Foreign [Music] Welcome to another update video about Bitcoin Um we can see that Bitcoin continues to Consolidate here in this possible way For Of a c wave which belongs to this Wave two yeah So let's first quickly zoom out go to The four hour chart and Then we take a look at the overall wave Pattern in my Expectation here for Bitcoin in the Medium term and shorter My view is that from the high which was Made here on the 15th of August at Around 25.2 k We came down in an a wave We moved up in a wave B And we are now coming down in a c wave This scenario has so far been accurate And has been my primary scenario I would Say since beginning of October end of September Um When we have been waiting for this Wave 2 to make a peak which it did and to Sell off and make another low in a third Wave which it did as well So the idea is in this C wave in which We are that we've already seen a wave One We've seen a wave 2 which peaked here
Around 21.5 k We have seen a Wave 3 when we bottomed Here on the 9th 9th of November we could Now be in a fourth wave And we should see another sell-off in Wave 5. that is at the moment my primary Expectation I had a few questions of people who Asked me if this Wave 4 and which we Currently are isn't is that not a little Bit too long and I can only say not Really because if you just take a look At this so-called ending diagonal Pattern Um Just look at the proportions I mean wave One Here wave two here quite long actually Wave three Wave four might even go a bit higher Yeah so that that works quite well with The proportions it's not too long Especially not in relation to the wave Two Um that's all fine okay so Of course Bitcoin could have made the Low already I did explain that in a Previous video but do I believe that not Yet what would need to happen for Bitcoin for me to confirm that I'm going To show you that in a minute but until Then I'm expecting one more low ideal Target for that would be around 14 to 14 And a half K yeah
Could It Go lower yes it could but I'm Only going to entertain that idea as Soon as we break that support at around 14 to 14 and a half K next support would Then be the 88.7 fit level at 10 and a Half K very importantly okay so let's go And take a look at the one hour chart So as I said Um Hiding indicator here the idea is that We've made this Wave 3 to the downside This C is away four and we will come Down in wave five As you can probably see it would suggest There will be some short-term upside at Least the potential is there That would happen in a so-called a b c Correction in this way for Um it's a nice three-wave pattern that We have possibly unfolding here And we've done a wave a we've done a Wave B and the wave C is probably Unfolding now It's not confirmed yet yeah it would be Confirmed above 16.8 k But we can make the assumption If we don't break out above 16.8 and if We lose 15.7 k Then I think we're going to sell off Straight away and then we had just Something like a Strange triangle here as the Wave 4 and Will not see an A B C pattern yeah Because the C wave would suggest we go a
Bit higher Maybe into the region around 18 to 19k Before we come down but if we lose the 15.7 K level straight away then yeah we Can go down very quickly into the 14 and A half K area and that will then be the Next possibility for Bitcoin to put the Significant low in place Right Could Bitcoin have seen the law already Nobody seems to believe it so I I also Don't think we have seen it I think we'll see some kind of a Recovery and then a sell-off Um but we can't rule it out because Bitcoin has done enough to complete the Correction so it doesn't need to go any Lower of course I think it will do but It doesn't need to so Bitcoin could Possibly from here start the breakout How would that look like So let me just first explain this Primary expectation to you so as I said A b c and then in the C wave it would be A five wave move indicated here in Yellow so you can actually see the C Wave here And then you see those five waves Yeah So this is how it would ideally play out Um we would assume if I zoom in now We would assume that if we're now in This C wave That we have already seen a wave one as
Explained in the last few days and last Week They see is a wave two we've actually Hit my support area finally which is Great And Next we should ideally find a turnaround In this area and move up in a wave 3. Then there should be a wave 4 and away Five That would finish off the C wave okay Now When do we know that it's an actual Breakout because it's five waves up it Could also be a larger wave one couldn't It yeah it could But This all depends then on the next Retracement if in the next retracement We're going to hold critical support That is the moment when we can say with Greater confidence that a low has been Made for Bitcoin and that probably the Lowest in that's when I will entertain The idea quite strongly until then my View will be that this is just a way Forward to the upside But yeah shorter upside absolutely Possible as long as we're holding above 15.7 K now let's take a look at the very Short term here This is basically unchanged from the Previous video We had the five waves up that's what
We've said all along in the last few or Last week yeah Um and then here w x y made your way Aware of this pattern yesterday and Straight away after that we saw the Expected sell-off Um The C wave yeah should unfold in five Waves at the moment I only see one two Three maybe four and the fifth wave is Still missing So that is something that I would still Like to see if we let's let's calculate A Target actually for that so it's wxy Pattern yeah and in the Y wave you've Got an ABC So we can calculate the target for the Y Wave by taking the length of the wave w Go to the high of the X wave and an Ideal Target would be here fifteen Thousand nine six nine the 1.618 Extension that would be an ideal Target So let's mark that on the chart there's Only one of the ideal targets but it is An ideal Target So next next possible Um Target would be if we take a look at The Fibonacci retracements of the wave One Then an ideal Target for that is Actually the 61.8 Percent FIB retracement it's a very Common retracement for a wave 2 of an Impulse and funny enough it matches
Pretty much the 1.618 extension so you Have nice Confluence here around the 15980 level here so it's the same level Basically Um should we lose that level we can come Down to 15.7 but then we should really Turn around If not we're going to go down probably Straight away to 14.5 Yeah 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 please check out the channel Membership thanks a lot for watching bye [Music]