Foreign [Music] Video about Bitcoin so Bitcoin did break Out of the channel to the upside as Um indicated in the last video that Could be an early indication that this Move to the upside is finished uh sorry The move to the downside is finished We've got a few scenarios we want to Talk about here the first idea is Obviously that the the low could be in As explained in previous videos we Actually reached the support area on Binance and coinbase not here on Bitstamp so I might switch to another Data source but um Because we reached it yeah we came to The 16 700 level which is the fifty Percent Fibonacci retracement level Um so yeah you can see that here that is When we needed to be on high alert that The move to the upside can occur so we React it to the 50 retracement and the Break of the channel that's why we've Got it on here is an early indication That the move down could be finished so We could say Let me just see And again that's one problem I think on Other exchanges this low is a little bit Um let me just double check let's check Binance and again if this stuff Continues yeah it's a much higher low it Just doesn't help with the wave card if
You have um bit stamp inaccuracies on Here Binance as well so I'll probably switch To binance for one of the next videos But let's just assume because of those Inaccuracies that Um the low could have been in here you Know Target reached Wave 2 could be done This could be a one two setup and we Could not be moving up in wave three but It's a very early indication so to Really confirm that a bottom has been Made we can we can carefully assume it At the moment but I'm not entirely Convinced I want to see a move above the wave B High to get more clarity here that is When I will confirm bottom has been made Here Um that wave B High I will most likely Confirm that it depends a little bit on The structure that is moving up here Um the B wave high here is at 17130. yeah I want to get a move above That and until then what we have here Because we really only touch the support Area Um all of this could just be a wxy Pattern so if the move to the upside Remains a three wave move at the moment We've got three waves here ABC then it Could just be an X wave and we come down In y so it would just extend this entire Correction where we've got ABC what we
Would now expect after ABC is basically A five wave move up if we don't get five Waves if you only get three waves it's Most likely an X wave and we will come Down once more in Wave Y which would be Another ABC No problem with that because we can Still max out this entire green support Area and we could still be In this wave too yeah so the green count Is basically the option that we can use If the move up does not become a five Wave structure Yeah so if we come down afterwards make A lower low here break basically below Sixteen thousand seven hundred again Then my view is that we are in a y wave If we then drop below sixteen thousand Three hundred that is when this one two Setup that we've got on the chart here Wave one wave two with a wave three now To follow and then let me just move that Across Because it all takes a bit of takes a Bit longer here all these movements yeah Um Okay Um yeah if we drop below 16.3 K this Wave 2 will get unrealistic and it means That this bullish count one two three to The upside into the region around 19k Um that is short-term bullish count will Basically be unlikely then we've got the Bearish alternative yeah this would
Become live and the main count if we Drop below 16.3 k And it would assume we're actually Moving down in five waves And that would be an Impulse down It would Be my preferred account if we really Drop below 16.3 K as per this orange Count we've already done a wave one down A wave two up here another small one two Setup of three then four and five and That would take us probably directly Into the region between 14 and 14 and a Half k So yeah it's got different things to Watch out for now it main main thing we Need to look out for now is this going To remain a three wave move up always The five wave move And that will help us determine are we In an X wave or is this already a one Two setup wave three way four way five And if we then push above seventeen Thousand one Thirty we can say a low has Been made here already so it's getting Interesting now it's getting interesting Uh a lot of uncertainty currently there In the market which is no surprise in Some kind of a bottom structure here That potentially could be forming by the Way it is still this large inverse Head And Shoulders which is possibly at play Here with a neckline around seventeen Thousand two fifty yeah which is also
Something interesting but yeah besides That Um This is what we need to look out for Three wave move up or five wave move up And other than that I showed you in the Previous video also there's ascending Trend line here you can see we touched It here at least on the bitstamp chart Um which is also interesting so we found Support here basically for a pullback Trade and also touched here my support Area at least on binance and coinbase So yeah short-term upside still possible Still the primary expectation But in the short term depending on what Happens here now we can still in the Current wave pattern of a wave 2 we can Still max out the screen support area it Wouldn't be a problem 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 [Music]