Foreign [Music] Video about Bitcoin so Bitcoin has Followed the wave count here in wave C Of two it has come into the support area And ideally it is now going to turn Around but we have basically mixed out The support area interestingly ethereum Has not maxed out its support area it Could drop a little bit lower in Wave 2 And would still Um be basically in this scenario Bitcoin Shouldn't really drop any lower It can and it wouldn't invalidate the Current pattern but as you will probably Know below the 78.6 retracement which is At 16 865. this scenario will get far less Likely and it may not work out anymore So the Bulls should really turn it Around here Um in this wave too so to summarize we Did get into the support area as Suggested here over the weekend because This move to the upside looked purely Corrective and not impulsive suggesting A decline still in wave 2. I was Disappointed when we already turned Around here I was disappointed when we Already turned around here on the 9th of December But it was not strong enough to suggest Any kind of impulse to the upside really Yeah we never broke above the wave 5
High we never broke substantially above This swing high so the idea was this was Only a three wave structure which you Can clearly identify very clear three Wave structure not five only three and The idea was it will be followed here by A c wave and um I think we've seen that and it would Need to be finished now yeah um now I'm Not telling you it definitely is Finished but in this particular scenario It should be finished I'm now in favor Of the idea that it's finished Um but of course you need to understand There is no sign of a reversal yet I'm In favor of its finish because this is My primary scenario a wave one to the Upside a wave 2 to the downside and this Was the key support area we did hit the Lowest possible support in the area Should we drop below that level at 16865 then yeah I mean technically it's Too it could still find support at 16.8 K and 16734 but below that it will Definitely get invalidated and the thing Is And exactly that's why we've got these Support areas if it drops below that Support area support is most likely not Going to work anymore no Um so it would really need to move up From here otherwise we are going to get Back into bear mode here unfortunately Yeah and the Bears get back into
Controls so we had here Um last week we had a situation that the Bears were pushing down they did not Threaten really the Bulls because also Here we only touched the support area in Green [Music] Um But had we gone far down and then broken 16.3 K the Bears would have come into Control So now the Bears failed clearly And the bearish scenario was only the Alternative scenario So the move to the upside was quite a Strong sign of the Bulls Here on the weekend the pools failed as Well now that was not entirely Unexpected but they would fail if we now Break below that sixteen thousand six Eight five level If we break below that level well we Could still and that would be the more Bullish interpretation because I always Want to make you aware what is another Possible bullish interpretation well Here for Bitcoin the idea would then be That possibly this wave too which we Think ended Here on the 7th of December when we hit The support area here yeah but again we Only touched it so we haven't really Maxed it out or anything we really only Touched it
And that's always something where I'm Thinking To be honest the wave C was quite short Here and I would at the time I was still Like ideally we go a little bit lower Into this support area but if we break Above the trend line which I took now Off the chart and which we did then yes Probably we already in the next wave to The upside Um so long story short if we come down Lower Then my idea will be that this was Probably just a large W X Y scenario yeah in a wave 2 and that This Wave 2 Was never finished but it actually sits Down here so it would not necessarily be A bearish really Um but we have to go to an alternative Bullish scenario and then it remains What we said last week a drop below 16.3 K that is what would be bearish then Okay Um But at the moment we are still in this Scenario so let's see if this holds and If the Bulls are strong enough You can draw when you you know When you um look at this Wave 2 Corrections you can connect waves 5 and B And you get a channel that's part of the
Elite wave rules and You then move the tunnel so you create a Parallel Channel yeah and you can see That we had a so-called throw under of This Channel and the so-called throw Under Is regularly how these impulses because The wave C is an impulse How these impulses end so that however Would need to be followed by a let's Call it a throw over of the channel line So if we get back above the channel line It is the first indication that you can Get that this move down was finished If we don't get it then next support Will be 16.8 k then 16 734 and to be honest then we could drop All the way down to 16.3 K and if we Lose that level Then my view from the last from last Week remains that we are going to go Directly into the 14 to 14 and a half K Area with an increased likelihood So it's difficult Um Ideally yeah we would loudly wanted to Turn around again I gave you the first Signal that is needed for that Um besides that we just need to be Patient now and see if the market is Turning it around we've got a bit of a Reaction here to the 78.6 percent flip Level but not enough to confirm yet that A low has been made here I mean let's go
To the maybe the 15 minute chart but That's not enough really for me it's a Small five wave structure here so it's It's possibly promising but the next Task for the Boost needs to be that this Could be a small wave one micro Nano Zero Wave 2 and we would need to break Above This high now in The Next Step 16 950 and then need to get back above the Channel Um Descending support line so it's it's Going to be interesting and yeah besides That we will have an interesting week Yeah we've got the CPI data release Which is tomorrow isn't it and then We've got Um the day after tomorrow we've got the Interest rate decision Okay that's my update about Bitcoin 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 then please check out The channel membership thanks a lot for Watching bye [Music] Thank you