Foreign [Music] Welcome to another update video about Bitcoin Bitcoin continues to be in a Situation where I expect one more low Yeah so I don't at the moment think that Bitcoin has already seen the low has Already explained in previous videos I'm Looking at the Level of around 14 to 14 and a half K Four away five to the downside here as a Target right in the meantime however There is some short-term upside Potential As already explained in previous videos Because this move down here Was probably A wave three We are now in a wave four so there is Some more upside potential in an A B C Pattern and the C wave consists of five Waves And then there would be one more leg Down we can see at the moment that Bitcoin is creating something like an um Inverse Head and Shoulders however it Looks much better on the ethereum chart Um and it's obviously no way guaranteed That it's going to play out but we have Here and so called inverse Head and Shoulders it just needs to get To the 16800 level and break out That would unlock the bullish or
Short-term bullish potential if we look At the target for the breakout yeah Then we take the height of the head add It to the breakout point and it would Take us to around 18 150 US dollars so then from an Elliot Wave point of view I would say that this Was a wave one in five waves and we're Now in the wave two for the Um Head and Shoulders to play out We would have to say that Wave 2 was Already finished here And that we then move up here and break The trend line or resistance it could Also be and we don't know that at this Point that this was only the a wave We've moved up in B and now come down in C and then we have another chance to Move up from here but it would then not Really be an inverse Head and Shoulders Anymore it would just be a deeper Retracement in a wave two so two just Explain it again wave two could be done Here Or here we don't know that this is a Three wave move down so it could also Just be a B C In fact we can go with that until we Break below sixteen thousand three three Four then we would have to look at the Deeper wave 2. this can code that go Down all the way to
15770. if we drop below that level then It's very likely that this sort of Short-term bullish potential doesn't Work out and then we will most likely Already without going higher in the Short term make a new low break below The fifteen thousand four hundred eighty Level and get straight away quite Quickly into the region around 14 to 14 And a half k So that means if Bitcoin wants to Realize the short-term bullish potential It needs to avoid breaking below sixteen Thousand three four five and get to the 16.8k level From here it would then need to break Out it still has another chance from This yellow box between 15770 and 16 140 but it should not drop Below this then we will expect new lows Okay from an Elliot wave point of view Target fourway three we can measure that As well take the length of the wave 1 And we can base it on the current low Target would be 18455 which is sort of quite close to The Head and Shoulders Target So it will be interesting Um 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 bye
[Music]