Foreign Video about Bitcoin well in typical Saturday fashion Um or even late Friday Festival we've Got the the Friday freeze here yeah it's Just moving sideways now and I think Today may be a quite a boring day as it Typically is on the Saturday Um just a week ago where will be a week Ago let me see around the third I think We were yeah we were here in this boring Sideways movement right so usually on Weekends you get these boring either way Fours or triangles or something boring We might have the same situation here Again but before we dive into the lower Level wave count just a reminder that Generally because I had a few questions About that are we now in full bull mode No I'm not in Full full mode I'm still Waiting for one more loaf of Bitcoin but As I've explained over the last couple Of weeks a short-term upside is Preferred at the moment before we come Down Um because when we came down here around The 9th and the 10th of November we were Quite strongly oversold with Bitcoin and Some other cryptos as well now some Cryptos did recover quite nicely some Just have been moving sideways like Solana cardano Um polkadot right so for many I'm still Waiting for another low
Ultimately but here overall my view is Still that we came down from the 25.2 K High in August in the so-called ABC Pattern here in a wave 5 ending diagonal In the C wave that's where we currently Are we've got five waves one two already Done the wave three probably already Done the Wave 4 currently ongoing and Here is exactly where we can push a bit Higher before we should come down in Another wave 5 into the region between 14 and 14 and a half K that has not Changed do we need to no we could have The low already for Bitcoin But as I said before we don't have Currently any strong signals that the Low is already in the wave pattern to The upside currently obviously is a five Wave move which would indicate that the Trend has shifted to the upside into the Direction of the high level Trend one Two yeah Three four five that is what I would Expect And within the wave three we've got Another one two set up possibly a three Next a four and a five so it suggests Currently that we are here in an uptrend But it is always important to understand The context and the context here for me Still shows that we are in a larger ABC Pattern and the C wave is purely an Impulse yes which goes into the Direction of the high level Trend yes
But The high level Trend in this case is Just the corrective pullback in a way Four to the upside a correction a Retracement and um therefore I cannot rule out that this five wave Move which is currently emerging Um Is something really bullish yeah so it Could mean that we've indeed bottomed Here with Bitcoin at 15 and a half K but I need to see those five waves complete That is the expectation anyway Um and then I need to see what is the Kind of Um price drop that we get afterwards is It going to be an impulsive price drop That would strongly suggest that we then Follow the primary expectation to 14 and 14 and a half K or is it only going to Be a corrective pullback which would Find support maybe in the current price Range and um Yeah that would set us up for higher Prices then and maybe whatever 20 25k And higher that would then if we really Find support in the move down after that Five wave move up it would strongly Indicate that the low for Bitcoin has Been made so we won't really find out Until we um have got that moved to the Downside which follows after the five Wave move to the upside and that we get The five wave move up is part of the
Primary expectation As long as we're holding critical Support areas that we're going to talk About Um if we don't break through the Resistance anyway that red resistance Area here which goes all the way up to Around 17.4 K if we don't break above That I mean then we're going to come Down anyway straight away and we'll most Likely get a direct sell-off into the Region of 14 to 14.5 K but to have a Chance for a direct bullish scenario Medium term long term we need to have Those five waves up from here yeah Currently we don't have that yet we only Have one two one two setup we've got Here two occasions we've got five waves Up three waves down five waves up three Waves down and see another small Occasion five waves up three waves down So it currently suggests that yes we are In this pattern to the upside but will Be limited by this wave four so if we Now zoom in Um there's not really much news compared To the last video Um still my view is here we moved up in A wave one down in wave two we are now In this third wave within the third wave We've done another wave one here oops Wave one come down in two hit the Support area and we're now moving up in The wave three and then in this wave
Three as well and that's how we Cascade Higher we've got the next one two setup Um because we had here as well five Waves up again I would suggest we in an Uptrend and the wave two down So wave one up wave two down off the Higher degree wave Three which also Um consists of five waves okay so Currently waiting for this to be played To play out if we have five waves up Here three waves down this is currently The pullback we're looking at we need to Find support in this yellow support area Between sixteen thousand eight seventy And seventeen thousand fifty I would say This is an important support area based On Fibonacci retracements here you can See that between the 78.6 and the 50 Retracement this is the support area we Need to hold and if we hold it my view Will strongly be that we continue the Move to the upside if we drop below it However then we would probably also drop Below the ascending trend line here yeah And if we then lose support we're Probably coming around further we'll Then need to look at what kind of wave Pattern do we have then but it certainly Would not support anymore without Problem the short term bullish scenario So primer expectation at the moment is That short term we should get still into This area
Best I can tell you here in terms of Lower level wave pattern and degree is That we came down in an a wave we had a B wave and we're now coming down in C However If I move that across it currently Doesn't really look like that we're Already in the C wave this could still Be a b wave and that will actually fit The typical weekend pattern that we are In some kind of a triangle let me first Move that across here to the right hand Side because things take longer Um typically what you get on a weekend Is boring sideways movement so a b wave Can be an Elliot wave triangle and these Are counted a b c d e yeah Um Where Basically the The sea wave could still be ongoing as Well you know but be ready here I would Be ready still for a break to the Downside as soon as wave B is complete Don't get me wrong this B wave here The yellow B wave they're trying to Pattern if it is one could play out over The weekend you know this doesn't need To go down straight away but we're Getting into a tight and Tighter range Here the thing is because we are lacking Impulsive price action to the downside At the moment Um which you would expect in a c wave
Here in yellow I assume we are still in That idiot wave triangle here yeah Important here is that the C wave stays Below the a wave the E wave stays below The C wave and the d-wave stays above The B wave so it needs to be a Contracting triangle in this case here Something like that Um so let's see if that works out Wouldn't be surprised to see further Sideways action here over the weekend in Typical Saturday fashion Um and then we take it from there but Yeah generally I would expect here a Breakout to the downside hit the support Area because we haven't hit it yet so um Still waiting for that end no impulsive Price action to the downside yet no Impulsive price action from here to the Upside yet so I suggest it's sideways Movement in a triangle okay I'll keep You updated about Bitcoin 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