Foreign Video about Bitcoin so I definitely like What I see here Um we have reversed an explosive way out Of the reversal area and even if this is Not going to be an exp uh you know the Sustainable breakout in a wave three Anybody who entered any long positions In the support area same way as it was Here and down here and when we hit the Support area here or down here I did Remove there was one more down here I Did remove it because we don't want to Keep all of these there was one here as Well I don't want to keep all of these On the chart all the time they get they Make it quite messy but these are you Know these are the support areas they Are the trend reversal areas when you Need to be ready when the those areas Are reached that the market does reverse What you cannot really determine is Where exactly in these areas the market Reverses and that's where the Uncertainty comes in And there's also no guarantees it's all About probabilities but Um I hope you see that it works Reasonably well um and these are also The support areas where I do normally Scaling as I made the channel members Where I did scale in not not BTC but I Did scale in ethereum Um basically same story here did reverse
In the support area as well and that's Moved up nicely now so this could be This could be and we haven't got Confirmation yet because first of all we Haven't got five waves and we haven't Got um we haven't broken above the B Wave high but it it is a good start for A possible way three now so I'm looking Forward to seeing if we can push through Above This resistance area of the um Descending trend line that's obvious Resistance as you can see here at twelve Thousand seventeen thousand to 230 Basically yeah this descending trend Line the channel yeah Um Funny enough earlier today we talked About this so-called throw under and When we hit support down here today we Talked about It could be finished because the So-called throw under yeah Um in a c wave indicates that the move Down could be finished so especially if It hits the support um FIB level which Means that we've got this channel you Connect the wave 5 and the wave B you've Got this corrective price channel in a c Wave it happens Not always but sometimes that you get This so-called throw under so you you Get thrown out of the channel and you Get back into it and that often Indicates that the c-wave low was in so
Made you aware this morning that well it Has to turn around here if it doesn't Turn around the the scenario fails Basically yeah so it did luckily turn Around again exactly at the flip level Well I think it missed it by like Twenty dollars which is fine if we talk About Um a volatile Market yeah and maybe on Some exchanges it might have hit it but We missed it by point point one percent Something which is fine it was the Entire support area anyway that is Relevant and now we've reversed So I cannot currently count five waves Yet Um So I mean there's no various Interpretations here yeah Yeah Um This could be a leading diagonal to the Upside in a wave one so obviously if we If we assume now we are in the third Wave which we certainly could be I mean Everything everything is currently Confirming that but what you need to Understand until we see five waves it is Still not confirmed yeah I mean you you Have a lot of indications that this is Now the third wave and I have to tell You if this is not the third wave and we Come down once more and lose this Support then this scenario is failing
It's gonna fail yeah because then we are Losing critical support and we're going Down into the alternative scenario where We assume the higher degree Wave 2 was Never finished this is still not bearish But it means we have a stronger Retracement to expect possibly all the Way down to 16.3 K and if we then lose 16.3 k then We may go down straight away to 14 to 14 And a half K so the 16.3 K level is Quite critical it increases massively The risk that we go down directly to the New low for Bitcoin so it's it's an Explosive explosive time here at the Moment Um now if we look at this again you know This could be the way three to the Upside let's remind ourselves what the Target may be for this third wave and by The way for everybody who's new on the Channel I do expect still another low For Bitcoin but not straight away we Expect short-term upside before we do That yeah maybe into the region between Yeah 19 to 20K knowing that if we lose These support areas it's not going to Work out Um and it's the Elliot waves that tell Us that Um okay so if we look at the target for This third wave let's let's just do this Wave one high go oops what happened We're looking for the 1.618 extension at
17 000 861 that is sort of the minimum You would expect for this third wave but Within the third wave we've got five Waves five sub waves so honestly my best Interpretation would be at the moment That we see this here as a wave one as a Leading diagonal then hero wave two We're now in the way three there will be A four and a five the other Interpretation would be that we've got a Series of one two setups three one two Setups that would be very very bullish One two a one two and a one two and that We only and this is only the third wave Yeah currently off that one two setup I Mean this is possible yeah absolutely Um The structure would actually suggest That a little bit especially with a Strong decline here so that we have a One two one two and then we are now in This last one two setup one two three Possibly now the full retracement and Then a five up that would only complete The wave three of the preceding one two Setup and that is how it can Cascade Higher but that would be a very bullish Setup so maybe let's just go correctly With a more conservative conservative Assumption that we've got here a leading Diagonal Where I could even say that this was the Wave one now one two three four five Um and then here wave two
And then we've got here one two this is The three that might be more relevant Um I haven't got the wave four yet so That way three is my it might not be Finished yet but this is micro counting You know we don't want to get too much Into this um Because these are very fragile but just To give you some ideas orientation and Uh yeah you can see we reached the 1.618 Extension that's the ideal time to Finish off such a wave three get into Wave four which should ideally not drop Below Um Well let's okay let's go with this we Ideally it should not drop below Seventeen thousand seventy yeah that's a 50 retracement that would be the Absolute maximum it should retrace to Not lower because then this all might be Failing again and we're not delivering a Clean impulse so best high or best yeah Or what the Bulls need to do now push Above the the channel That would be the Next indication that the low was in here Get above the wave B high at 17 000 to 70. Oops and then push Above This wave one High at 17 350. and yeah I mean then we Are basically we should basically be Blasting here to the basically the 18K Level roughly I think it wasn't that High was it so
Um whatever Target I gave you here Was a bit lower Yeah 17 880. so yeah it's looking good At the moment I mean what else can I say You know we reverse in the support area Now the booths just need to deliver Um Might get a bit of a retracement here Along the way and if we drop below that Critical support that I mentioned this Pattern is probably not gonna gonna work Out but yeah I'll keep you updated about Bitcoin um by the way tomorrow I'm Probably gonna do a public live stream About CPI we do that in the morning Before the numbers are being released And then I'll probably do a member live Stream uh when the numbers are released So that's probably what I'm gonna gonna Do so feel free to join the public live Stream Um and if you want to join the Membership Um to become a participate in the live Stream during the release of CPI you can Obviously do that you can find the links In the description great Community by The way so yeah take a look at that and Then hopefully you like the update here About Bitcoin 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