Foreign Welcome to another update video about Bitcoin so as I'm finishing the member Live stream Um Bitcoin starting to move as it Usually does towards the end of my Member live stream that we do every Sunday Um it usually is related to the weekly Candle close that's approaching Basically what Bitcoin did it did follow Here the elite wave count in the Previous video earlier today hours ago We talked about this being a possible Way for and this being a possible Elite Wave triangle A B C D E I gave you a Target for the e-wave I think we missed It by 15 that's normally really really Good especially in a triangle which is Normally very difficult to measure Um because what we did we calculated the Length of the C wave and then you get Typically a Target which is the 61.8 Percent extension of that wave so the Ideal Target for the e-wave would have Been 16 891 we reached sixteen thousand nine 15 or something so got quite close but The idea was to put one more low in I Think in the earlier video we were Somewhere here and I said ideally we put One more low in and then break out to The upside which is what the market did Um sorry and now we are breaking above
The triangle we broke above the wave D High already at 17 060. Um we have not yet fully broken out Above the B wave high normally what you Say with these triangles that you get a Really good confirmation that it really Has broken if you break the B wave and We haven't done that yet but um yeah This is starting to look interesting Already and by moving higher it would Follow my Elite wave count with a Projected wave 5 to the upside wave five Of three to get more confident that this Is actually happening I would want to See a break above this B wave high which Is at 17 150 and an even better Confirmation will be obtained if we get Above 17 000 to 40. these are the two Levels that need to be broken for the Market to put this wave 5 in place and Um We talked about a target for this Wave 3 In yellow And the target for the Wave 3 we can Take calculate that by taking the length Of the wave one we go to the low of the Wave two and then the 1.618 is actually The ideal Target for this wave 3. Um now that would mean quite a long way Five nothing unusual because as long as The Wave 3 isn't the shortest wave That's fine and it wouldn't be so ideal Target for the Wave 3 in yellow is the 1.618 extension of the wave one that
Would take us to eighteen thousand one Hundred dollars roughly so let's see if We get there Um we should as long as we're holding The yellow support box so we did hold The yellow support box so far this goes Down as long as much as 16 6 180 this is The support for the Wave 4 as long as We're holding that the current wave Count is valid and should anything Change I will keep you updated at the Moment my view is we should still move Up from here by the way Bitcoin did hold Really nice yesterday while ethereum Actually lost support yesterday Um now at the moment the trend seems to Be going up be aware that should we lose That 16 677 level which can still happen Right I mean we're approaching the Weekly candle close guys and there is a Lot of volatility happening normally During that Period especially if we consider that Over the whole weekend basically we had Only sideways movements so there is a Lot of probably stuff going on and there Will be a bit of a shaking Um typical Sunday before weekly candle Close volatility so be aware of that and This can Lead to a breakout to the downside as Well but I gave you the key support Levels and this one is just relevant Sixteen thousand six seventy if we lose
That level what will become relevant It's this area around the 16 300 level And below that level We've got the um 16k level and then 15.7 Below 15.7 I think we're going to put a New low in a new low for Bitcoin is Still my primary expectation but I would not expect ideally this new low Until we go a little bit higher maybe Into the 18 to 19k region So it's it's it's a decision Point as You can see on the chart Ideally the higher level patterns Suggests still further upside Bitcoin doesn't need to do this it's Done enough I mentioned it before this We could put a more substantial top in Place here but again as long as we're Holding the yellow support box the trend Would be further up in the short term But you can see as expected with such a Resistance area that you have here You're struggling to go through so this Area needs to break and I gave you the Resistance points for that the breakout Points so we're just hovering around Resistance and it's a resistance area That needs to break if it breaks I think We can move up quite quickly and I gave You a Target here of around 18.1 K and Funny enough this is pretty much in line With that wave a high so a structural High Aligns with the Fibonacci extension
Which is always good Confluence right so Yeah exciting I will keep you updated 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