Foreign Video about Bitcoin Bitcoin appears to Be holding maybe a little bit stronger Than ethereum at the moment but both are Actually coming down Um this hopefully is only a Consolidation but hope obviously doesn't Really help us in these markets so it's All about the numbers Um Bitcoin obviously is still in this Wave pattern to the upside not going to Talk about the higher level wave pattern I did that extensively during the live Stream today did that extensively during The last videos so what we really want To focus on in this video is adjust this Lower level wave count here because this Is really crucial for the further Development of the chart Bitcoin broke Today impulsively Um through resistance it broke above the 17 425 dollar level achieved and this Was a relevant breakout level as you Know we actually had the first breakout Down here today that was a breakout of The descending Channel and it took it Like five percent to the office that Within one day it's not too bad in a Bear Market Um And also this I mean you could even say This kind of inverse Head and Shoulders Which we had here on the chart did work Out to the upside Target of that if you
Just look at this kind of head here it's A bit of an ugly inverse Head and Shoulder but um yeah we reached Basically exactly exactly the target of A breakout Point here which Was Eighteen Thousand one hundred thirty and it was Very impossible if you remember that we Did the live stream today obviously Quite good news from inflation data yeah Much better than expected so a lot of People jumped in yeah a lot of shorts Got Um invalidated basically I got taken out And a lot of volatility today as Expected now we did rally In line with the Elliott wave count to Be honest Um a little bit stronger than Anticipated but that is or in the first Instance than anticipated but that is What is part of these days you know a Lot of volatility I did explain it Before and also in the live stream today That on these days you can get Um wave extensions you can get distorted Waves yeah they might move to an Extension Target way above what you Would normally expect and that is Exactly what happened here we reached Basically the 2.618 flip extension of Wave 3. now as you would expect then There's a lot of profit taking going on And it's all about now do we hold Wave 4 Support because I don't think that the
Yellow Wave 3 was finished so what you Get here is a one two three four five Pattern within the yellow Wave 3 that's I think where we still are if this wave Pattern is supposed to work out we have One two here the three this should be The phone we need to hold support and Then we can rally once more in a five to Finish off the yellow wave 3. we need to Hold Wave 4 support now yeah this is Critical if we don't do that and I said That in the ethereum video just now as Well it could be an issue for the larger Count Um what in the most ideal World we're now going to hold the 50 Retracement seventeen thousand six Hundred we did hold that so far we came Down to that level bounced but nothing Too significant yet I mean this could This could be a beginning of a new Uptrend in wave 5 but it's too early to Confirm it way too early you can even Draw a trend line here and we are just Touching the trend line so this is now The decision do we break through here or Do we come down we could come down once More to 17 600 but if we break through That we're probably going to go down Quite a bit lower what would then be the Next support well I wouldn't be Surprised if we break it that we then Come down to this red support area again Yeah it was the resistance area we could
Just be retesting wave one high at 17425 It could still work out if we come down To that level and then ready In the very worst case if we also lose This support that would definitely be an Issue for the higher level count I Wouldn't then count that anymore as a Way for the most bullish option that I Could then offer would be a one two one Two setup which could work out then we Have another one two setup but I don't Like to add another one to setup when we Actually have a Wave 3 ongoing Um it is just not it is just not um Ideal because it means that we had a Possible impulse that was forming here But the market basically failed in Realizing that impulse yeah it created Two small impulses which is possible and Actually quite bullish if it works out But I don't like in an evolving way three to Have another one two set up when you Think it should hold way for support Ideally and it comes down too far then There's usually too much profit taking Going on but understand that it is um a Day you know we have a day obviously CPI Data that did check the market up so you Expect some kind of distortion seeing These wave relationships Um and wave Pat sense and tomorrow we've Got the inflation or the interest rate Decision
Could be 50 could even be 25 I've heard Rumors but I don't think it will be 25 I Think we're looking at 50. Um 25 would obviously be bullish but um Yeah I mean 17.6 needs to hold there's No way around it we can keep that very Short if we drop below that 17425 will be key support and if we drop Below that then we have the um chance Still to hold support at 17 140 it would Be the um last support possible for a One two one no one second one second That's wrong Here we then need to hold 17 316 that is The last support level that's possible Basically for a one two one two setup if We lose that as well it's most likely This is going to fail Yeah and then we go back to the scenario That we talked about earlier before we Actually broke out that should we really Come down fail here drop even below the Yellow support box which will get more Likely if we drop below 17.6 K and all These support levels that are just Indicated then we have one more chance To reverse here in the green box all the Way down to 16.3 K because that would be The higher level pattern that I say Probably this Wave 2 was never finished Now we go to the next higher level Pattern that this year was just some Kind of an overshooting B wave or Something and we're coming down and see
But it's it's not great it's it's Getting unlikely then yeah but still I Still would like to give it a chance Then to Rally from 16.3 K if that fails We're probably going to drop down Straight away to around 14 to 14 and a Half K because as you know we still Expect one more low for Bitcoin Um I don't expect it yet actually I Would like it to go a little bit higher I think one wave at least here I would Like to see Um to complete this actually more waves Would be needed to really complete this Complex pattern but at least one more High would be ideal Other than that you know we just need to Hold support now and that is all eyes Need to be on that 17 point Um yeah 6K level need to hold it and if We break it you know what what is Happening But don't be surprised you know if we See a little bit of a increased Volatility also on the daily candle Close today because tomorrow will be Another important day and maybe I'll do Another live stream tomorrow it was Really very very positive feedback today When I did the live stream about CPI so Maybe we'll do one tomorrow Um when we've got the interest rate Decision that will be even more Volatility especially if it's something
Unexpected most Market participants Would expect a 50 basis point increase Tomorrow so Um yeah that's everything I can tell you Today I think all eyes need to be on That 17.6 K level end on this as a Descending trend line a break of the Trend line would be a first signal that We are pushing here to the upside in a Fifth wave maybe to finish this off what Would be a target for the fifth wave If We Hold support well we take the high of Wave one and we add it to a possible low Of wave 4 and an ideal Target would be The 18.2 K level the 1.618 extension Okay and 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