Foreign Video about Bitcoin so Bitcoin continues To play out it's it's sort of our Primary expectation we've made that new Low that we've been waiting for we've Gotten to the 14 to 16k area uh when You've watched this channel You would have been warned you would Have been prepared for another Bitcoin Low because this has been the primary Expectation I think what surprised Everybody though including myself was First of all how strong this sell-off Was Yeah that's that's one point Um and also obviously how many altcoins Were affected Um but still you know we we've come There you know nobody should should have Been surprised by another lower low of Bitcoin of course what What's surprising was the whole stuff Around FTX even though I did highlight It on the weekend as well but Nevertheless the strength And the You know the the reasons why this all Happened with a surrounding STX and Finance that's obviously shocking But let's take a look at the wave count Here because that's what you guys are Over here Um so my view is still that we are here In this um fifth wave to the downside I
Mean this has been Um basically proven correct now that we Have made a new low but here the view Was and is that this is a three wave Move to the downside there are two Possibilities still one is the Green Wave count which assumes that from the High at 25k we came down All the way to around 18 and a half K in A wave a but we moved up in a b wave Here to around 22 Point well 22 and a Half K and then we are coming down in a C wave which is a five wave move and in This five wave move we had a wave one Down already back to around 18K then we Moved up in a wave 2 that was the most Recent Spike we're now coming down in Wave three which makes sense because It's a very strong sell-off away three Is normally very strong then there Should be another way four and away five Down which means based on this count we Do expect one more low And then we've got the red count Which is also quite plausible Oh I didn't want to do that one second Which also quite plausible the red count Just changes where the ABCs are sitting And then leads to a different count Overall here the Wave A down to around 18K a wave B to the upside which was the Most recent high and then the wave C Down in which we currently are to be Honest both are possible someone asked
Me how can I tell which one is going to Work out I think you can't really Um I think it's all about being ready if Anybody knew you know we could all play It very very nicely but there is a lot Of uncertainty in the space I think the Fact that we've made that new low as Anticipated hopefully was already Um Was already proof of the hopefully Quality of this ta and Just shows that bitcoin's massive price Action in the end did lead to another Low yeah which again just quality charts Aren't were so important I mean ethereum Still hasn't broken the 1 000 level Um which was so critical so Again ethereum has held or did hold a Higher low Bitcoin didn't so it's just Sort of that what many people didn't Understand that how can you be bullish On ethereum at bearish on Bitcoin now Again just need to say there is no there Is no guarantee that ethereum will Rally From here in its Wave 3 but it is the Current situation is Bitcoin has made a New low end ethereum hasn't so yeah There's a few more factors at play here But Um this is what you sometimes see what Is often so hard to understand But let's take a look at this wave so we Have five waves down that's what I Mentioned yesterday we have we have in
This red count we could say this is Complete Um but there is no evidence we have we Are recovering yes but we were also Massively oversold on The Daily RSI so Not a surprise that we get some decent Recovery but Today is CPI data release so there will Be much more certainty coming in uh Uncertainty coming in well after CPI we Have a bit of certainty maybe Um but I think it will take a few days To really settle until you know and when The dust has really settled then we can Really look at this properly again but At the moment it's a bit like you know Be be prepared for scenarios I mean Bitcoin could as I said before it could Go down to 10K it could even go down to 3K but it's way too early to talk about That because we haven't broken key Levels yeah Um we are we are still in the primary Scenario until that gets close to Invalidation which would be if we get Closer to the 14k level Um because then we need to look at the Wider wave count and we need to really Consider that we get to the 10K level Which is the 88.7 flip level of um of Bitcoin right until until that's the Case we shouldn't really scrap here the Primary expectation and there are two Scenarios anyway and one of them allows
For one more low anyway maybe into the Region around 14k But the width of the red count is Technically complete technically this Pattern is full so we've got five waves Down one two three four five yeah Um and the recovery now will be Important So the um let me just see so yeah so the Recovery will be important the problem Is now with this move down With this move down first of all what What Bitcoin would need to do it needs To to go back above the 23.6 retrace Disregard the green count that's the Other count that's actually the the Green one is actually the primary one Where I'm still waiting for one more low We don't need to get it here the pattern Is full as I said Um but here in a way four up in the way Five down we could get another dip but If it's the red count that's playing out This pattern is already full and we've Got the 17K level here as well as a Dotted line that's not only the 23.6 Retrace this is also the from the larger Bitcoin cycle the 78.6 FIB level and a Very very relevant one Um because this is a very very relevant Flip level just the The crucial one Really we are now retesting this from Below and we got rejected already so Yeah it could just all point to the
Green count at the moment but if we get Above the 17K level that's already an Additional let's say confirmation for a Recovery what we then need to do we've Got more resistance around 18 and a half K And then around here the wave one low Around the 19 let's say 19 200 level Um But the um Really from a Fibonacci retracement Point of view now we would need to Rally Back above 20K to really get something More substantial in place here a more Substantial recovery and evidence that The bottom has been made of course there Was evidence beforehand so one more Piece of evidence would be that we can Count five waves to the upside on the Bitcoin chart Um and again similar to what I said on The Um Let's see So this allows us I mean this is only The five minute chart but it allows us To count five waves up Um it's not it's more it looks better on The each chart I have to say that but This could be a leading diagonal to the Upside so that tells me if we get Rejected really here at the 17K level And we could count this possibly as a Wave one up
Um and then the wave two down needs to Hold let's say the 15 900 level then We've got a possible one two setup and This could start to go up higher in a Stronger recovery at the moment I'm Rather looking at this only as a wave 4 Correction as per the green card This could also still move higher So let's look at the invalidation point For a wave four I think that is very Important the invalidation point for a Fourth wave I mean we've in this scenario we've Really only reached the minimum Retracement so it's actually the 18 600 Level now Um that we could get up to the 50 FIP Retracement so getting above that is Really a first a very strong sign That we are in a more substantial Recovery so we've got the 18.6 K level And then the 20K level Um and it's all about you know with how Much risk are you comfortable so for me At the moment it's a very uncertain Environment I have started yesterday my Um DCA program again into into Bitcoin So dollar cost averaging I did tell you A few times that I'm not really keen on Dollar cost averaging until we make a New low we've got that low now so I've Started that accumulation again with Bitcoin So yeah um but it's not about it's about
I think at the moment about avoiding Leverage because this could still drop Lower that's that's what I do Um and just dollar cost averaging in Lower volume lower quantities until you Know not going all in or something until We have a more um confirmed bottom in Place right and then you know it's all About being a bit more aggressive maybe With them with scaling in but yeah That's my update about Bitcoin so it Could still go further Um Into the region between 14 and 15K as if We get rejected below Here 18.6 k And 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