Foreign Video about Bitcoin um in typical Saturday fashion we see just sideways Movement today I mean You know since I started this channel More than a year ago I think there were Really only just a handful of Saturdays Which were really exciting most of the Time it is really just boring sideways Movement and oftentimes on a on a Saturday or Friday or Saturday both Basically usually boring days Um you usually get a way for it is so Funny because these wave Force they are Really draining movements they are Boring you know they are consolidations And that's exactly what we see here at The moment I mean Um at the moment at least in this wave Four I mean I don't exactly know if it's Finished yet or not but we certainly Have pulled back to exactly the level That is ideal for a way for which is Here the 16.8 K level the 38.2 percent Flip level I would ra I would actually Say nearly that Because we have Not really shown any impulsive strength After hitting that level That there is still a risk that we go Down to 16674 that's the fifty percent Flip level however If we see now the price break above the 17 145 level which is that most recent
Swing High Then I think we can say that probably Wave 5 has started here wave five and What was the target for the wave 5 we Can we can look at that as well just a Refresher reminder here Because guys we want to be ready Um for those movements it is Saturday Yes and um most likely and that's what You usually get you know from experience Is so is towards sort of late Sunday you See quite a bit of volatility Um and the target would be however 18 151 that is the ideal Target here for a Third wave now that would be quite a Long way five to be honest so maybe we Don't exactly get there or we've got Something else going on maybe we need Another another Subway structure here in There but it could be an extended wave Five Um However you know in in various ways this This sub wave these Subways could play Out but what you need to understand is That Target for the third wave should Definitely be 18 150 Target for that Yellow wave three Um Wave five of three that should be Eighteen thousand one fifty one because A wave three that doesn't reach the 1.618 extension is actually rather weak So yeah we still need to be a bit
Patient guys it is what it is these are The moments when people are get boring Yeah I'll get bought out right are Leaving the market that's exactly when People shouldn't be so much Um focusing on SPF FTX all the drama in The crypto world but actually should be Focusing on price yeah I mean we are Generally in an environment Um it's a little bit it it reminds me of Sort of the time Sort of towards you know when when we Were close to bottoming out in the stock Markets um after the financial crisis 2008. we also had a lot of fraud there We had uh bankruptcies stuff like that And you know everybody talking about it And nobody noticed that stock markets Were starting to go up again you know it Reminds me a little bit of that of that Time period so be aware you know the Time when everybody's everybody's Involved and interested in the soap Operas and the the drama in the crypto World and is more interested about you Know what does SPF where for uh and Underneath his clothes or whatever That's the time when we need to be Watching the markets because they have Potentials you know to get close to Bottoming out soon right and um we don't Necessarily need to go below 10K or Something that many people suggest we Can of course but I don't primarily see
This for me it's still the idea of one More low is great and um getting into The region between 14 and 14 and a half K and I see that as a strong low let's See if we get there Um but I think we are not too far from The low I don't think we are too far Away So yeah but generally short-term upside Here still expected in this third wave As long as we're holding the 50 Retracement which is the 16 675 level below that level 16.3 becomes Relevant and below that level 15.7 and If we drop below 15.7 I think we can say Hello to a new low which would be around The 14 to 14 and a half K range so yeah Not too much to update here it is what It is even here the RSI really Completely neutral its weekend markets Are not very decisive here waiting Probably for Um tomorrow's uh weekly candle close we Can actually take a look at that just to See how it actually last week's candle Close so apparently we have this week at Least a green candle and we need to drop So let me just So we need to drop below is that correct Open we need to drop below 16 420 yeah To get a red candle it's quite a bit of A drop Um The weekly high so far was 17 000 to 50
On the weekly low 16 000 for and um yeah Let's see let's see it it seems like We're gonna get a green weekly candle Close Um the market would need to push it down Quite a lot to receive a red candle but Um yeah let's see and then maybe next Week another green candle and then we Could um and we have a nice pattern of Three green candles but also that's Probably worthless to be honest we we Just need to see a five wave structure Of the low that's the point that's what We need to see not necessarily green Candles here and there Is all just speculation what we want to See we want to see what the market Suggests you know we want to see a Pattern that adheres to the rules of Market structure we want to have five Waves to the upside and then we can be More confident in saying that maybe Bitcoin did bottom out and doesn't get a New low because that's exactly what we Want to see we want to see those five Waves to the upside one two three four Five showed you in previous videos what We're going to use to test if Bitcoin Has bottomed already we need to see Those five waves up but it's not only That yeah because we would get that in The Wave 4 as well in an ABC pattern Um and then we would get one more low Afterwards no it is the retracement
After these five waves which will give Us a clue if we then see ABC down three Waves down and we make a higher low and Then see some kind of a Buy Signal like A minor or micro five wave pattern to The upside that is really when we can Say right with a high likelihood Bitcoin Is bottom so it's really that next slow That next retracement that will tell us A lot and yeah hopefully tomorrow or Monday at least we get some more Excitement in the market here a little Bit more movement because we've been in This broad range now Um between I would say roughly 15 and a Half K and 17 000 250 since the 9th of November and it's getting a bit boring Now right okay that's my update about Bitcoin hope you liked 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