Foreign Video about Bitcoin Bitcoin is currently Back above 17K you may have seen Yesterday that ethereum lost the 1255 Level that was actually quite a relevant Support level for ethereum Bitcoin did Hold its support yeah you can see that This yellow support box which I also had On the ethereum chart uh Bitcoin did Hold it it actually didn't make a new Low where ethereum made quite a Substantial new low now that still Confirms my view that Bitcoin could Without a problem move higher from here Ethereum as well yeah I mean ethereum Didn't drop as much so in order to Invalidate any kind of bullish Short-term potential also for Bitcoin I Still see that often talked about Bullish short-term potential here which So far has so nicely played out from our Support area down there To the peak that was just a seven and a Half percent within a few days it's not Too bad in a market where we're Basically just moving sideways Um but yeah I think what Bitcoin is Doing here at the moment is just Consolidating at the moment Just below a resistance area it was Squeezed between support which is the Yellow box here and resistance which is The red box so getting really squeezed Into this and I mean that would be ready
You know for the weekly candle close Normally you see a lot of volatility Especially when um in the days before Such an event where you know usually in The time around the weekly candle close There is quite a bit of volatility so When you then have a lot of just Sideways movement in the days before That you can normally expect quite a bit Of a jump will be interesting but um in Typical weekend fashion we are just Moving sideways at the moment but it's So interesting that ethereum lost Support Bitcoin did hold it where in the Last few weeks Bitcoin was always quite Weak compared to ethereum I just find That super interesting because it means That maybe things are changing a little Bit Um but more importantly what you can see Here we had this kind of descending Channel I don't think the channel is Relevant anymore I think what is getting More relevant is now a possible triangle Shape that we're going to talk about in A minute But important is that this wave pattern That we still have on the chart here This possible one two One no sorry the one two setup is on the Ethereum chart one two one two is what I Have on the ethereum chart now I haven't Changed it on the Bitcoin chart because Bitcoin is still holding support So for
Bitcoin this could very well still just Be a way for here no problem so ethereum Is in my opinion in this third wave to The upside Target we talked about around The 18K level for the third wave Um And as long as we're holding here the Yellow support back box we can focus Directly on higher a four away five of Three important is that Bitcoin holds The 16 670 level To maintain this imminent upside Potential Um if this is a way for Then I mean it just makes sense it's a Way for because it's quite boring so However you can see that we are now Heading really really ready for the Weekend candle close into the Apex of a Triangle and to be honest I talked about It before the idea that this could be an Elliott wave triangle um when we were Here But then we made a new low and I said it Can't really be a triangle anymore but It can still be a triangle it would just Become a larger one so Let me just show you a possible Elite Wave triangle count because you can Clearly see the symmetrical triangle the Shape which you could argue is the So-called bullish pennant Um but yeah this could very well be an a Wave B C D and maybe one leg down and an
E and then to move up in the fifth wave Of three certainly interesting Um I can also give you an ideal Target For the E wave That would assume wave D has topped I think it if it has on top it should Have near enough topped if this is a Triangle but it's just for fun calculate An ideal Target for the e-wave That would be the 61.8 extension of the C wave That takes us to 16890 dollars so keep an eye on that Level could very well be we come down Once more and then break to the upside a Break of the triangle would be confirmed If we go above the B wave high at 17 150 already a break above the D wave Will indicate the triangle is breaking That would be a move above seventeen Thousand and sixty it really is only if We drop below sixteen thousand six Seventy that we have to consider Something more bearish or let's call it Short-term bearish where we could come Down a little bit lower before we Recover again because at the moment the Movement that is taking place here does Not look impulsive to the downside so in Any case I would expect more upside at The moment as long as the chart presents Itself like this But that's my update about Bitcoin hope You like the update if you did please
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