Foreign [Music] Is also Um making a new local low here and this Is also what we talked about in the Previous video that we're waiting here For retracement that this would be the Preferred scenario that we come down And then this retracement is going to Tell us in which scenario are we Generally for Bitcoin yeah Um because the low yeah if we make a low In this area or even higher so we don't Necessarily need to get into this area It is simply for this wave too the most Likely retracement zone so if we say Bitcoin has made a wave one here and Five waves One two three four five then an A B C yeah then we can say that Bitcoin Um is now retracing in a wave 2 in an Well in the C wave because A and B have Been put in already what I don't know And you know this is short-term wave Counting so sometimes it's a bit fragile And it depends a bit on the Interpretation of the analyst What I don't know is if this here is the Wave oops if the wave one is actually at The top yeah so it's a bit of a Different wave count than any theorem Anyway because ethereum we've got a one Two one two setup Um and at the moment the ethereum
Interpretation Um assumes we're already in a third wave Here Bitcoin Um I could say this is a wave one or This I don't know that I think it Depends a little bit on which FIP levels Does the price now react to because if I Draw the fips from here Um yeah then this FIP range is relevant But if I draw the fips from actually the End of wave one I might have to adjust Them down a bit So Um but it's broadly still correct so Just need to be aware that it's either This range starting at 16 050 or the Other range where we find key support at Sixteen thousand one Thirty if we Already move up earlier then it well Which always happens you know and always Happens but always can happen that a Wave 2 is very short and shallow Um well then we would need to wait for a Breakout above the 16 800 level that Would be a breakout point and would Confirm that the Wave 2 has probably Already been put in and in that case Then we don't go down that low at the Moment I have no sign of a reversal I Mean we have a bullish engulfing candle Yes but Um It is only there on the one hour chart So I wouldn't put too much emphasis on
It of course it's something worth Watching but you had that here as well And still came down further my view at The moment would be that we're in this Third wave here So wave one done with two done wave Three still unfolding with four and five As well Um this is the key support area and from Here we could move to the upside Um if we if we lose the support down Here at fifteen thousand seven sixty Then I would say we're probably going to Make a new low below 15 480. yeah bear In mind That we have on this chart a so-called Inverse Head and Shoulders pattern if it Works out which means we come down maybe A bit lower but then find support move Up And you can see very clearly the Neckline here at 16 800 if that breaks It could take us to around 18K to 20K Now not only based on the target for Target for the head yeah you take the Height of the head and you add it to the Neckline to the breakout point but also Based on the calculation for this third Wave to the upside Um depends a bit on how low do we go but If I really have a one two setup here And I assume just sort of Let's say uh yeah and not very not too Bullish case then we're looking here at
17 670 for the third wave but then you Still get your fourth wave and the fifth Wave yeah and you could get into this 18 To 20K region so yeah it all depends now On this retracement it's a very Important Um time now Because we need to know or it well it All depends on this retracement or does It hold does it not hold if it holds Bitcoin could get into a more Substantial recovery just now right and Maybe even maybe even back into a bull Run now I don't see that possibility yet Okay Primarily I'm still looking at a new low For Bitcoin but it doesn't need to Happen straight away we could get this C-wave in 4084 yeah Um if anybody wants to know a bit more Check out my last video from yesterday To explain a bit more the the Possibilities but here wave three down Away four up in an ABC pattern and then Coming down once more in a way five this Can certainly move to 18 20K and no Problem and then make another low Okay so it's interesting timing on the Bitcoin chart worth checking worth Observing 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 [Music] Thank you