Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Bitcoin BTC Price News Today - Technical Analysis and Elliott Wave Analysis and Price Prediction!

Foreign [Music] Hello and welcome to another update Video about Bitcoin um just a quick Update and just focusing on the shorter Time frame here Um don't want to make it too long We obviously have CPI data released Today Um in about 45 minutes I think Um so expect some volatility from now When you watch the video to maybe one to Two hours after CPI release Um we've got a CPI here year over year Forecast is 7.3 percent as suggested Before anything that is meeting Expectations so 7.3 percent or lower if That is going to be the release or the Yeah if those numbers are being released And if that is year over year CPI then Expect a bit of a relief rally something More bullish I think and if we see Anything above 7.3 percent it would be Rather bearish anything more than 0.1 Percent from the expectation either way Is additional volatility Um but yeah you can see that on this Graph here that in July this year Inflation peaked since then it has come Down it's still way too high it's still Way above the FED uh targets so they Have to continue to um be quite Restrictive and it could mean you know They still slow down interest rate

Increases but they just leave them on a High level for a while until inflation Has come down yeah basically by itself Um but yeah important today Forecast is 7.3 percent quite a bit of a Reduction from last month let's see what We get then there's also the core CPI Which is expected to be 0.3 percent also Here if it's lower than that it would be Rather bullish for crypto bearish for The US dollar Bitcoin in the very short Term and I go to the one hour chart Because that's really what I want to Focus on not waste any time and the idea Is you know from what I said in the last Video that this could be an ABC Correction in a wave 2 that this could Be finished that idea sort of worked out That has happened Um I think we've got a small Um one two setup here now and this could Be away three this could be away four And we could push higher in wave five of This White Wave three within the yellow Wave three yeah so this is currently an Impulsive wave pattern Um we've got or we had five waves to the Upside here we had three waves down here And we're now looking for another five Waves up here in yellow wave three Target for yellow Wave 3 is again just To remind ourselves is around 17880 Within that yellow Wave 3 we've got the White Wave count here if we assume wave

One and two were done then the target For the White Wave 3 in the white circle Would be 17 670 dollars so yeah ideally one more Wave up would be nice yeah within that Wave three so again as I just suggested This could be a one two three four five Really micro counting here but again it Could take us into that seventeen Thousand 650 region roughly um and that Is how it will Cascade higher and as Long as we're holding the yellow support Box here we can go with Um the imminent price increase potential However Um very very local and a short-term Working support is this week down here The wave too low that is at 17 095 basically this certainly needs to Hold Um To maintain this particular wave card Because otherwise this Wave 2 will get Invalidated But that's where we are and we're Currently holding quite well which is Great I think Um we just need to say and I I make These videos to make you understand What if CPI and nobody knows what the CPI data will be really right Um but I want to unders make you Understand the possible effects if Certain figures are being released and

What the effect on the market could be What does the key inflection points are The targets and I would not try to trade This I mean I've entered my positions on Ethereum I I'll just leave them I'm Happy I'm gonna watch and see what Happens Um but there is a lot of short-term Volatility you know and ideally we are Now holding Above This resistance the Good thing is at the moment Bitcoin Seems a bit stronger than ethereum Actually in the very short term Um you can very clearly see Bitcoin is currently holding Above This Resistance area yeah Um above the wave one height as well at 17 000 for 25 which is great because if Bitcoin does it Bitcoin most likely will Pull ethereum up as well if Bitcoin can Hold support here and will push higher Ethereum is still a below um resistance Below the 1308 level above that level I Think it will start to Rally Bitcoin is Already above the level and just needs To hold support now I think it's just Doing a retest or so off support and if This support holds at 17 000 for 50 it Can certainly push higher from here so At the moment it's all it's all working Out it looks quite impulsive we can Assume this is carrying on obviously You're always understanding that should We take out those important support

Levels it's not carrying on anymore and Important is always to understand what Are those critical support levels but I Made you aware of them so you should be Prepared let's see what CPI brings I'll Keep you updated throughout the day 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]

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