Foreign [Music] Video about Bitcoin yeah that's what I Want to see Um that is what I want to see so we Might really be playing out this ABC That we talked about with the only with The only a difference that the B wave Here needs to move over here And um yeah we've got it like that Basically a b ABC yeah or no it's not an ABC this is a W x y within the B wave which is Absolutely possible uh why is that Because this is a three wave move up Okay Um W x y So Um that's what we talked about earlier That I don't really believe that the low Was already in here in this correction That we're currently doing Um my view is still that this is an ABC Correction I don't have high confidence In a direct breakout from here and the Market seems to be following that Um Especially uh considering this well not Huge but this notable red engulfing Candle that we see here and the not very Bullish counter reaction but we are Hovering here around support at 17092 we Really need to break this substantially
To get into the yellow support area so My view remains Um rather downside yeah and unless we Get let's say screaming price action Above This latest swing high at 17 260. I'm not convinced that a low is in It could be theoretically yeah we talked About that that theoretically The Wave 2 Low could be in here but I talked in Previous videos over the last couple of Days Why that is a problem why I'm not very Confident That a law has been made here in a wave Too Um and the reason for that is that here This sort of ABC the C wave was too Short And the move that has come off the low Here of the low of the um 9th of December on Friday that has been a Rather correct price move yeah that has Been rather corrective just in three Ways so far already here I told you that This might be the completion of the B Wave we came down quite strongly but not Enough attempted another rally only in Three ways and now we're coming down Quite impulsively so I don't have enough Price action or Um enough of a viewer to say really what Exactly this is could be one two maybe We'll we'll see but um my view is Unchanged that this was just a
Corrective move told you in the previous Video we would need first indication That we are going to move higher would Be a break above the W wave or wave W Here Um it was a well it was a b wave but we Changed it to wxy Um but the the idea remains that this is Just a corrective move up Um and yeah we didn't really break it I Mean you can't consider this a break of A resistance level because we moved up a Little bit and crashed down in the next Candle already Um even if I look at the one hour chart You can see that we didn't even close The one hour candle above that so it's Not a substantial break So we came down didn't uh well we did Respect the resistance here at wave W High and um the idea is To get now into this area again unless We've seen our screaming price action Five wave impulsive price action above That 17 000 260 level now more Importantly even above seventeen Thousand three fifty five so unless we See that my idea is that we go down Lower here in a wave c Um which would take us into this support Area for wave 2. ideally I mean now that we with this latest High We can actually calculate the ideal Target yeah we take the low of the a
Wave go to the high of the B wave and The ideal Target the first very relevant Support area will be Obviously here that support level at 17050 but the next one would be the one To one ratio I would argue that it's Even a bit more specific because it Relates to the lower level price section Here it's the comparison between waves a And waves C and the one to one ratio at Sixteen thousand nine eighty one would Be an ideal Target here to complete this Wave C of Two And as you might know if You've been following my previous videos This is all in my opinion embedded in a Larger Short-term bullish pattern you know Where we are looking at higher and I Have to move all of these waves across Again because it's a awful long sideways Price section here Um Something that we regularly have to do So idea is that we are moving up next in A Wave 3 then but not before we are Going to go down into this support area Or should we really go up earlier than Expected we would need a breakout above The indicated levels Um and if we get into this area here Where I gave you the key support yeah Important is we're holding the yellow Box so we could even drop below that Ideal support area oh support level that
I gave you but as long as we're holding Seven uh 16 870 this yellow wave pattern is intact And we can look at going higher in five Waves in a wave one which is already Done wave two we're currently unfolding In wave two wave three Wave 4 and wave 5. Target for the for the Wave 3 we can Calculate that as well uh have to put Some assumptions in place how low we Actually go let's say we hit the trend Line of this channel yeah this lower Support line then the ideal Target would Be 18K basically 18K for the wave 3. so Yeah and that's my update about Bitcoin Um I guess we're gonna see uh some maybe Not too much movement here before Um the CPI data CPI data is the more Relevant one uh I think it's going to Come out on the 13th and then on the 14th we've got the FED interest rate Decision from my my opinion is that the CPI data will be more relevant than a Fed and it would be interesting to see How the price reacts certainly on that Day we are going to see up and down There's always lots of volatility As far as I can remember last inflation Was reported at 7.8 percent in the Previous month and as long as it's 7.7 I Think it goes in line with expectations And would be a slight Improvement in the Or year over year inflation and that
Could be quite bullish at least short Term yeah if it's above 7.8 it's Probably rather bearish it would be Interesting I'm looking forward to the New week 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 Foreign [Music]