Foreign Bitcoin still not a lot of clarity here Um as I said we can follow the bullish Reversal scenario here until it gets Invalidated Um because so far we already had one Nice long position here which worked out Which was down here or at least a long Entry possibility which I communicated To you yesterday and here we had another One yeah we hit support and we bounced Off for now but the question is how Reliable is it so that's what we need to Investigate the move that is currently Happening here to the upside isn't Really impulsive yet so I'm currently Still looking at maybe one more low here In wave 2. similar to what I talked About in the ethereum video that we will See some short-term downside before we Go up further in this pattern a B c yeah of two so in this Red Wave Count disregard the green count but here In the Red Wave count we completed five Waves to the upside talked about that Bitcoin one of the few coins that Actually created Five waves one two Three four five which is actually good To see because Bitcoin so far has been Quite weak generally since June um it's Now showing five waves and the theorem Actually hasn't so it's quite Interesting Um and now we see a move down in wave a
A corrective move up currently in wave B Which is fine and then a wave C down Would be ideal and it would be ideal to Hold um The support here In the region between sixteen thousand One Thirty and sixteen thousand nine Hundred that would be an ideal Target Here for a wave too low and from here we Can start and move up in the third wave Can't really give you a target for the Third wave yet because we haven't really Bottomed yet at least we have no Evidence that we have potent I can give You a Target though based on the info or The assumption that we will let's say go To the lowest possible point in the Support area and then the target to the Upset for the next wave for the third Wave would be around twenty thousand two Hundred sixty Yeah so um it is quite interesting in Terms of where water to risk potentially Um important would be That we are now well either break out Straight away or come down in wave C Which is what I primarily expect then However we need to hold support And then we can move up and the first Indication that you will get that we are Indeed moving up will be Um well first of all on a lower time Frame a five wave move up after the wave Silo has been made will make you aware
Of that or End if we come down really in this C Wave if we break above the B wave high That will be a strong indication right If we are moving up and then we need to Break above the wave one high here which Is 18 144 and then it's starting to look Really good Um important also to move up generally Above the 18 000 Um just double check that 18 500 roughly eighteen thousand five fifty Level roughly that's the 50 Fibonacci Retracement of the move down and that is So important because this theoretically Could also be a bearish count so it Could still be in a corrective move to The upside at the moment for example an ABC or something Um and um this would then be in the Scenario of well being away for Basically before we come down once more In a way five but in this scenario We have space all the way up to eighteen Thousand five fifty eighteen thousand Five seventy in that region the fifty Percent flip retracement if we get above That level especially in an impulsive Way then it reduces The chances of another low massively Right so it's really important to now See the breakout above the wave one high
Of eighteen thousand roughly 130 and Then a move above the eighteen thousand Five seventy level here the 50 Retracement so yeah the moment we can Focus on this bullish count here we've Got the yellow support area both long Areas worked out so far but I still Think that we will come down once more In a wave C and if we don't hold this Support at sixteen thousand one Thirty Pretty much see the lower support of the Yellow box then we are probably already In this green count to the downside yeah Then I will um then basically the Chances that we are going to lose also The low from Um the 10th of November which was here 15.6 K basically yeah the chances that We are losing this level will increase Massively Okay and this one update about Bitcoin I Hope you liked 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