Foreign To another update video about Bitcoin we Go straight into the price section we Take a look at the one hour chart don't Really want to talk about the higher Level wave count again we did that in The last few videos so if you want to Know more about that feel free to check Out the previous video just very very Briefly we are still expecting one more Low for Bitcoin in the Region 14 to 14 And a half K but possibly after some Short term upside but yesterday's dip Obviously uh changed the lower level Wave count here a little bit I'm Currently leaning towards short term Before we possibly go up yeah in this Third wave highlighted here in the white Circle before we do that I think we will At least that's what the market suggests At the moment and the price structure We might see one more dip down So um as I explained we've got three Main scenarios we can follow Um the first one that I still had Yesterday on the chart is primary Expectation would be a direct breakout To the upside without going lower However we will not get confirmation About that until we break really above 17 409 US Dollars above the previous High Then we can get a direct continuation to The upside and this wave too low is
Already in yeah Um In fact I would then have to change the Wave count a little bit but it is that Level that needs to be broken and then We can look at maybe 18.1 K as a Target Okay but that's not primary expectation Anymore because of the impulsive Sell-off here yesterday yeah so it's a Five wave move that occurred here to the Downside at least that's my Interpretation five waves down indicate That we are either that we either Completed here wave a Of a larger ABC structure which would Then result in another move up which is What is outlined on the chart here or That we are looking at a five wave Decline and something much more bearish Is going on so therefore it's time to be On the side of caution here Um and I give you all the key levels That are relevant here so the first Scenario that is not on the chart I just Explained to you here relevant is the 17.4 K level And in that scenario a direct breakout Scenario Um this will get even less likely as Soon as we drop below 16880. Then it will get really really less Likely Okay what about this scenario we have on The chart here the scenario we have on
The chart here suggests that we moved up Off the low of the 28th of November low We moved up in a way of one we're now Coming down in wave two Um Yeah That we have An ABC structure here And that we would move up in a way three Next so for this scenario and I actually Forgot I need to take out the screen Target box because that is not relevant For this scenario that was relevant for The previous scenario now we did get Into it but I don't think anymore that We will reverse out of it to the upside And we could but then we need to see the Signal a break above seventeen thousand Four hundred and nine dollars Yesterday when we saw it off here we Talked about this is a five wave move Down so in any case I expect a bit of a Recovery to the upside which happened And I told you that what we need to see Is Now is it going to be a corrective Move up or an impulsive move up and to Be honest this really looks like a Corrective move to the upside which Would suggest further continuation to The downside at least one more let down In a c wave Um So yeah which price levels are relevant Then for this White Wave 2 in circle
What is certainly relevant is We've now and that's why we found some Support here we've come down actually to The 38.2 FIB level at 16876. More relevant would be the 16709 level for the C wave of two Then we've got the 61.8 retracement Sixteen thousand five five four one and The last relevant level because below That level it is very unlikely that it's Still a wave two the last relevant level Is sixteen thousand three hundred and Three So it's generally in this particular Scenario it would be this area where we Will ideally find a reversal We can specify that a little bit further In that we take the length of the a wave Take the high of the B wave and Calculate a target for the C wave and The first Target would be sixteen Thousand five hundred fifty five the one To one ratio very close to the 61.8 Percent Fibonacci retracement so we've Got a bit of a Confluence here yeah so That will be interesting The question is now is this wave B Already in or not And um It might be but we have again the Situation that we haven't really got an Impulse to the upside and we haven't Really got an Impulse to the downside So both are corrective what does that
Mean that would suggest that wave B is Still unfolding and that wave B is still Unfolding as a triangle because a Triangle consists of five waves and the Triangle consists of five corrective Waves Wave a B C D and e that is certainly what could be Unfolding here it's always a bit early To confirm that but we're on the one Hour chart you can see how we're Actually heading into the Apex of a Triangle So there's certainly something to keep An eye on right That Could That Could Break Out possibly even today okay and The idea would be a breakout to the Downside and then we might have to Change the target a little bit for the C Wave because you measure it at the end Of the e-wave if it really is a triangle Important for a triangle is to stay now Above the B wave low which is 16922 and Below the a wave high which is 17115 to Make it a complete triangle yeah until Wave c and e and are complete but yeah That's my interpretation and then of Course we still have the looming threat Of Um that the top is already in place But I would really only go with that as Soon as we as long as we know as soon as
We drop below sixteen thousand three Hundred this is bear mine This is the 78.6 retracement If we drop below that level here 16.3 K It will make a bearish scenario very Likely I mean shorter and bearish we've Got a bearish scenario for Bitcoin Anyway still in that we expect one more Lower but it would mean if we drop below 16.3 it would be a strong signal that we Are already dropping below the um The last low and that we're going to see The 14 to 14 and a half K level straight Away without further upside yeah so Medium-term targets unchanged one more Low ideally in the Region 14 to 14 and a Half K just how we get there in the Short term is a little bit ambiguous and We need to watch these key levels that I Gave you very closely and they should Tell us which of these scenarios is Going to work out Okay and that's my update about Bitcoin I 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 Thank you