Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Bitcoin BTC Price News Today - Technical Analysis and Elliott Wave Analysis and Price Prediction!

Foreign Welcome to another update video about Bitcoin a quite an interesting time in The Market at the moment at least we see Some movement we have by the way reached My target Um the problem I have here is that on The bit stamp chart which I use as data Source and I might change it in the Future I think I have to Um we haven't reached it but on binance And coinbase arguably two of the larger Exchanges we reach the target Um which is here in the Box yeah so if We just take a quick look here at the Binance chart you can actually see that We dropped all the way down to 16690. Um on bitstamp we only dropped to 16740. that's actually quite a bit of a Difference and if you look at coinbase We also dropped to 16680 actually here in this dip that Occurred today so I have to assume that We have already reached the target here My support box yeah and that we also Reached the one-to-one ratio So if I look at that No not quite okay here we haven't quite Reached it Um that was at sixteen thousand six Hundred the ideal Target yeah ABC we Take the one to one ratio but um also Because of that I'd like to see one more Let down the movement to the upside at

The moment is rather corrective but most Importantly I mean you don't always get The one to one ratio that's why the Support box is where it is because it is Based on not the relationship between Waves A and C I mean that is the more Maybe maybe more um specific way of Calculating the target but this larger Support area here these are the FIP Levels which are relevant for the wave Too And it starts at sixteen Thousand Seven Eleven and as I just showed you we've Reached a Target on two other two of the Large exchanges and we've got the 61.8 Extension Um no retracement which is at 16 545 and The 78.6 Retracement which is at 16.3 K and as I Explained in the previous video it's Only really if we break below 16.3 K That I would consider that something More bearish is going on which would Then trigger and well most likely lead To a direct sell-off into the region Between 14 and 14 and a half k Until then I assume that we are in this Wave too an ABC pattern in Wave 2 which Would result in a rally within wave 3. So if I take a look again at the Extension targets for the Wave 3 we Would look at the 1.618 extension that Would actually take us all the way up to 19k

For this Wave 3 actually the White Wave 3. now that would be quite bullish Um Even though all of this would just be Part in my opinion of a larger Wave 4 Which would result in a wave 5 down in Two or two another lower it would most Likely lead to another low into in the 14 to 14 and a half K region that is my Primary expectation so the big picture Still shows another low for Bitcoin even If we see some short-term upside hope That's clear so the trend is still down We haven't really seen yet a Confirmation for Bitcoin that Um it's yeah it is bottomed it's you Know there are some indications but they Are not really strong and we have Certainly haven't seen an Impulse to the Upside what I'd like to try You can actually draw a trend line here So I take some of these out that we Don't need anymore but we draw a trend Line here it's a very obvious one so it Could very well lead And give some support yeah this is Basically cutting and crossing the 50 Fibonacci retracement here which is at 16.7 K so there's again a little bit of A cluster of support so one more low Maybe and then finding support here and The chance to reverse from here I'm currently looking at one model Because this movement to the upside is

Looking rather like a Bear Flag or Something yeah it certainly doesn't Really look impulsive Um or pennant or something like a Triangle so be just be aware of that Um Also looking at the subway structure I Would actually like to see one more low But but as we reach the target at least On binance and coinbase we have to be Ready for return around what would be The signal that we're turning around I Mentioned that in the previous videos We've got the wave a low as the first Signal that would be at 18 880 roughly Then we've got the break of the Descending Channel if we break that to The upside that would be another signal That things are moving to the upside in A wave three and then if we break above That wave B high at 17130 would be the Next signal and then we've got the 17410 Level as a breakout point Until we break out of the channel to the Upside I think I'm going to assume we Are heading further down Um unless I see a proper five wave move To the upside and three waves down then I can also look at this in terms of a One two setup but we don't have it yet Bitcoin is back in neutral mode here Maybe we'll see some more movement Towards the weekly candle close but at The moment my assumption is still

Further down we haven't dipped Deeply into this support area yeah we Touched it basically on the binance Chart on the coinbase chart but we Haven't really come into it very far so Yeah primary expectation would be Further downside Um looking here at the four hour chart Also shows there is still more downside Potential we're not oversold yet on the Four hour Also What I need to mention that should we Drop below 16.3 k then I will remove the One two setup from the chart I will then Assume that we actually in a sell-off to The downside in what I would assume is A one two one two setup and then we Would further move down in a way three Four five and so on and again it would Take us most likely into the region Around 14 to 14 and a half k Okay 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 bye

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