Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Bitcoin BTC Price News Today - Technical Analysis and Elliott Wave Analysis and Price Prediction!

Foreign [Music] Welcome to another update video about Bitcoin Bitcoin continues to hover in This way for support area so from here It is expected to find support and to Move higher in a wave 5 of 3. yeah Um we need to be aware a more Substantial top could be in place here As well So it's technically possible that's all We need to know at this stage Um because it will mean that we are Prepared should the price drop below Certain levels and it should definitely Avoid to drop below 16.3 K that is the 78.6 FIB level if we drop below that Level it would indicate that this whole Movement to the upside isn't going to Work out already below The support boxy in yellow we will have To make a change to the wave count Um there are now a couple of Possibilities here I said that in the Previous videos that while the primary Expectation is the one that we have on The chart here we of course need to be Prepared for other scenarios as well The idea at the moment is that we are Still pushing higher or we can push Higher in the short term especially as Long as we're holding the 16682 level that's the 50 Fibonacci Retracement of the Wave 3 in blue here

And if it goes below that the price it Would indicate that it's not a way for Anymore then we are dropping too much The good thing is that the decline here Currently looks fairly corrective so It's most likely a way for correction or A wave 2 correction so these are the two Corrective waves that there are with the Wave 2 being normally a very very Um Um sharp one or at least most like Usually a stronger one the way four is Rather shallow retracement Now what are the possibilities so the First possibility and that remains the Primary expectation here is that we're Pushing higher here that we can still Push higher in the short term and this Um the view is that we can still move Higher in a way five in um In a way five of wave three basically So we talked about that in the previous Video That Remains The View we can Calculate a Target here for the wave Um five we do that by Actually we can do that quite quickly by Just measuring the length of the yellow Wave one We go down to the low of the yellow wave 2. that gives us a target for the yellow Wave 3 because it's basically the same Target for the yellow Wave 3 that you Would get for the Blue Wave 5. and the Target would be eighteen thousand one

Twenty seven that's the ideal Target for Yellow wave three if you look at all of This it would seem quite long though This um blue weight five so wouldn't be A surprise if we get only the 17627 Level which is the 1.236 extension it Would be a little bit weak though only Getting only there yeah but these are The two main levels that I would um keep An eye on But all of this only possible if we hold That yellow support box so this is a Trend reversal area where the price has A good chance to reverse from a wave 4 Into a wave 5. between the 50 flip level Which is at 16682 and here the um the 38.2 percent flip level at 16 8 17 and You can see how relevant again these Flip levels are because this is the 38.2 Percent flip level we reached it as I Said in the previous video ideally we Get to that level because it is the Ideal level 404 the 38.2 percent flip Level at this stage I cannot rule out That we will come down a little bit Lower yeah here for example in um To the 50 flip level because so far we Haven't seen any impulsive move to the Upside So Um we can look at that in terms of an ABC And if we break above the 17 100 level It would indicate that this Wave 4 is

Over And we push higher so that's the primary Expectation this wave count what happens Now if we drop below the 50 FIB level Well if we drop below the fifty percent Flip level The account needs to change And I would say that If the account changes My view would have to be that we have Already completed here See now that we have completed here and I said that that is a count that I also Um currently observe for the ethereum Chart that we say we have a one two Setup here and this is another one two Setup This is just a different wave count Um I could briefly show you that one just So that you get an idea And in this count I would say that this Was a one yeah as planned this was a Tool then we had our way three Here This was a four and this was a five so That would be the count where we say We've completed actually a larger wave One with an extended wave three And that means we have a one two one two Setup and we could retrace a little bit More In that case We would normally retrace a little bit

More into the region let me just see Just need to make sure I've got it Correctly Um you would then expect a retracement Into the region between sixteen thousand Six two nine and sixteen thousand two Seven one and here again you can see That the 16 point k a 3K level that I Mentioned is very relevant to dropping Substantially below that level will mean That because um you know the upside Potential isn't going to work out Because even if we get a one two one two Setup here Below the 78.6 flip level it's normally Not going to work out anymore so this is A key level 16.3 K So these are the two bullish cases here Um so that in in summary that means Ideally we're holding the yellow box if We don't it doesn't mean that the the Overall bullish potential isn't going to Work out anymore but if we drop below That um 16680 level it's most likely another one Two setup not here a three four with an Expected five and so on it will look a Little bit different okay Um and what that just means we just need A bit patient see if the price does React to this level and the overall Bearish view would be that the top is Already in place possible as well and That would become my view if we drop

Below 16.3 K but it's not the primary Expectation primary expectation is still The one that is on the chart here until It gets invalidated very interesting as Well You can draw a trend line here on the Chart Or even a channel yeah and a break above This channel Would didn't want to do that would Indicate that this movement to the Downside is over and that would give you A first indication that the downtrend Here yeah is over and that we're pushing Higher in the fifth wave okay in this Map that 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] Thank you

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