bullish generally bullish pattern On the higher time frame then we can Also consider that the low was already In Bitcoin has certainly fulfilled all The requirements but it's too early to Say that right but so five waves up Three ways down would now be expected
However A drop below 15.7 K would basically make That very unlikely so from that support Area then we should move up in a third Wave should come down in the fourth and Move up in a fifth that would then Complete this larger three wave pattern In a wave four yeah basically I had to Wave four here before okay but because We can now see five waves up it makes it Quite likely that this is Either a wave one yeah or no that yeah This is a wave one we're coming down in Two here and we're moving up in three Four five within a wave C so that we've Seen actually an A B C pattern if but Only if Um well no it can't really it needs to Start from so it could also be a five Wave move up now and be a proper impulse But we will not know that until all five Waves are complete and we then make the Larger retracement so at the moment I'm Still skeptical that this is a more Significant breakout but short-term Upside potential now expected as long as We stay above 15.7 K okay there's my Update about Bitcoin I 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