Foreign [Music] Welcome to another update video about Bitcoin there is not too much to add to My previous video we continue to be in This possible breakout scenario not Talking about Um Back in the blue run it's way too early To talk about that but we are certainly In a scenario where short-term upside is Possible we're pushing currently against This ceiling here against this Resistance you can see the yellow Descending trend line it is quite an Obvious resistance we're pushing against This at the moment Um in what you could describe an inverse Head and Shoulders after this one did Not really come into fruition here We have another one here a possible left Shoulder head right shoulder which might With the neckline here the descending Trend line could be regarded as the Neckline and the breakout from here just By looking purely at these you know sort Of targets for uh you know inverse Head And Shoulders Target might take us to Around 17K just based on this one Pattern but these are not too reliable Um these targets what I'm rather like to Use is Fibonacci extensions and you can See that we are still generally based From looking at the elite wave method we
Are still in this as I said breakout Scenario where we could get some short Term upside so we've got from this low Of the 21st of November we came up in a Wave one so that was a five wave move we Then followed the path yesterday here Into the support area this was a long Trade area Um where we're now comfortably above but We are not that you know you know let's Say we haven't moved enough yet To really confirm that this entire Scenario is going to work out yeah I Mean we've got a possible one two setup In which we we could theoretically still Be in the wave too I don't think we are Still I think we already in the third Wave but we haven't got the final let's Say confirmation or indication that we Are ideally we are now moving up in the Third wave here getting into the region Around 18K maybe 19k we can measure that Sort of in terms of targets here for That third wave take a length of the Wave one go down to the wave too low and Then the target would be 18.1 K that is The 1.618 Fibonacci extension that's an Ideal Target for the Wave 3 then we Would come down in the wave four and we Would move up in the fifth wave that we Talk about 19 and a half K but for that To work out we first need to break above This very very nicely defined descending Trend line you can clearly see that here
This yellow line add is coming down that Is the key resistance and you can see That in this sort of possible yellow Where we have to delete it now in this Possible yellow Wave 3 there it is we Are now in this sort of Blue Wave count Yeah so the yellow Wave 3 consists of The Blue Wave count because a Wave 3 has Five waves okay so this is sort of how It would add up Um We haven't seen here away three and the Way four that would be unlikely because We've retraced too much and the possible Or the move up here was not strong Enough so Ideally I'm looking here at continuation To the upside to finish off the Wave 3 Higher Um let's say the most straightforward Target for that third wave would be the 1.618 extension Target 16700 we haven't reached that yet that Would be my first Target 16700 if we Break Above This Descending trend line okay but ideally It pushes a bit higher Generally the breakout Point here for Bitcoin is the 16.8k level and in the Very short term here if you look just at This price structure what you can see You can add actually Um let me see you can add a very nice Um sort of trend line here yeah and you
Get into this Apex of a triangle so Possible Trend well whatever I don't Know if it's Trend continuation but you Are pushing into into an apex here so be Ready now that we see some decreased Volatility as we're getting into the Apex decrease in volume you see that It's typical for triangle when you get Into the Apex we should get a really Impulsive move I don't know if it's Going up or down you never know my Obviously my primary expectation is up Yeah but I also have to tell you We haven't moved up enough yet to Confirm that we already are in this Third wave because we haven't really Broken above any of these previous highs That's what we need to do until then we Could theoretically still be in this Wave too Um not in the way three yet so we need To be ready for both at the moment very Important for anybody who's in the Bitcoin space at the moment you need to Understand that as long as we are above 15.7 K upside is likely this is sort of Where the chart splits between daily Chart Trend down and up or short term Uptrend versus short-term downtrend Context on the chart but 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 then
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