Foreign Welcome to another update video about Bitcoin Bitcoin has not quite reached The target area here yet yeah but it's Nearly there it's nearly there so we Need to take a look now at where do we Expect Bitcoin to go to and where do we Expect it to finish this current Correction so we're going to take a look At a few targets I'm also going to show You when I would expect that this Temporary downtrend is going to be Finished so when what would be an early Sign that this downtrend is finished and When can we be more confident that it's Turning around could it be turning Around already so we'll see I'm not Going to talk about the entire structure Here anymore we did in the previous Video Um currently there is still short-term Upside potential as long as we are Holding the 16.3 K level that is the 78.6 retrace of the move to the upside Here yeah and if we drop below that we Have to look at a drop into the 14 to 14 And a half K region but as long as we Are not um breaking to the downside of That green box we can still focus on Higher and I'm currently seeing this as A large wave one then here a wave two That of course can change if we drop Below 16.3 K that would be a signal that This assumption is wrong and that we're
Actually going to go down straight away Into that expected 14 to 14 and a half K Region which I expect anyway but ideally I would expect it a little bit later After some more upside okay Um but I currently see this as a one two Setup and in this Wave 2 we're currently Coming down in an ABC structure and um Here yeah this is where we can find some Support in this area this area is based On Fibonacci retracements of the wave One basically between the 78.6 retrace 16.8 3K and the 50 retrace at 16.7 k So if we now look at Target Um you look you see that we are coming Down in what I consider an ABC Correction the c-wave must subdivide Into five waves I'm inclined to say that we've so far Only seen three you can see that Actually on the lower time frame but my View is that we've done a wave one two Here this was a three this is a four and We are ready for another dip in a way Five what would be an ideal Target so I Think I showed you in the previous video That hasn't changed we can take the Length of the a wave we go to the high Of the B wave and an ideal Target would Be the 16.6 K level that's the one to One ratio yeah the second target which Is the more bearish Target would take it Just below the 16.3 K level I would Argue that it's still part of that
Scenario yeah so again it remains Anywhere in this green box we can finish This move Um the first ideal Target would really Be that 16.6 K level And from here anywhere in the Box we Need to be ready that we can start to Move up in a third wave ethereum already Has reached its Target Bitcoin hasn't so Interestingly we are currently finding Some temporary support at this previous Wave follow yeah Um I haven't actually labored these but We have here a one two three four five Yeah in the previous way four low is Oftentimes temporary support at least so We've got a temporary support area Exactly here yeah just above the actual Target area it's only a support area It's not really a Target area Um The real fips and the 50 flip level Starts at 16.7 K we've come down to 16735 so we've missed the target area by Um 35 but also the reaction that Happened here is not entirely bullish at Least not yet When what would be an early sign I mean Sometimes and it is just what markets do Sometimes they don't reach these target Areas yeah often they they do reach them As you can see here we reach the target Area here we reached it here here we did Actually reach it yeah
And we actually reversed in the end yeah Took a while really but we did so often They are reached but sometimes they are Missed Um what would then be an early sign that Things are changing so we can draw that Kind of corrective Channel you do that Um in Elliott Wave by connecting the High here of the wave one and the wave B High and then you draw a parallel Channel And you can see let me take that little Wedge pattern out here always try to Keep the chart a little bit clean so Um you can see that without a problem we Could drip drip drop it once more lower Um Target here would also be sort of the Region around 16.6 K you know if we Really touch the lower support of that Channel And um an early sign would be if we Break out of the channel to the upside That would be an early sign that we are Moving up and an even better sign would Be if we break above the 17 125 level That is this wave B High here and of Course confirmation that we are breaking Higher is going to be obtained if we Break above the 17 400 and 10 level but We will have moved quite a distance when We get to that point so we're looking For earlier signals and probably the Best earliest signal that you get is if We break out of this descending Trend
Channel to the upside you would nearly Need to say that as long as we are in The channel we're gonna follow it down Because we have to assume that yeah this Is a downtrending channel so unless we Get a breakout of the channel we can't Be certain that a low is in Um maybe an e in even earlier sign would Be if we really make another loan that Is what would expect yeah to get into That area then we get five small waves To the upside That is then when we could Um that's the earliest sign we get and Maybe a small ABC and then we've got an Impulse up a correction down then we Could even make a call that probably a Bottom has been made a low has been made Before we break out of the channel to The upset so I'll keep you updated about That But yeah this is basically the scenario Key remains that in any bullish scenario Here we are short-term bullish we need To hold the 16.3 K level Um And then we can still get into that 18 To 19k region before I would expect then At some point Bitcoin to turn around and Make another low so in summary I do Expect one more low ideally yeah I Cannot rule out currently one more low But an early sign that we are moving up Would be to break out of the channel to
The upside okay that's my update about Bitcoin I hope you liked 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