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 Video about Bitcoin not too much has Happened since the last video however we Are breaking currently below this Descending trendline ascending trend Line yeah Um I did point out in the previous video That we can count the move up as a five Wave move and that may be a wave 2 has Finished here now that is still possible Yeah but I mentioned it was it would Have been a very shallow wave too Um primarily I did expect originally the Price to get into this region between Um Sixteen thousand one forty and fifteen Thousand seven fifth seven sixty roughly Yeah uh in this wave two but we Basically only retraced a little bit I Think it was the 38.2 percent flip level Which is of course fine for a wave 2 but It's normally a little bit weak yeah a Bit shallow so we always need to be on The lookout that maybe Wave 2 never Finished And this could be the case now Um we broke obviously the trend line to The downside so you can actually see This as a as a trend Channel as well I Can just add um here Another line like a parallel line to That one and then we've got a trend Channel and as long as you follow the Trend Channel you're basically in this

Uptrend when you break it at least Temporarily you're moving out of it and You could expect a stronger retracement Possibly So the way I see this because this is a Three wave move up At least you can interpret it that way So it could very well be and I'm going With that now Um At the moment yeah That bear in mind please you know not Not too much sapling on the larger time Frame so I'm looking at the lower time Frame so these are fragile so I'm Looking at this as a possible wave a Here an overshooting wave D and we would Come down in a wave C into this region That I just mentioned From here we could then start in a wave Three Um alternatively wave one was finished Here but even then I would expect a Retracement in that area Um Continued continuation to the upside Earlier than expected will of course Resume If we break above sixteen Thousand Seven Eighty so if we make it above that high Before getting into this region here Then we are already carrying on most Likely with wave 3. with three Target Can calculate that

For that we take the 1.618 flip Extension Of the wave one and again I don't really Know if Wave 2 is already in or if we Come down a bit lower but I'm giving you The sort of the lowest Target for the Third wave and that would be the 17650 level yeah we could basically if We come down to this box break out of it And move into the channel again But for now we have hit resistance Obviously so short term downside but Breakout point I did mention is this Wave B high at sixteen Thousand Seven Seventy that is also a head and an Inverse Head and Shoulders resistance Because now I can add here A horizontal resistance line And this gives you a very clear inverse Head and shoulders I mean there is no Head and shoulders or inverse head and Shoulders in Elliott wave but It's still something we want to consider So it could very well be we come down or Maybe not even that deep yeah I mean First support is sort of in these 16 350 range and then move up and that Could be a breakout Point here that Wavefully higher so inverse Head and Shoulders why is this support first Support well it would be first support Because if I zoom in it is just a Structural support level it is that Previous swing low

At sixteen thousand three Well 350 320 in that region right and um Then we could come down you know and Move up and as soon as we break Above This Trend line yeah that could take us into That region that I mentioned here Target For the third wave that was obviously Based on Fibonacci extensions I can also Just purely use the length of that head Of the head and shoulders and add it to A possible breakout point that I believe That would take us into a very similar Price range um from the breakout we Would be looking at somewhere around Eighteen thousand one hundred dollars Yeah take these with a pinch of Sword we Don't always get there but um Certainly an interesting setup here that I want to mention to you and in terms of Retracements here ideally into this Region between 15 000 yeah 760 and 16 000 well 150 yeah Um and that's sort of what I currently Look at not too much happened there for Just this brief update but I wanted to Make you aware of this inverse head and Shoulders and the break of the channel Thanks a lot for watching 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

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