Foreign [Music] Welcome to another update video about Bitcoin well Bitcoin has come down into My support area here the target error That I defined I think it was already a Week ago roughly for this Wave 2 Correction yeah it did in the meantime Not really look like it anymore that We're getting there but we finally got There and yesterday in my last update When we were up here around 16 000. 550 I made you aware that this very much Looks like a w x y structure and That in this y wave we are doing an A B C which suggests that there should be as An impulsive cell of Um be following because the C wave is an Impulse even though it's an Impulse in a Correction And it basically shows that right quite An impulsive sell-off and Um I showed you the wave count here that This should unfold in five waves So we obviously need to readjust that But it looks like this was one this was A two this was probably a three this Could have been a four and the fifth Wave might still be coming this does not Yet necessarily look finished Um Could be there is one more leg to come Target for that could be around or let
Me first see how high the wave four can Really go In an Ideal World So we take the retracement here And well it has now reached the ideal Retracement 404 or the ideal Target for Wave 4 here the 16.2 K level Um as a maximum it can move up to 16 000 To 70. which is the 50 flip level if it Goes above that it would suggest that This decline is already over Because it shouldn't really go below or It shouldn't really retrace more than The 50 FIB level as a wave 4. So Target for the fifth wave just Roughly to give you some guidance here That could be Between well 16k yeah And fifteen thousand nine thirty Measured from the current high so if we Push a bit higher the target might shift A bit higher as well but generally you Need to understand that Bitcoin can use the entire area for this Wave too Without invalidating a possible Short-term bullish setup Because all this is possibly it's a wave One to the upside a wave two to the Downside at the moment as long as we're Holding the 15.7 K level if we lose that Level I'm going to expect new lows don't Get me wrong we're expecting new lows For Bitcoin anyway but the thing is
First it looks like what it looked like And still looks like because if you Don't know we're not doing anything That's not expected it looks like We have some short-term upside potential First yeah to realize that we would need To break above 16.8 K and could then Move up into the region around 18 to 19k Um but of course for that we need to Finish off this decline Need to reverse need to hold the 15.7 K Level and what would be the first Indication that we are moving up again Well Ideally what we want to see is um a five Wave move above the low of the wave a so Above 16387. so as soon as we get above that Level It would be a strong indication that the Low is in Um better indication would be a move Above 16 600 and then of course you have The 16.8 K level that would be important Now I could also possibly move the wave X here it wouldn't make a great Difference to be honest But um Actually I think it fits it fits better Here because it looks really like a c Wave that's happening here yeah Um But yeah that's where we are currently Yeah so you should know the important
Levels by now and should we really break Below 15.7 K I did say that before if we Do that then you can count all of this Move here as a triangle Um as some kind of a triangle and we Would then quite swiftly move down into The region around 14 to 14 and a half K And in this area I at the moment expect The bear Market law Target for Bitcoin Yeah we need to take it level by level For Bitcoin so I can't guarantee you That the bear Market will be over there It all depends on This is the next support area but yeah So it's the next key support area and it Depends on how does the price react to This key level And if the price reacts bullish from There yeah we see five wave Advanced From there and so on that would then be A signal that the low is in But if it doesn't really react you know We have to expect lower levels and if we Break it anyway then we're looking at 10 And a half K and maybe lower for Bitcoin But I don't see that at the moment we Need to take it level by level okay Because with any low Bitcoin could now Complete the bear Market it has from Anything it does you know in this Correction it has done enough it has Retraced enough it doesn't need to Retrace anymore Um
Going by the rules of Market structure It doesn't need to go any any lower it Has done enough but of course it doesn't Mean it has to turn around now it can Still go lower that's why we still Expect it as well also because the Elliott wave count still suggests one More leg down okay Um but yeah first ideally we see some Short-term upside we don't need to but As long as we're holding 15.7 K I would Expect that into the reach around 18 to 19k and then to come down 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 [Music] Thank you