Foreign Video about Bitcoin Bitcoin continues to Show some short term upside potential We're going to take a look at that in This video also take a look at what it Needs for me to confirm That Bitcoin is bottomed I mean I don't Really like the term confirm because There is no real confirmation in Financial markets there's always an Element of uncertainty Um but at least you know what what does It take to get the best probability set Up that that the low is in right so we Can look at that Um generally I want to show you on the Four hour chart my view about the Bitcoin chart and do we get another low Or not My view is that we should get another Low but I also tell you what it takes For me to say there won't be another low My view is that this up here at 25.2 k That was a way for high and we're now in This wave 5 to the downside the wave 5 Consists of three waves a b c Because it's an ending diagonal I can Count the entire move down from the All-time high as a diagonal pattern Which means all of these sub waves can Be counted as three waves therefore the Wave 5 is also a three wave structure And my view is that this year was a wave One that bottom that runs 18K
This was a wave 2 this was a Wave 3 We're now moving up in a wave four so Possibly have some short term upside Potential Before we will come down in another wave Five Now you can also count it in a way that The fifth wave has five waves Um did that before we just need a bit of A rearrangement here but Um you would have your wave one your Wave two your wave three you wave four And you weigh five so it doesn't really Make a great difference it just has a Minor impact on targets but my target For the fifth wave is around 14 to 14 And a half K and I'm going to stick with That until the market shows something Different yeah for example it could be That we're going to break the 14k level Well then I have to adjust look at 10 And a half K and maybe even 6K and maybe In the worst case even 3K even though I Find that very very unlikely so I can't See that at the moment to be honest at The moment I also can't really see 10K Which doesn't mean the market Might not do it right the market might Very well go to 10K but I'd like I'd Like to express here is that it is very Much possible because I still get the Questions you know is it possible that Bitcoin goes to 10K Bitcoin goes below 10K and yes of course it's possible
I can't see it at the moment yeah But of course there is a degree of Probability that the market will get There for me The ideal Target is between 14 and 14 And a half K that just works best based On the elite wave extension targets but Of course you know those waves can Always extend but therefore it's so Important to first of all either wait For a proper reversal signal Or to just pay a lot of attention when The market gets to that area you know And to take a look at how do we actually React to that particular area if we get That new low do we need a new low no we Don't yeah Bitcoin has come down enough To bottom out but I would not confirm This until we have a clear signal I'm Going to show you what signal that might Be So let's go to the one hour chart Zoom in So this is the one hour chart and you Can see that we came down here on the 9th of November in what I believe is a Wave 3. And we're currently moving in an A B C Pattern And this reflects the short-term upside Potential because the C wave is a five Wave move That's why I've got the yellow wave Count here five waves
Um This is important yeah to see To see for for this Wave 4 to play out To see the five waves Um initially yeah I would have liked to See it directly break down from here Which it didn't really do it could still Do that and to be honest if we drop Below 15.7 K that is a key level that Will give us a warning if we drop below 15.7 K it is very likely that we very Very quickly go down to the 14 and a Half K level straight away okay so this Is the key level the key Pivot Point 15.7 K until then And my view is that we are going to go Up short term this is not a bullish view It just means yes short-term upside Possible against the 15.7 K level So a possible long trade setup into the Region around 18K no 18 to maybe 19k Um Again all of this would just be embedded In this larger a b c correction in this Wave four this is not a bullish view I Would expect afterwards to see a wave 5 Down Very clearly But what would it take for me to say That Bitcoin has most likely bottomed What would be the confirmation can I Already say it I don't really like the word Confirmation a lot of people use it I
Use it as well to be honest but markets Never really confirm you know they can Only really indicate Um because markets always always have a Degree of uncertainty and you never Really know there's only higher Probability setups so there are only High probability setups and indications Right Um but yeah what would be needed for me To say that Bitcoin has most likely Bottoms well we would then be able to Count this Well yeah as you know as as this being Finished so we'll have to say right wave 5 was done here Wave 4 was done here We've got our one two setup and we're Moving up in five waves yeah Like we would in this C wave so that's All the same So we would need to move into the region Around well around 20K 18 19 maybe 20K This would be A wave one And if we then hold The Wave 2 support which I can't give You yet because it depends on how high We really go But if we hold this support make a Higher low Yeah then I will have to say most likely Bitcoin has indeed bottomed this is of
Course as much confirmation as you can Get always bearing in mind there is Uncertainty still around this okay Anybody who looks for predictions Absolute certainty the crystal ball Doesn't usually do well in this space It's all about being able to do the work Adapt Manage your risk and so on you know These people do it normally well if you Look for absolute uh absolute Confirmations you are not going to do Well right so with bear in mind we are Still in generally a very large possible Turnaround space where you usually find Most uncertainty most uncertainty you Know it's not an established Trend yet We might be turning around here The downside pressure is reducing Generally yeah you can just see that by Looking at this chart the downside Pressure Is reducing you can see how strong the Selloff was how strong this sell-off was And here we are rather In some kind of a diagonal pattern which Makes sense because towards the end of a Downtrend the sellers typically get Exhausted to a degree and the buyers are Getting stronger and therefore you see Less of a steep Sell-off right so that's exactly where We are now in the very short term though Um yeah I'm looking at this as a
Possible one two setup either in a wave C of 4 or in a well in a possible Uptrend proper uptrend Um It could be that we still come down into This yellow area that would make sense Because this looks to me either a bit Like a triangle or just a corrective Wave structure what we're doing here Maybe an A B C I mean there's always a Bit of uncertainty here in the very Short term ABC so as long as we are Holding above 15.7 K that's all fine and We can look at higher I think a key Signal that we are going up would be a Breakout above 16.8 K and then you would Also fulfill this inverse Head and Shoulders that we have on the ethereum Chart as well Yeah it's starting to get a bit Difficult here now as it doesn't really Push through but if Bitcoin now pushes Higher it can still fulfill this inverse Head and Shoulders with a target of Around 18 to 19k Okay 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