Foreign Video about Bitcoin so Bitcoin with an Impressive reversal here we triggered Just several of the indicators that the Low was in here in this Wave 2 Correction Um by the way I'm going to take the Super bearish count out now this five Wave move down this was Um alternative wave count only anyway And it would only have become the Primary count had we broken below 16.3 K Yeah we talked about that we said as Long as Bitcoin is holding 16.3 K I'm Going to go with this wave count Basically assumption that we created a Wave one here at 17 400 dollars Um a few days ago And that we are then coming down in an ABC pattern in wave 2. We did hit the support area yeah um I Did explain here on the bitstamp chart We felt a little bit short but binance And coinbase hit exactly the price level Here at 16.7 K which is still 50 Retracement which is an ideal Retracement level for a wave 2. so again Whenever Whenever you hit these support areas you Have to be ready for reversal and I'm Extremely happy that this main count Seems to be working out at least it Seems to be working out for now Um
I also showed you the ascending trend Line here and also here we hit support Um again yeah and bounced off the trend Line so basically a pullback So yeah Um I would have liked to see here Actually uh well not would have liked to See but here in this region it seemed Likely to get one more low yeah because This is a so-called rectangle pattern Which ideally should have broken to the Downside well at least they do that more Often than not Trend continuation Pattern however when we broke above and Then broke above the channel That was The signal the first signal that a low Could have been in I gave you actually I Think um three signals to watch out for That a low has been made the first Signal was the break of the corrective Price Channel The second signal which is basically the Same price level here was a break above The wave a low at 16.9 k And the next signal was a break above The B wave high At the moment I can see only three waves Up what is important to get a valid Reversal and that is the next level of Confirmation yeah it's all about Cascading levels of probability The next one would be that this is a Wave one hero wave 2. moved up in a way Three Hero 4 and a 5. what we need to
Get we need to get those five waves at The moment we only have three waves now We want to see the five which means we Are probably now in the fourth wave and In the fourth wave We need to hold a certain support level Now there were a little bit of there Were some inaccuracies down here yeah on Bitstamp I don't know what happened Again I mentioned if I have a little bit Of time Um I will move the Coin or the count here to the binance Chart the binance chart seems to be more Accurate Um especially most recently so I'm gonna Use the binance chart now to calculate The retracement and then I will um Probably maybe overnight or tomorrow We'll move my account onto the binance Chart Um What we should these this is the area 17172 to 17026. we've already reached the minimum Retracement for the waveform The 17172 level the ideal level would be 17 091 and the maximum we should really Do here in the uh Wave 4 is the 17 000 To 26 level So between these areas we should find Support and reverse ideally at 17091 I Wouldn't be surprised if we get down to The 50 level because we had a massive
Run yeah so we are overbought basically So um Let's go back to the bit stem so I'm Going to put it here on the Chart Just roughly between 17 000 uh what is 20. And 17 000 what is 170. Just double check that Yeah one yeah Fine happy with that you can see we've Now entered the support area this is the Support area that in a wave 4 we now Ideally hold yeah because if it breaks Down It's most likely not going to hold it it Could still then be a one two setup but I would have to find five waves in here I currently only have three So um yeah interesting development and In a breakout pattern what now needs to Happen we need to next first of all hold Support If we break below that level as I said It will already get a bit more critical Than it is might have only been a fake Out or something but at the moment we Can reasonably assume that this is a Proper Breakout Um because we came down far enough in Wave 2. to do a proper reversal and then We need to break in The Next Step the Wave one high above 17 410 US Dollars and this is then probably
Only the first wave of this higher Degree third wave which is Again part of The higher degree third wave so the next Move up could take us into the region So let me just calculate that we take The target for this um third wave there So we start from The beginning of the wave one To the top and to the low of the wave Two Um yeah idea so That's what I do here so ideal Target Well it would actually be now the ideal Target for the White Wave 3 that seems Very ambitious would actually be 19828 Seems a bit too much or did I take the Flip levels wrong let me just yeah I did Take one second it was my mistake I need To actually take them from here so yeah It's not it's 18 918. yeah that would be The target for White Wave three and There should be a wave four and the way Five that should be yellow wave three And so when I will Cascade higher yeah Maybe even into the 20K region we will See but again first we need to break Above the wave one high that would be The next level of confirmation that Indeed we are in a valid breakout Because bear in mind there are never Guarantees in these markets there's only Probabilities and likelihoods and bear In mind at the moment we only have three Waves but it seems likely that that it
Is a proper impulse and not an ABC Because for an ABC the C wave would be a Bit too strong okay so it seems to me This is a proper Yeah three wave move we'll see this is The test now we need to hold this Support level 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 Thank you