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] Video about Bitcoins everybody who Participated in the fomc FED interest Rate live stream today Saw my thoughts live Um and you basically know what my Thoughts are Um I started to look at the chart again Just now we haven't had too many changes But still wanted to do another update So that you are just everybody is aware Also everybody who didn't participate in The live stream or watched the recording Um about my thoughts about this chart Um Because it has become a bit of a mess Now with this latest drop but still Nothing too bearish it's just that this Strong move down is a bit don't want to Say concerning but it rather points Towards a little bit more downside that This correction isn't finished yet Um and you know we saw it live Um during during the stream and we saw Bitcoin make a wave five so that was the Idea that I shared with you in the last Video my primary expectation was to push Higher here we did hold that way for Support we did Bush higher we um reached I think here Um well the 18.4 K level basically Target right about the target area Important was for the wave 5 to go

Higher than the Wave 3 which it did Um and also here we had a nice five wave Move to the upside and during the live Stream very much in the beginning We saw that Bitcoin was pushing here put That wave 5 in Um it did hold there I think for around 20 minutes I did measure here the wave One high I looked at it and said look We've reached a one-to-one ratio we've Reached the 1.236 extension it doesn't Need to push any higher would be nice to Go a little bit higher maybe to 1.618 Extension it doesn't need to do it one To one ratio is fine for wave five and Um I um we looked at the indicators as Well we looked at the four hour chart on The four hour chart we were massively Overbought and Um Would I make everybody aware of was Um even before we had before we had Already seen the decision Yeah Um that we're probably going to see a Strong Decline and that a lot of people Would be surprised by that and I showed You the support area for this decline Yeah we looked at the Length of the third wave And I said this could become quite a bit Of a dump possibly down to 17.6 K which Nearly happened right um we well we saw That dump directly when the interest

Rates were announced so we certainly had A bit of a short-term effect here Nothing that changed really the trend But we had a short-term effect came down In the support area we're currently Holding the support area but Um yeah that this is just a normal way For I mean this can happen but Um yeah the thing is that it looks to me Like at the moment this this was Obviously a five wave move down so it Was an Impulse down So an impulsive wave structure down Would rather suggest that the Wave 4 Isn't finished yet that we get something Like an ABC correction here And I did explain in the in the live Stream that that creates a problem if This is a five wave move down with a You're probably going to see the B wave And then a c wave but To stay in the current Um pattern structure the wave C should Not go below 17620 so the problem is that the wave C Would then be very short so normally if You have this as an a wave you move up In a b and the C wave should normally go Down a bit lower so maybe the 17.2 K Level so that's just a bit of a concern Obviously I don't have any any structure currently For the B wave so it's a bit too early But it's it's all about the support

Areas and does it hold does it not hold Um in my opinion at the moment I mean The larger pattern is still intact I Think we are going to go higher it just Means that short term we might go a bit Lower before we do that to the upside Um and the explanation for that is Because the Wave A down there yeah or This wave four whatever it is definitely Well not definitely but most likely a Five wave move to the downside which Created a bit of messiness in this chart Now which sometimes happens during these Days that creates now a little bit of a Problem Um because also we haven't really seen a Super bullish reaction yeah I mean we Did balance a little bit to the upside But we're now hovering just below the 50-day moving average see that yellow Line at 17 830. so yeah Um I mean it's good to see that we Pushed here to the upside in five waves As expected but now we obviously need to Take it level by level and this is quite A strong decline stronger than and would Be ideal for a way for I mean not Necessarily the the retracement isn't Necessarily too strong but the the Um the impulsiveness how this happened Is just a bit concerning yeah so what Does it mean to keep it very simple Ideally we hold 17623 or 620 and we go Higher from there immediately in the

Suggested pattern here that probably the Way 4 was already in or we just see a Very very Um Yeah shortwave C or maybe it even Becomes some kind of a weird triangle That would be the easiest way to do it And then we could push higher maybe into The 18.8 to 19k region or if we now lose That support level I mean we can still Find support around the 17 200 level Um I mean if this is a diagonal pattern Which it could be which is a bit more of A um like a channel pattern yeah then That's absolutely possible then we might Be looking at support at the lower end Of the channel it would not be a Disaster it would not necessarily be Bearish it would just mean we are moving In a diagonal pattern so this way four Could then come down lower maybe into The region as I said around 17.2 K maybe A little bit higher Um as long as we're not going below the 16870 level which was this wave too low It would then morph from an Impulse into A diagonal pattern and would then still Move further up it's only I think if we Really substantially break out to the Downside of this channel that might be a Concern and if we drop below sixteen Thousand eight hundred Um yeah sixteen thousand eight seventy Pretty much here this swing low from the

12th of December Um that's everything I can tell you at The moment so we are holding his support At the moment All Eyes need to be on That support level But as I said if we drop down lower it Wouldn't really be a disaster Um And on the four hour chart I mean yeah You can see it's it's not too unlikely We drop a bit lower because the RSI was Brought down on the four hour but not Massively you know we only dropped a Little bit below the overboard range so Yeah a little bit more of downside or Correction here Um would not be unlikely just be ready For that yeah but just because we do That doesn't mean we are suddenly going Into a bearish pattern it just means We're moving from a let's say good Pattern and an Impulse into a let's say Less reliable pattern which is a Diagonal which is also you know you have A lot of overlaps um it's a little bit Of a less less stable pattern but they Do happen right they do happen Um but it would be an ending diagonal Then in this C wave of wave four okay And 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

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