Foreign [Music] Video about Bitcoin absolute beautiful Reversal and anybody who watched my last Video should have been prepared for this Nice movement all day yesterday I said We're probably coming down in a wxy Pattern should see the five waves done I Said yesterday my last video the fifth Wave could be done we missed the target Here and I mean anybody who knows about Targets knows that this was really Accurate we came down here to 15 well 16 000 basically Target was fifteen Thousand nine eighty Um that was only the ideal Target yeah Generally this is the target area for a Wave 2 correction we came into it three Times yeah anybody who wanted to trade This had the opportunity to add a long Position three times now I'm never Telling you to do it it's entirely up to You if you wanna you know it's entirely Up to you everybody's in an individual Position But um yeah this would have been a nice Trade okay so this worked out nicely it Looks like at the moment that this wave Wave two Yeah so wave one to the upside we have Two to the downside and a three wave Move w x y that is finished Um the movement to the upside at the Moment suggests that because it looks
Like Um that this was a wave one indeed this Possible reversal that we saw yesterday Wasn't entirely convinced by it Um because we Didn't really fulfill any bullish sort Of momentum But we never lost support and we got Rejected Again by the support area after My last video so it was quite a bullish Signal another bullish engulfing candle And then we moved up in a third wave That's how it looks like and we came Exactly to the level that I mentioned in The last video which was this descending Trend line So this could very well be the Wave 3 We're going to check the Fibonacci Extensions in a minute But as it seems without checking that I Need to I haven't haven't looked at it Without checking that it might be that The 1.618 extension hasn't been reached Yet which is seems to be typical for Bitcoin in the current environment um Ethereum does it usually Bitcoin is weak So it should be like that one two three Four five This is what we want to see Let's first check the FIP extensions Because we want to know is the Wave 3 Most likely complete and yeah already You can see it's disappointing Bitcoin Did not reach the 1.618 extension
Ethereum did for example Just you know it it makes you lose you Know sort of confidence in this count That's why I repeatedly say that At the moment ethereum is for me the Much better Charter trade I I stay away From Bitcoin trades because first of all They are at the moment for me they are Less profitable yeah ethereum adheres Much better to the To the flip extensions and so on it's Much more bullish count Um Bitcoin has basically the same count At the moment but it's just again it's Just under delivering underperforming Against ethereum which is not surprising We know that but um it's just you know It just shows you so here I would Actually suggest wave three is probably Not finished yet but ethereums is Finished so you know Um ideally I mean there's no rule that says Wave 3 Needs to go to the 1.618 extension it's More a guideline it basically reached The 1.236 at 16535 which is fine but Ideally you want for confidence you want To see the 16670 level so I'm gonna mark this as I Would say ideally we want to see this Right ideally But There's no guarantee so it could be this Is wave three what then would need to
Happen we would in a way full Retracement now if that started now that Way for retracement We need to see the price hold above 60 16 000 360. it needs to hold above the wave one High so let me add that to the chart And then we should see a wave 5 to the Upside five waves up okay Five waves up and then we should see an ABC down and that would be another entry Point for anybody who missed These three possibilities in the support Box bear in mind at the moment I Wouldn't go in Because we're just below resistance Right we're just below a descending Trend line we're just below resistance And you don't really want to go along Just below resistance at least I Wouldn't Um or either wait here for a breakout Above it or I would wait for the next Yeah the next major retrace from next Made a pullback Um which would give you a decent reward To risk ratio but so far you know this Is working out great It could be we are now in this third Wave I said before Target around 18 to 19k it could be a bullish week said that Before Bit too early to say that because at the Moment we're just making lower lows and
Lower highs here Um it all depends on do we finally break Out here and make it above first of all The wave B high at 16 590 then the wave X High at 16 690 and then we can take it Higher and the well the 16.8 K level is Is an important breakout Point generally But yeah so far I think that's my view It remains should we come down from here For whatever reason it is very important Generally that we hold the 15.7 K level That's super important because below 15.7 K this this bullish one two setup Even bear in mind it's not breakout Necessarily it's only part of a larger Bearish pattern so short-term upside is Always possible also in the bear Market Um This is not going to work out most Likely if we drop below 15.7 K 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]