Foreign Video about Bitcoin Bitcoins wave count Is basically unchanged from yesterday After we hit my support area here Yesterday and again the binance chart Did reach it the coinbase chart did Reach it it seems like bitstamp is the Only chart where it wasn't reached so Again I'm gonna move that to a different Um uh data source Um but yeah we've got a five wave move Possibly in the making here to the Upside Possible five wave move up one two three Four five the wave four might actually Be unfolding as a triangle that's not Entirely clear yet you see all sorts of Funny stuff on Lower time frames but it Could indeed be that this is unfolding As a triangle what is important And that's exactly what we discussed in The previous video is that this support Area needs to hold now and it is between Seventeen thousand and twenty the fifty Percent retracement and the 23.6 FIP Retracement at seventeen thousand one Seventy That is the minimum requirement for a Wave 4 we reach that already as you can See here yesterday at 17170 pretty much Exactly touched it The ideal retracement is the 38.2 Percent FIB level 17 086 that's the Ideal level but if we really unfold here
Um in a wave 4 as a triangle we're Probably not going to get to the 38.2 Percent flip level because the triangle Does not Um In the Triangle we don't need to plan For a move down it would be a direct Move up now in the end we will only know If it is really an Elliott wave triangle That will break to the upside as soon as We have the Breakout As always because you never really know Into which direction a triangle will Break out the market will decide that But it is generally a signal That we have a bullish consolidation Here yeah a triangle which does really Really well hold support is generally Generally a sign for bullish Consolidation I mean we can try to map Maybe here the um Elite wave count a b Possibly here um C wave The E and it could very shortly break to The upside and you can see that because We are really in this um in the Apex of A triangle Yeah and bullish consolidation would be Preferred here now even if we break to The downside what we then have is Probably just an ABC or w x y I would Even be In well it would probably prefer wxy Because
Um If this would be the W wave this would Be the X wave and the move down would be The Y wave because it if it is Um Just an ABC this last move down doesn't Look impulsive enough but the Y wave Would be a three-way structure in itself But that's the detailed stuff don't need To talk about that too much important is We're holding the support area and Upside is preferred against the 17 000 20 level Um In theory There should be after we get these five Ways so first of all We don't have five waves yet now so I Can really only confirm with greater Confidence that a bottom has been made Here in this wave too Down here And When we see five waves up we can very Clearly only see three waves at the Moment and maybe a fourth but the fifth Wave is still missing as long as we Don't have the five waves If we now break down there isn't really A great Um likelihood that we're holding Critical support so we need the fifth Wave That is the next signal that a bottom
Has been made here and then this would Count as a wave one of the larger wave Three that could take us to around 19k So if this is a wave one then the Wave 2 Could provide another entry point so the Way this would most likely or ideally Take place as per this roadmap this Would be a wave one we would then come Down in a wave two There would be a way three a four and a Five of the higher degree Wave 3 and This Wave 2 would then provide another Entry point okay Um what else to highlight if we now Break out in wave 5 Um bear in mind there is strong Resistance at 17 410 might very well be That we get rejected here and that this Would be the completion of wave 5 of 1. We would then come down in wave two Wave 2 is then where I would buy in as well Um What else to mention yeah but overall I Mean this is something that is possibly Interesting really for short term long Traders Um Anybody who is thinking about dollar Cost averaging and I don't give you Financial advice here but my view is We should when we move up here you know And obviously there is this short-term Potential we've been talking about for For weeks now
If this really plays out and we break About above this red resistance area and Also this inverse Head and Shoulders Plays out that we've had on the radar Now for a while as well yeah If if we really break out here and we Get Beyond this resistance area yes then Significant short-term upside potential Is unlocked you can actually see this There is not much resistance here Um and it takes us to 19 to 20K possibly Heat to the top of that descending wedge In which the Bitcoin chart is running Um and however This should only Mark the high the top Of the wave four now of this green I don't see if I can unwind this here of This Greenway for uh no here Which would result in a way five Afterwards so I'm still looking for one More load for Bitcoin the move up Currently doesn't change anything that's Actually part of the plan because as you Will remember if you've been watching These videos for a while my view is that We are coming down in an A B no not like That in an ABC structure in the way 5 The way five could end the bear Market ABC And in the C wave we've got this Five-way structure one two three four Five so in terms of total cost averaging Or long term I don't see the need to be Super aggressively long here yet
I'm going to I mean long term uh or Dollar cost averaging I am waiting Either for a confirmed bottom and I Explained in previous videos what's Needed to have a confirmed bottom which Would be five waves up three waves down On exactly this time frame here So that means this way five if this wave 5 doesn't happen yeah and we don't make A lower low in that retracement or in That drop down but we make a higher low That would be a probably the best sign We can get that the low for Bitcoin has Been made already that's the moment for Me to be more aggressively long long in In a long trade or long term or even Dollar cost averaging Um And um So short term definitely upside but Medium term long term I'm still waiting For one model at the moment that can Change of course but I will of course Make you aware should it change because As prices change as the Dynamics in the Chart change we may have to change Overview as well 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