Foreign Video about Bitcoin as we are entering The weekend here on the 9th of December 2022 of course Um very soon 2023 First of all when we look at this chart What I find interesting is actually that We have I haven't actually highlighted That but it is actually a very nicely Defined channel in which we're operating Here yeah so we shouldn't um we should Not Um disregard that It looks quite interesting So and this is all embedded in an Overall wave pattern of five waves up Three waves down in a wave two so one Two setup and then here five more waves Up three waves down in the next one two Setup of the higher degree wave 3. and Then we have here of this weight White Wave 3 up there the next one two setup And we've nearly reached the Target also Here on the Bitcoin chart ethereum Already reached Target for the support Area and I did open a long position now My first one I'm scaling in Um in batches yeah in tranches not just One position but I'm scaling in in these Support areas and Bitcoin I'm not I'm More interested in ethereum at the Moment I find it more reliable at the Moment in terms of the overall wave Count and also a little bit more bullish
And just a little bit more reliable in Terms of reaching targets and so on um Therefore it seems more suitable Um a Bitcoin you will know that if You've watched the previous videos I Don't need to repeat that in every video But I'm still watched waiting for one More low for Bitcoin in the Region 14 to 14 and a half K but before we see that Ideally some more upside also very Similar to ethereum we've got this Inverse Head and Shoulders here on the Chart and ideally we break the neckline Here at Round Yeah 17 300 roughly it's a bit of a Um a range here in which we are yeah It's not one specific price level that You could call the neckline it's a bit Of a resistance range but if it breaks Yeah you know it can take us if we just Take the target of this inverse it and Show this head it could really take us Into the region around 19k there's also One of the targets here for the wave Three Um based on the Fibonacci extensions That we talked about which is good Um so that means potentially we have a Really bullish uh setup here that could Be emerging important is of course for This to work out is that we're holding Channel support so we need to hold this Ascending trend line by the way I can Actually take this descending trend line
Out now we don't need it always try to Keep the chart clean but it served a Great purpose because it was the signal That we are moving up so that's fine Um at the moment then we've got these Five waves here that we talked about Before earlier today as a wave one a Wave two away three The Wave 4 was probably a triangle and Then we moved up in a wave five reach Target here for wave five yeah the one To one ratio between waves one and five Again little I said that on the ethereum Chart as well what I cannot rule out at The moment is that this is still the Wave four yeah because the support area That I had originally defined for the Wave 4. we did reach it but we never Really went into it Um so I can't rule out fully is that What we've done here is just a wave um a Overshooting wave B and we're now coming Down in C And then Rally here from 17022 that's sort of the Last level of the way for support It it that this makes it difficult at The moment because this could still be a Waveform there's no way of telling the Difference at the moment yeah Um We just need to understand that so but Um Both scenarios yeah so either five waves
Completed and we are coming down with Two or We are still in way forward with then Rally in a way five both would point to Upside as long as we're holding above Sixteen thousand eight seventy pretty Much yeah because this would be the Point below which a wave 2 will get very Unlikely I mean already if we drop below Seventeen thousand twenty it will not be A way for anymore then it's come down Too far and we have to go with the Wave 2 scenario that's also my primary Expectation to be honest yeah I am off The view that Wave 4 was finished wave 5 Was finished and we're coming down Already here in the second wave so Basically with these five waves we Completed wave one we're coming down in Wave two in this a b c pattern ideal Target for the C wave and I don't have a Very very clear Um Picture of whatever we've count here I Am but ideally we've got an ABC and the Ideal Target would be actually Sixteen thousand nine hundred dollars That's the one to one ratio Sometimes you get a wave 2 pullback in What looks like one wave Um At the moment we but more frequently Obviously in three ways in in three Clear waves we don't have that yet I
Would still like to see here more lows Yeah we've already come below the low of The wave a but ideally we want to come Down a little bit lower And um When we see that lower low we are Looking for upside potential you know Ideally when we hit this support area Which again is based on Fibonacci Support It's based on the area between the 50 Ship level 17040 to 16 000 yeah 860 870 Plus minus a few dollars there depending On the exchange as well so it's a Support area where I would expect the Wave 2 to reverse and move up move up in A wave three at the moment I cannot Confirm that the bottom is in place what I need to see is an impulsive move to The upside first indication that this Move down is over would be a break above This B wave high at 17 190 and even Better indication would be a move above The seventeen thousand three fifty level And that's my update about Bitcoin still Looking short term bullish But again we need to hold Channel Support and we need to hold sixteen Thousand eight seventy 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