Foreign Welcome to another update video about Bitcoin Bitcoin is pushing higher it Broke out of this formation here this Kind of triangle structure we had on the Chart Um idea was in the previous video that The triangle itself here could be the B Wave so I did have here Um a so-called when will we Um A b c d oops e pattern on the chart Where in a triangle the idea would be That you break out of the triangle to The downside with such account however Invalidation of the triangle is first of All when the wave C is broken to the Upside in this case that was done that Was the first warning and then when the Wave A is broken and that was 17 188 so It could not be a so-called Elliot wave Triangle any more so we take that out I can I could still imagine that this is A b wave though Um just not as a triangle formation but Um Just as an ABC yeah and the reason for That is I mean I can I can label that Currently as ABC Um A B c probably rather here the a wave let Me just change the wave degree The reason is
Um It's just rather weak at the moment at Least so at the moment I'm still leaning Towards the idea that we will come down Once more lower in wave C so here a wave B wave C wave why is that First of all If we assume and that's at the moment The Assumption anyway that the trend is Generally still up here for Bitcoin Short term yeah Um Anybody who missed the previous videos Ideas here that the trend is still up Okay in the channel we are in the Channel and also we've got an inverse Head and Shoulders on the chart Just to show you that left shoulder head Right shoulder another beautiful one but This one is even clearer on the ethereum Chart and Also from an Elliott wave point of view We can say that we're an A B C pattern And the C wave should take us still Higher so short-term upside potential Certainly there as long as we are Holding this yellow support box that Goes down or that ranges between 18 and 16 870 to 17040 pretty much Um What else what else yeah and um if I now Zoom in a little bit then
We can see that in this Wave 2 correction obviously here yeah so The assumption is we made five waves up Wave one Of the next higher degree wave three so Moved up in five waves indicating the Trend has shifted back to the upside and Coming down now in a wave two ABC yeah The reason that I don't think this moved Wave 2 was necessarily finished or at Least I'm skeptical about it despite the Latest move to the upside here is we Haven't reached in the retracement the Support area which is fine I mean Wave 2 Doesn't need to come down that low by What I do always show you here is the Most likely retracement area and most of The time we get there like we did down Here But It only reached the 38.2 percent flip Level now for a wave 2 that's okay it Would just be a very shallow wave too Yeah it would just be a very shallow Wave too and most of the time you would Expect a wave to to come down a little Bit lower all right so um That would be The likely case ABC and especially as we Have only seen three waves to the upside Yeah So let's just win ABC three waves up and The White Wave C if I mean we could Count it one two three yeah but this is
Not strong enough for away three Um So we could count it bullish one Two and three but then we would expect At least for the wave three to reach the 1.618 extension seventeen thousand two Hundred seventy dollars yeah one two Three and then we would need to weigh Four and away five Because this is so weak we only reached The one to one ratio this is very much Likely to just be an ABC however if it Now pushes higher all the way to the 1.618 extension it could still be a wave C but if we break above that above the 1.618 extension then we have to assume We have bottomed yeah we will get more Certainty if we then hold Wave 4 support And push higher so just to show you At the moment we can be skeptical that This is really a Breakout But it could be a one two in a wave Three we would need expected to push Higher it can push higher still Yes Certainly Um then it needs to hold Wave 4 support Which I can't give you yet because I Don't know how high Wave 3 will go we Could make an assumption we could say We could say this is pushing higher to 1.618 extension here Then it would go to 17264. What would then be the support it needs To hold
To make it likely to Rally in wave 5 as Well it would need to hold The 17190 level the 50 FIP retracement But we're not there yet yeah so at the Moment I have to assume this is only an ABC especially as I mean we've watched The ethereum pump just there was a Little bit of a pump there Um But um It is much weaker than ethereum yeah Ethereum has done just something that's Quite quite nice actually but it just Confirms what ethereum has done of the Recent weeks anyway which is Outperforming Bitcoin right so um yeah At the moment you know until we break Those levels that are indicated I'm Still skeptical best confirmation we Could get that a bottom has been made Here is five waves up yeah ideally even Breaking 17 355 and then three waves Down and then we can we are set up for a Rally at the moment this is rather Unclear looks to me still very much Corrective which can change which is why It's so important to watch this higher Degree wave count not changing at all Lower degrees they change frequently Because there's just much more movement And volatility Um but again because we have not reached This ideal retracement area at the Moment until the chart proves something
Different my assumption is we still see This area it will be interesting because Ethereum Bitcoin are currently Decoupling a little bit ethereum did Move up nicely very strongly actually it Did overshoot the 1.618 extension and is Now already in the way for support area That I gave you in my ethereum video Bitcoin just sort of sideways mess I Mean it would suggest correlations would Suggest that if Bitcoin moves ethereum Moves as well or the other way around Um But yeah Um that's where we are with Bitcoin so Anyway 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 and please check out The channel membership thanks a lot for Watching bye Thank you