Foreign Welcome to another update video about Bitcoin Bitcoin has put in this fifth Wave in green which is at the same time The third wave in white and I think We're now in this fourth wave in white Before putting in a fifth wave Third wave in blue a fourth wave in blue That's very third third wave in blue a Fourth wave and blue a fifth wave in Blue and so on we should in an Ideal World Cascade higher of course the word Isn't always ideal therefore we need to Be on the side of caution but um I think I haven't rewatched it but I Think in the videos yesterday I Mentioned as a target for this fifth Wave in green and third wave in yellow The 17 000 to 50 to 17 300 area could be Wrong but I think I did call that out Because it's the peak of that or the top Of that resistance area so so far we got Rejected from it we did not push through I think a pushed through this area would Help to um To bring in much higher prices yeah all The way up to 18 to 19k in line with the Edit wave count here so we currently Have quite a complex count here to be Honest Um I'm starting to doubt a little bit The reliability of it because we just Have too many Overlaps and so on right
Um but so far it's okay so let's take a Look at it Um we did say we have been saying for a While now that short-term upside Potential for Bitcoin is the primary Expectation not necessarily a direct Breakout two new all-time highs from Here but short-term upside which would Be followed by downside afterwards right In the new low a new low in the area Between 14 and a half KR in the 14 to 14 And a half K area okay this is where I Think this green four Should lead into this green five yeah This would be the idea scenario to move From that way four and that way five and This Wave 4 is an ABC A b c and the C wave consists of five Waves one two now we're in the three There will be a four and a five this is Sort of how I see it how it would Ideally play out now let's look at the Options and the levels That we definitely need to hold to put This in place and to maintain it right So if I zoom in you can see that here we Are still moving on this trend line I Wouldn't be surprised to get back to That trend line and bounce off once more But I warned you yesterday if we break Below the trend line it is a signal that The entire count might not work out and I did say you I didn't tell you because Um some of those one two setups that we
Have here first of all you have a lot of One two setups yeah that is always a bit Of a questionable and then some of these Did not retrace to the 61.8 or 78.6 Retrace and when in a way three you Don't get these retracements early from Experience I can tell you that sometimes We do not Um We do not bring this wave count to an End we will get rejected somewhere Before that and we'll break down and That the whole thing here is actually Not a five wave move up it will only be Like a three wave move an ABC or Something so just be aware of that right Just be aware of that but as long as we Are As long as we are following the count We're gonna follow the count it's just a Warning at this stage it's nothing else It's just to be aware of it and um yeah Please don't take this as a given it's Only a road map these markets do not Have any certainty it's only Probabilities yeah what could happen What should happen ideally yeah what is More likely than the other thing is my Job to identify the more the more likely Options at the moment I still think we Should be moving higher here Especially as long as we're above this Trend line especially as long as we're Holding key support levels so let's take
A look at that If we look at the movement from the Lower here we moved up in a wave one two And based on the wave count we are still In this third wave there should be a Fourth and a fifth so in this blue third Wave we've got sub wave C and white one Two Three four five And the last leg up here the fifth wave Should start fairly soon But let's take a look at how low can This Wave 4 actually go and how low Should it go so for that we take the Length of the third wave there And um yeah the ideal well let's say the Minimum retracement you see the 17K Level That's a 23.6 percent flip level below That that's actually the ideal Retracement Here the 38.2 percent flip level 16.9 K And the maximum it should do is sixteen Thousand Seven eighty six as you will Observe we would break the trend line by Doing this but um okay this is what it Is the fips I think here are more Important because the ideal Target for a Wave 4 lies here below the trend line It's 16 900 so primarily I would expect It to go a bit lower into this region But I think be aware that here's a trend Line and we could very well touch the Trend line and take off
So as long as we're in an uptrend here With an uptrend important to understand Is that below the 50 ship level discount Really be trusted anymore because the Wave 3 would normally not retrace more Than that into a wave four But yeah still the view is we push Higher yeah that would be ideal Ideal ideally we're holding the um 16 000 786 level it's the key FIB level Here and in the medium term It's very important to hold 15.7 k As long as we hold above that level I Would support a view that we go higher At least short term but below 15.7 I Think we can come down very quickly that Would be the signal we go down very Quickly into the 14 to 14 and a half K Area Okay That'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 then please check out the Channel membership thanks a lot for Watching bye Thank you