Foreign [Music] Video about Bitcoin yeah so let's take a Look first of all at the weekly chart Sometimes it's good to refresh our Our views about you know where we come From where we're going Especially as on the hourly there isn't Too much movement Um so yeah my view remains here that Bitcoin created here this or is Currently creating its third one two Setup on the chart so we have back here A wave one to the upside that was 2017 Bull run then bear Market into 2018-19 and we're having another one two Setup yeah within this higher degree Wave 3 then because if this was a one Two you would expect to wave three Afterwards and within that wave three we Hit here one two setup and then here Within this Wave 3 which is happening Right now we have another one two setup That is how you would look at this from An elite wave point of view when using The linear chart when you use the log Chart you come to a different conclusion I don't tend to use the lock charts very Much they in my opinion distort wave Relationships but As you might know there are different Opinions about that among Elliott wave Analysts Um but yeah this is my view and this
Would set up Bitcoin for a very bullish Third wave to the upset because if this Is a wave one and this here currently is A wave 2 consisting of an a wave an Overshooting wave B and the C wave in a So-called expanded flat then we are Looking at a possible rocket start in a Wave three so that would be very Interesting I did talk about this rocket start Already sort of in March and said when We reached my target then we can expect Ideally a rocket start if the next wave Is indeed a third wave now we haven't Seen a rocket start yet but the reason For that is probably because the Correction is just not finished okay Um The corrections are finished we did Reach my target that was below 29k we Reached it for the first time I think in Ma and may may but in may we then talked About we'll probably get to one more low Because of the wave structure that Evolved after this low we then came down In June and then after a while I said Probably will get another low it looked Quite promising already after June yeah We created Five wave movements to the Upside which indicate the trend is Changing but then the test and you Always get a test after such a five wave Move to the upside the move down yeah Them did destroy that previous low
Basically here so we came lower and that In the end was the primary expectation As well so we did follow the primary Count and we always have to adjust to Latest price developments and now my View is still that we get one more low We don't have to But we also take a look at what does Bitcoin need to do for me to confirm That a bottom has been made but um what You need to know is that in this Correction here in this Wave 2 Correction Bitcoin has done what it Needs to do it doesn't need to go lower It doesn't need to it of course can and I think it will for several reasons that I explained from time to time like for Example The situation that we haven't really Created an impulsive move to the upside Down here Um and also that for example Historically but that sort of doesn't Have anything to do with the with the Elite waves historically when you look At recessions markets have never Recovered Before a recession started yeah they Have always recovered from within a Recession or rarely after recession Ended but usually markets start to Recover within a recession now this is Mainly looking at the stock market Because we don't really have that long
Price history for crypto but I would Argue it probably is to a degree lines What we cannot we don't really know is When the recession officially starts Because there are obviously different Opinions between Business Leaders and Politicians and often recessions are Announced backward looking so you would Know that a recession started actually Weeks or months after it actually Started so that's the difficult the Difficult element here but also Historically after the FED pivoted Historically we usually see or pivots we Usually see another significant drop in Prices in the stock market and that may As well have an effect on crypto And also the wave structure would Suggest one more low for Bitcoin but as I said it doesn't need to do this it Doesn't need to do this so let's take a Look at the indicators as well I always Find that quite interesting we can see That I think even if we see one more low Which I think we will we are in my Opinion not too far away from the low so My ideal Target would be around the 14 To 14 and a half K area And also here on the two-week RSI we can See that we're nearly creating a bullish Crossover we are not there yet but we Are nearly there so that will be an Interesting signal here Okay but let's take a look at the daily
Chart we're gonna go in zoom in To the Price Detail And here we don't see too much change Right we don't see too much change so From the long term Outlook you should Understand that we're in a long-term Uptrend at least on the weekly we're Actually in an uptrend because we're Putting this one two setup in on the Daily we're of course in the downtrend On the four hour chart here you could Argue we are in an uptrend or at least On the one hour chart because we're Putting higher highs in place currently In higher lows and we can identify five Wave moves to the upside here and that Is in Elliot wave an important Indication that the trend has shifted to The upset even if it's just short term It's important to understand the context Here and it's important to understand That generally I would expect one more Low Um But that short-term upset is absolutely Possible in this higher degree pattern a B c within the Wave 4 which would Eventually in this ending diagonal Pattern here here put another low in Place in a wave five that is unchanged From previous videos we've been talking About that for many weeks and that's
Still what I'm waiting for but that Doesn't change the situation that short Term potential is very real until we Break below certain support levels here So the wave structure currently suggests Further upside which would be Invalidated if we break below certain Levels so the waves suggest that we are Moving up here in a five-way structure Wave one already done wave two done and We are now in this third wave there Should be a fourth and a fifth taking us Into the region maybe 19 to 20K within This third wave we've got a five wave Structure up three waves down So-called one two setup based on that Assumption we would be now in the Wave 3 Of 3. this Wave 3 has sub waves as well So if I zoom in You see the sub waves here and if I go To the one hour chart we see a bit more Detail So and we can see That we moved up in five waves That was here from the low at around 16700 to 17370 on Friday we then moved down in my Opinion in an a wave of a wave 2 we Moved up yesterday In a b wave Of Wave 2 And we could be coming down now in the C Wave now the move up hasn't been very Impulsive and therefore it's only in my
Opinion a three wave move at the moment And if you look at this entire sideways Movement it could very well be that we Come down once more in a c wave of wave Two that would be ideal however if we Break above 17 350 earlier than expected Then we have to expect that Wave 2 was Already in probably already here you Know where I've got the wave a low Because this can be counted as an ABC Structure down as well it's just a bit Too short and therefore my primary Assumption has to be that we come down Once more lower into the support area Also because the wave B to the upside Was very corrective The idea Target for the Wave 2 is Between 18870 and 17050 in this support area It's really only if we drop below the Yellow box here that the upside Potential will get seriously challenged And may not work out as intended so yeah No problem if we go down short term it Would actually be what I would like to See what I would expect before we go up In a third wave Because it would be the idea would be we Get into this area in a c wave yeah Um before we reverse to the upside in This third wave I showed you can give You an ideal Target as well that would Be the length of the a wave if we assume Wave C and wave one have the same length
Which they often have then the ideal Target would be sixteen thousand nine Forty and from this area then We could look at the Wave 3 to the Upside here into the 19k region no one Second the yellow Wave 3 wouldn't take Us into the 19k region the yellow Wave 3 Would take us roughly It depends a bit on how low we go here But it will take us roughly until the 17 850 region okay so actually down here Somewhere But it depends a little bit on how low Do we actually go but yeah that is my View about Bitcoin which means short Term very short term we could go down Into the yellow support area however if We break above 17 350 for me that's a Confirmed breakout and we are most Likely already in the third wave Um and and overall the upside potential Here short term is still there as long As we're holding the yellow support area Bear in mind also when already when we Drop below the um the channel here this Will probably already be an indication That We are coming down and Depends you know It could mean the yellow support area Isn't going to hold because we've got Various touch points on this channel Support if that breaks it's generally Not a good sign okay and that's my Update about Bitcoin I hope you like the
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