Foreign Video about Bitcoin Bitcoin stayed in The same wave pattern as suggested in The previous video so it Remains the Case that Bitcoin holds a short-term Upside potential we have our five waves Here that are possible to the upside one Two three four five Um Most likely all embedded in a c wave of A larger Wave 4 which would result in Another sell-off to the downside in a Fifth wave in five ways yeah Um so that means that this is not yet a Breakout pattern short term yes but not Necessarily long term we just all need To be aligned with that and understand That right there is no way of currently Saying that this is already A bullish pattern that will take us to 20K and Beyond but it could be yeah but The primary expectation is short-term Upside we can only trade and see what's In front of us really Um and if this is now embedded in a Larger bullish or bearish context that Is what we need to see when this Short-term upside is done yeah in five Waves and then we need to see how we are Going to react to the re uh to the Support zones which will then be be Formed and we can talk about that later When it's done Um or when we start to retrace right
What will be the support zone so we'll Be able to determine then to Define them Target is still for that Wave 3 is Around here 17 no well 18K roughly yeah Um Important here now in the very short Term is just to understand I'm not going To go through the entire wave count Again did in the previous video just hit Update on the short term and my view is That um yeah here in the short term we Are in this Blue Wave count wave one Done wave two done we are in the third Wave then there should be a wave four And away five in this third wave we've Got five sub waves one two three four Five we have pretty much only done waves One and two we are now in the third wave And in this third wave in white we've Got the Green Wave count if I zoom in Further you can see that and you can see That the Green Wave count consists here Of a wave one a wave two the wave three Done that's where we were in the last Video then we talked about the upcoming Wave four or the ongoing Wave 4 which is Fine which we're currently doing and Then the wave 5 to the upside to finish Off White Wave three Um We did it what do we say Target for White Wave 3 maybe let's do That or no actually actually now let's Let's talk about the target for
Yeah White Wave three we need to talk About an extension here probably but I Think we're talking here about the reads On between 17 000 to 20 and 17 390 okay Um currently most likely still in the Way four yeah I think I mentioned it in The previous video The Wave 4 is Important um in terms of you know how Far can you come down ideally and Ideally we don't want it to go down Below sixteen Thousand Seven fifty that Is the fifty percent Fibonacci Retracement level it should not drop Below that level not below the 50 level If it goes below that level it's most Likely not a wave four anymore and we Will get a more complex pattern here but Um ideally this is the area where it Will find support just moving all of These across Um it would be where we're currently we Currently drop below the 38.2 percent FIB level again shows a bit of bitcoin's Weakness because the 38.2 percent FIB Level is always the ideal level for a Wave four so if we drop below that it's A bit weak Um But yeah it should not drop below the 50 Level and if it does you know we Probably have something here like Another one two setup or so Um but at the moment this is my
Preferred count and if we go to let's Say the 30 minute chart here then we get A bit more detail here about how this Probably unfolded looking at this as a Wave 3 and then here Um obviously as an ABC pattern here I Think this was the Wave A then here the Wave b as a triangle and the wave C down That could be finished or nearly Finished Um The Wave B here A B C D E is triangle And then down now Um going through the 15 minute chart This could now be finished it's early to Say that let's look in the micro for Targets here Um Yeah the problem is if I look at let's Say targets for the the C wave you would Normally get like 16 644 that's the one To one ratio that's already a bit too Low because it should actually not drop As I said below the 50 FIB level Um So yeah it would ideally need to hold That level otherwise we've got a one two Setup as I said another one two one two One two and if we've got a one two set Up here then we're probably talking About a possible retracement all the way Down into the region between Um sixteen thousand six seventy two and Sixteen thousand five sixty four it's So that means ideally we we hold support
At sixteen Thousand Seven fifty that Would be the most bullish scenario if we Drop below that we still have a chance To find support at sixteen thousand Five Sixty if that level drops as well then We have a bit of a reason for concern Because it could really mean that Um That this is eventually going to break Down or at least we need to reset it Lower right because the 78.6 flip level Really needs to hold even in a 1-2 setup Um you can see here we can extend the Trend line so it might very well be we Come down to the trend line again but Then again it's not a wave three and Four it's most likely another one to set Up Okay and it's my update about Bitcoin I 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 Thank you