Foreign [Music] Welcome to another update video about Bitcoin so am I I'm quite happy Um we see five waves to the upside which Is fantastic from the previous update Um it's working out nicely I have to Move this support box to the left now Let's take a look at what it means if You've watched the ethereum video Already you pretty much know what's Coming Um extremely happy that Um now basically the Bitcoin and Ethereum counts are pretty much aligned Yeah with the latest correction they did Reset together which is which is great In this Wave 2 correction we hit the Support area here again I have to Mention it again not on a bit stamp Um but on binance and coinbase so I find These much more relevant I'm gonna again I mentioned it before I'm gonna move my Um chart here over to to binance and Coinbase on the weekend Um but yeah what I told you in the Previous video has pretty much worked Out which is good which is good news Because it means that from the low here We now have five waves to the upside So the primary count was followed by Bitcoin which means that we are most Likely writing the correct waves here Which gives more confidence for the next
Waves as well Um we were in the previous videos didn't This triangle in this so-called pennant Which we assumed would most likely break To the upside Um but I also warned you we could go Down and as long as we're holding the 17 000 20 dollar level it would still be Basically following the primary wave Count because this Wave 4 here yeah Could still come down to seventeen Thousand twenty dollars the fifty Percent retracement of wave three but it Didn't do that it actually only touched The minimum it touched the support area Though and then Consolidated in this Triangle I made an attempt to sketch out The triangle count here in an A B C D E Pattern which Um Bitcoin Then followed because it did Break out eventually to the upside and Create that fifth wave now other Analysts might call that a fake out Um I would partially agree yeah to anybody Who doesn't understand the price Structure here this seems to be like a Fake out of a bullish pennant but in the End the pennant worked out yeah and I Think we talked about the target Actually in the previous video but if we I think or it might have been the Ethereum video that doesn't really Matter but we didn't have a massive
Triangle so if you add that to the Breakout point you can actually see that The target was pretty much reached Around 17 350. that's sort of how you normally Measure the target of such a pennant or A triangle you um from traditional point Of view you take the height of the Triangle you add it to the breakout Point that was reached also if you Another way and based on Elliot waves How to measure that you would take the Length of the wave A1 sorry and you add It to the low of the Um fourth wave here which would be the Low of the E wave which was here at 17 205 dollars and you can see that the Ideal Target for a that's sort of the First relevant Target for a wave 5. it's The proportionality Target the same same Length waves y uh one and five so here That was 17 358 That's quite loud outside Okay Um Where were we right same length waves One and five and also this was reached So yeah it actually worked out some People might call it a fake card and Yeah maybe because it was extremely Short-lived this move up but as you will Know if you followed my videos away five All that away five really needs to do I Mean ideally it reaches those targets
Which it did Um but also the wave 5 all it needs to Do is to go above the wave three you Know ideally in a five wave move Um and then it can break down so trading Away five is really always critical Because uh difficult because you're Basically at the end of a five-way Structure Yeah so it's good news for the overall Wave structure that we have seen five Waves to the upside because that gives More confidence that the following Correction is going to hold in the Previous video I also showed you Basically a road map how this could now Play out basically if we get five waves Up which we now have we can count this As a higher degree wave one we would Then follow in a wave two and we would Then move up ideally in a wave three now If we are now in the Wave 2 first of all I have to move the support box here to The left because this was relevant it's Not relevant anymore not if we assume That we are already in the wave two so We can now measure the length of wave One and we get the support area the Ideal support area for the wave 2. now We've already reached the 38.2 percent Flip level that is for a wave 2 okay but It would be a very shallow wave tool Ideally we are looking at the area Between the 50 retracement and the 78.6
Retracement which is 17044 to 16867 plus minus a few dollars depending On the exchange Um with actually you know the most Relevant FIP level here being the 61.8 Percent flip level at sixteen thousand Nine seventy one that would be the ideal Target and now we can go to the maybe Even the five minute chart just sort of To get an understanding of where will we Or where are we most likely in those sub Waves this is always a bit difficult on The lower time frames here Um you see all sorts of funny stuff on The on the lower time frames Um you can give it a go here and we Would assume that well this it's a bit Difficult at the moment we see three Waves down clearly so we could say you Know maybe this is already done Wave 2 is already done but We can't really only believe that if we See a proper five wave move up which I Don't see So to be honest my assumption would be We've got here something like that wave A maybe even wave a isn't done yet yeah Because it could be a wave one a wave Two away three a wave four and now we'll Wave five down could complete the a wave Then we would move up in B and come down In C this is not entirely clear to me Yet haven't got enough price information But what I can tell you is that at the
Moment I don't assume this is over yet It could be theoretically I don't assume It is over unless I really see an Impulsive rally now above the 17 270 Level Um but I don't really have a very clear ABC structure here yet so I assume at The moment we might still be in the a Wave Yeah Um but it's not entirely clear to me It's a five minute chart I mean we don't Want to get too crazy but the way we've Come down here doesn't look to me that We have finished yet Um Bear in mind the 38.2 flip level is a Level that Wave 2 sometimes does react To Um but primary expectation would be to Come down lower but again if we break Above this swing high at 17 000 270 I Have to assume we're already done with It yeah Um but I'll keep you updated also update On Telegram and Discord this afternoon Is a critical critical uh time now But um yeah this is the area where I'd Be interested in going long but I would Probably use ethereum choose the Ethereum chart ethereum has just been a Bit more reliable in terms of its wave Patterns over the last few weeks and Months
Um also makes a more bullish impression Generally short term at least because as You know generally my view is still that We will make one more low on the Bitcoin Chart but Ideally after some more short-term Upside into the 19 to 20K region 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] Thank you