Foreign [Music] Video about Bitcoin so with Bitcoin Um after we saw here the initial sale of Candle today already updated the chart For channel members so um I'm going to Show you this one here now as well this Is the updated Bitcoin chart that um due To the strong setup When we dropped Below 17.2 k It was clear that we're going to drop a Bit further Into the into this green support area This is now where Bitcoin has another Chance to find support in a Blue Wave 4. Before it could move up in a way five or Three So this is the most bullish Interpretation here it is and I have to Say that very clearly however Um quite concerning how strong we come Down I mean today other assets moved Into risk of mode Crypto was affected And the price range at which this is Taking place Yeah Makes us consider that a more Substantial top could actually be in Place now As you know we always have to react to What the market is doing Um we already had it on the radar here On Wednesday I think or Thursday it was
That a more substantial top could be in Place here but so far we didn't have any Evidence for that yeah remember I made You aware if this is not an ABC but a Wxy pattern then we have fulfilled all The requirements here Four top in place which doesn't mean a Top must be in place but we have a Complete pattern a corrective wave Pattern w x y complete and it doesn't Need to go any higher than this So the problem is if you get into such a State where a pattern could be complete Which would eventually lead to a Sell-off and then you get other assets That are correlated to crypto and they Sell off and you get crypto into a Sell-off mode as well Then this potential in the chart can Play out that's why I warned you last Week Um And maybe we see it now so I'm going to Talk you through a couple of options Here that we have actually three options Like on the ethereum chart at the moment And I'm going to tell you which of these Is My preferred option and I'm going to Tell you which of these how each of These is validated okay so the first one Is still the one that we talked about Before slight change again I updated Channel members a few hours ago on
Telegram and Discord But the thing is It doesn't really change a lot it was Just a bit of up and down and if we now Move up from this support box no change Really yeah no change yeah um and Everything's still fine To be fair So far with Bitcoin nobody should have Lost any money here because the last Entry area was this one and we're only Just coming back into this support area Now okay Um so this is highly relevant and you Need to decide on what you do right do You want to exit your trade if you Entered here I mean we had an entry area Here we had an entry area here both are Basically still in profit maybe this one Is now cost neutral so it's a perfect Time to make a decision about where we Now are right Um And yeah basically about tidying up your Trades or whatever you want to do It is still possible and everybody needs To understand that it's still possible From here After coming down in this fourth wave to Move up in the fifth wave into the Region around 18.1 K the concern is that We've come down now in five waves this Is a five wave move And that makes me a bit concerned so we
Can keep it very simple If we now break above 17.4 K that would Be evidence that we are in wave 5 of 3 And we could possibly reach the 18.1 K Area First scenario possible as long as we're Holding above sixteen Thousand Seven Seventy yeah Um and a substantial break below that Level would indicate we are in something Different What could be the alternative The alternative could be the ethereum Wave count basically and the ethereum Wave count would be that this was a wave One up a wave two down that's same story Here on the Bitcoin chart but that we Actually moved up in also a wave one Here and we're coming down in a wave two Now so that we have a one two one two Setup Um This is a scenario where we could pull Pull back quite a bit Into the region Around 16.3 k So that means should we drop below 16770 Bitcoin is most likely going to Drop lower into the 16.3 K region or Above but 16.3 K is basically the level The 78.6 percent flip level that below That level It's very unlikely that this is still Going to turn out bullish because then
The one two one two setup is most likely Going to be invalidated okay And then and that's very important Obviously there is the bearish scenario As you know we are still waiting for one More low for Bitcoin As highlighted here In the region between 14 and 14 and a Half k This could of course play out and I will See it as very relevant if we drop below 16.3 k okay So the thing is Now that we have come down quite a bit And that we're a bit oversold in any Case I would be expecting a move to the Upside now So this could be and this is what the Market will show us this could be an Impulsive move And if we break above 17.4 K we'll most Likely get into the 18K region If it is going to be something like this So a corrective pullback so let's say We've actually started something bearish Here or a deeper pullback in a wave too Then if this is a corrective pullback Then we will expect a more impulsive Move down next A correction up and an Impulse down If we see this which means we are moving Up Won't get above 17.4 k Come down break below the previous swing
Low of the wave one then I will consider A more substantial top in place and then It could be either a pullback in a wave 2. Or the bear mold yeah the bear mode to 14 to 14 and a half K so it's a very Interesting scenario Um the advantage of the current range Here is that a long trade can be entered With Let's call it fairly low risk now I'm Not saying high probability anymore that Is going to break up because we've Pulled back quite a bit but it is high Prob it is low risk in terms of where You can set your stop loss because below Sixteen Thousand Seven seventy is most Likely going to be invalidated but That's up to you not telling you to Enter a trade or not I'm simply going to tell you here the Options that the market has and what are The validation points for each of these Scenarios and what you can expect in Each scenario so highly interesting Um Time here now it's good to see a bit of Movement because we had really boring Movement over the weekend The entire let's say daily pump today Has been sold off again So that is not necessarily a sign of Strength And we can be very much focused here on
The next move to the upside if it's just A corrective pullback or actually an Impulse to the upside Okay and this might update 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]