Foreign Video about Bitcoin what Bitcoin is Really in one of the tightest ranges I Have seen in a while especially during Um Stock Market opening hours so it is Really really tough at the moment it's Also not a very clear pattern what Bitcoin is producing here and you know You get these phases in in crypto you Get these phases in financial markets That sometimes it's just best to sit on The sidelines and just to wait and let It play out that we get a signal in Which pattern are we actually I'm Continue I continue to focus here short Term on the downside but will not rule Out that we will go higher before we Eventually put another low in for Bitcoin yeah that is still the view if I Go to the four hour chart Um you can see here very clearly that my Assumption is that we are at least have A chance still to go higher as long as We generally hold above 16.3 K that's The 78.6 retrace down here Um but that we will put in a fifth wave So I'm still looking for one more low For Bitcoin so not bullish on bitcoin Short term yes But then you need to distinguish very Short term it looks like we're coming Down further Yeah when we have completed this decline
We have a good chance from this support Area between sixteen thousand three Hundred and sixteen thousand seven Hundred to Rally higher complete the Waveform and then come down yeah so I Did explain how these wave patterns come About Um in the previous videos so there is Um I mean I'm I prefer this count that We very very short term go down lower Yeah unless the most recent high is Broken But until then I prefer going down and There's the idea that either we come Down here in a wave 2 so basically we Created this wave one to the upset we're Now coming down in a wave two in an ABC Pattern and we'll then rally in a third Wave Um or even and that would be the bearish Variant of this if we drop below 16.3 K I have to go with this that we indeed Put a more substantial top in place here I warned about that already on the Weekend Um and that we are now in a five wave Decline one two three four five we will Only know that really if we drop below The 16.3 K level okay but until then you Know until we break that I would still Be in preference of further upside here It would just be the more ideal wave Pattern in my opinion but there you go You know you've got different options
Here and you know these options exist so I have to show them to you I have to Explain them to you Um and unfortunately I'm not making the Market I'm not making these scenarios They do simply exist they are We've got three scenarios here three Scenarios that could play out yeah as Explained in the previous video either a Direct breakout to the upside from here I don't really believe that due to the Price structure I did explain all of That in the previous video why that's Not very likely to get a direct breakout Without a further decline but that's the First scenario not very likely second Scenario is to go into the green box Here and then start to Rally from there Think fairly likely And the third scenario that's the Absolute bear scenario we would break Below 16.3 K which is the support area For this wave too and if we break below That support area a decline into the 14 To 14 and a half K region becomes very Likely so a few people have asked you Know why are there so many scenarios Well you need to remember them Theoretically Um an infinite amount of possibilities Is there yeah Market can do what it Wants right The market can move in infinite ways Yeah it is my job obviously to identify
The two or three most likely scenarios Out of the Infinity of possible price Movements okay so um that's why we've Got two or three which is not a lot for Technical analysis you need you need More than one scenario anyway and then You're already at two and you know we've Got three so and one of them is fairly Unlikely which is the imminent um break To the upside okay I find that just Quite unlikely because we've got a five Wave decline here and the move up is Currently corrective so it would imply For the downside Um I had also a question in the previous Video that a wave one and the Wave 4 is Overlapping here I I I did my best I do Not see a wave one and a wave four Overlapping here there just isn't Um I tried to find it I can't Um unless What um the viewer meant is this which Is The idea that we moved down wave one we Moved up in a two came down to three This is now wave four and we come down At five yes this is a so-called ending Diagonal pattern here you have an Overlap between wave one and four this Is oftentimes the case in an ending Diagonal pattern yeah Um what else do we have but here in this Structure you don't have wave one and Four overlap
We don't we don't know no we don't Um so yeah this is my view not too much Movement today let's look in the very Short term as well in the previous video I told you it could be that we're Putting a triangle in place here to be Fair this still looks like a triangle But unfortunately it can't be an Elliott Wave triangle anymore the reason is Um so basically a b wave triangle which Would result in another move down the Problem is that this d-wave came below The B wave now if we don't want to be Too strict I would still count it as a Triangle but the problem is we dropped With the wave D below the B Wave by two Dollars and because there are rules I Can't really count it anymore so it Can't actually count as an edit wave Triangle anymore so I have to take it Out But it can still be a b wave yeah it can Still and it can still have a you know An Um a triangle shape but I don't even Think it really has a triangle shape Anymore it more looks like a I don't know a Channel of some sort Um but um it could be as I explained as Well just an ABC pattern here a b and The C wave to the upside in wave B Before we come down in C the focus Remains here generally on further Downside of course this B wave could
Push a bit higher Um we're talking about Levels yeah around 17 150 17 000 to 14. this is sort of the Region yeah between the 50 retracement And the 61.8 percent retracement Shouldn't really go higher in a b wave Here Um and then it could come down yeah so 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 please check out the channel Membership thanks a lot for watching bye Thank you