Foreign [Music] Video about Bitcoin so we've got still The situation that we had a three wave Move down off the high at uh 17 360 which is most likely this wave too Yeah Um we hit the support area we maxed out The support area and again you can see How relevant these Fibonacci supports Are because we hit perfectly the well Okay we missed it by whatever thirty Dollars or Twenty but we came so close To the 78.6 percent flip level that um Which one is which is here basically at Sixteen thousand eight seventy that um I Told you in the previous video ideally This move down is now finished yeah Ideally it's finished which doesn't mean It has to be finished but if we go any Lower it will challenge this particular Wave count which assumes that we moved Up in a five wave structure And that we came down in a three wave Move basically moving up in a wave one Coming down in a wave two and we would Now assume that we can move up in a wave Three now we currently have no strong Evidence yet that Wave 3 is ongoing here Um but we broke into the channel again Yeah that's what we talked about in the Previous video that What you get sometimes is Um you you draw these corrective price
Channels and that in the C wave the last Wave ends the correction by breaking Briefly below the channel it's a So-called throw under and the so-called Throw over at least it's called in some Edit wave books like that Um is what is the first indication that This move down is finished now we did Break above that channel again or into The channel and the next signal that This correction in Wave 2 is over is if We break above seventeen thousand to Sixty five we really have to wait for That that is the wave B high and that Will bolster the idea that indeed we are In a way three to the upside a target For this Wave 3 to the upside is the 1.618 extension so we're talking about Seventeen thousand eight eighty roughly Yeah a little bit more than that maybe But it shouldn't really be less to still Give us confidence that this Wave 3 is Ongoing it remains my view that we can Go with this particular wave count as Long as we're holding the yellow support Area now again you can see we haven't Left the area that would actually be Another good indication that things are Turning around here Um we should leave this area ideally and Again this is based on Fibonacci support Level so the area we need to break above Is the 50 FIB retracement at 17 050 Dollars that is the next sort of small
Area of resistance yeah bear in mind Bear in mind it will it basically comes Together with the extension of this Trend line so I can extend out this Trend line that is the channel support The larger channel here this ascending Channel that for the first time now we Broke actually to the downside so if This is a retest from below and this Retest is successful well then we Probably have to morph into this higher Degree wave count and we talked about That already in the earlier video today That if we lose the yellow support area And if we lose the 16880 level or 870 level which is that 78.6 retracement then it will get very Unlikely that this is still a wave 2 of This degree then we probably look at This support area again because we Thought and assumed that Wave 2 in white Circle which is the higher degree wave Too that this was already finished here At 16740 but if we come down and break Below the yellow support area This smaller one two setup is basically Becoming very unlikely it's not Invalidated until we break below the Beginning of the wave one so if we break Until we break below sixteen Thousand Seven 40 but it just gets very unlikely if we Lose this yellow support area so what I Will have to do then I would then have
To assume that we are going into into Back into this wave too so I have to Reset this wave too and have to assume That this correction took longer that All of this move down here Was just an a wave that we moved up in a B wave and we're now coming down in a c Wave just a larger correction that we Didn't have a small correction here and Then an impulse and a small correction Here but all of that was actually a Large correction I find that less likely at the moment Because the move up here in my opinion Was a five wave move So I would find it hard to justify that This is a b wave but it's possible I Would have to Um because this wave 5 here wasn't very Clear it was very short it still hit our Target at the time but it still was very Short so it could just be some kind of An overshooting wave b or something so You can always you can always get away With it um if you want to construct it Like that but it's it's what is very Important is it all comes down to this Support area if we lose it we're Probably gonna fall back into this Higher degree wave pattern that wouldn't Be bearish but it would just mean that All we've done so far was that one two And another one two And that we will then have another
Chance to Rally in wave three Um and this scenario will be valid as Long as we're holding above 16.3 k Below that has already discussed here Early in December when we came down into This green support area for the first Time Um As discussed then if we drop below 16.3 K then probably we have to assume that The Bears are in full control and that We get a direct sell-off into the region Of 14 to 14 and a half K which to be Honest is our Um Primary scenario anyway yeah so the idea Here is still on the Bitcoin chart is That we are going to see one more low in This larger pattern this is the four Hour chart we take a look currently at The price action since June and the idea Is that from this high we came down in An ABC of wave 5 so an ending diagonal In this C wave in which we currently are We've got five waves wave one wave two Wave three wave four and there should be One more leg down and if we really break Below 16.3 k then I think we're going to Go into that region straight away Between 14 and 14 and a half K where we Will then have another chance to end the Bear Market it's not guaranteed that This will end the bear Market it all Depends on how does the price react to
This support level then and we have to Take it level by level at the moment With Bitcoin because every low could be The last one will be very it's very Exciting time in crypto because every Low as I said could be the last one Um we're very very closely watching now If um You know for any low if the low if any Low well if we make any new low how do We react to it and could we create a Bullish structure out of it Um Here remains currently the situation We're still hovering below this red Resistance area if we break above it Then we get into this sort of short-term Bull run very short-term uh bullet Structure that could take us into the Region overall to 19 to 20K before we Then come down but Um that would be the primary expectation So that we go higher from here yeah Maybe 19 to 20K and then come down but As I said if we break 16.3 K this move Up will get very unlikely and we're most Likely going to come down straight away And yeah on the short term here there Aren't really any any news any Significant updates to the last video Just that we are pushing a bit higher Um last video I told you that I would be In favor of that this move down is over Now but of course I don't have any yeah
Evidence yet and we are currently Pushing High higher and this is now the Moment of Truth where we're pushing Against the 50 retracement and the Ascending trend line of the channel We'll see if we break through here or if We fail and if we fail we could really Lose the previous support at 16880 and Get back into the green support area All right that's my 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 [Music]