Foreign Yesterday we started to explore two Possible bullish wave patterns here on The Bitcoin chart it has gone below the Um let's say the ideal support level for The Red Wave count and that is displayed On the screen but I showed you two Possible bullish cards in the previous Video so this one here which would However been the more ideal wave pattern Yeah so the development since the the Crash here a few days ago since the low Um this would have been the red count Would have been the more ideal wave Pattern to indicate a low because it Would have been would have been clearer In this pattern we would have had a Clear five wave impulse to the upside a Wave one here wave two down here a wave Three with the top at around 18 150 The Wave 4 support in the Box here At around 17 400 and then I would have Liked to see a wave 5 move all the way Up to maybe 18 5 18.7 K didn't happen yeah this would Have been the ideal pattern where I Would be able to euphorically State that with a higher probability the Low is now in unfortunately we didn't See that therefore I gave you two Scenarios in the last video I said we go Below this support area we're morphing Into the other scenario which would be a Five wave move as well but a less
Reliable one so let me go back to that Chart Um That's when this would be here the five Four five those five waves yeah this Would this is now obviously the the card I told you yesterday in the video that I'm going to Focus primarily on the bullish counts Now because yeah I don't know it could Be hope you and whatever but because Bitcoin has a realistic chance to do a Turnaround now but what we need to Understand is that below this yellow Area this will also get unlikely so what We can do is we can count this five wave Move now as complete there is basically Only this possibility or the bearish one Which we're going to talk about as well Um So let's go I'll just change it to Red So they're all part of the same thing So this would be how it how it would Need to be in that we've made five waves Up we're now coming down well this would Then be a wave one which took that Around eighteen thousand one fifty Unfortunately and that's the problem why This is the less ideal wave pattern it Has not gone through critical resistance So I it would have had to go through Eighteen thousand five fifty which would Have been resistance for let's say the Bearish count to indicate a more
Reliable bottom also again it would have Been the more clear impulsive wave Pattern here this can still be counted As as of an Impulse but not so good Right because the Wave 3 was too short Basically Um so just in terms of credibility and Probability right so in this move down Now we have support levels at the Following Levels so first of all sixteen thousand Eight eighty four we hit it and bounced Off the move to the upside only three Waves so far So this could just be an ABC Um with coming down once more no sorry This was the 50 flip level at The Sixteen thousand eight eight four the Sixty one point eight percent flip level Will be the ideal support that's at Sixteen thousand five eighty and then We've got the 78.6 flip level at fifteen Thousand nine hundred Um no sorry at 16 155 and if we find Support there this is sort of the last Possibility for a wave 2 we go below That I think we're more likely in an Impulse to the downside and we'll get Into the bearish count so yeah we have Five waves up here a bit of a concern That some cryptos haven't got five waves Up Bitcoin does have Um and it failed without making the Ideal wave pattern but still we can
Explore this as a five wave move and you Need to know that we are now in support Or we have come into support initial Reaction yes but Not too convincing yet so um there's two Points so first of all Um we need to get a breakout above Seventeen thousand six thirty eight that Would with a higher likelihood confirm That we are indeed now in the third wave Here yeah Um or if we come down once more and Break below the 16800 level we will find Support most likely at sixteen thousand Five ninety and sixteen thousand one Fifty five and you need to know that if We go below sixteen thousand one fifty Five this pattern is probably not going To work out yeah so this is the green Card this is a possible breakout count We can still focus on it you can still Explore it bear in mind is very low uh Not low probability but it's it's still Very very uncertain because it's way too Early to really confirm anything all we Have is five weights up what we now need To see for confirmation is three waves Down it's holding support and then the Next level of confirmation will be When we move up and break above the wave One high which is here at 18 150. on the Flip side we've got the bearish count The green count here still where we Would expect one more wave down in wave
Five again I showed you the key Resistance area that we need to break Above to make this green count less Likely and that is the 50 Fibonacci Retracement at 18 530 roughly in that Area yeah a few dollars don't really Matter Um but if you go substantially above the 50 Fibonacci retracement then it is most Likely a breakthrough Um I think it was actually eighteen Thousand five fifty if I draw that Accurately but this would be the Breakthrough through the area where I Would say that the Wave 4 here in green Is not going to work out and we yeah Have a higher likelihood of breaking to The upside that level actually is Eighteen thousand five fifty okay and That's my 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