Foreign Welcome to another update video about Bitcoin we just want to focus on the Short-term price action in this video Not really explained the longer time Frame because we did that before in Previous videos and also today we looked At the higher level pattern Um at the moment we have the classical Let's say five waves up for Bitcoin five Waves up yeah and three waves down as Per the edit wave let's say standard Rules yeah Um that would indicate that at any Moment we could move to the upside as Long as we hold the third wave here if We get one more low then the Um Yeah it's getting a little bit more uh More likely that this is going to fail But it could still be a w x y pattern in That case Um the point is here that we don't drop Substantially below these 16 150 level and the reason for that is That this down there is the 78.6 Fibonacci level don't really want to go Below that it would just make it more Likely so you can already understand That should we really drop below that Level and I'm not talking about two or Three dollars and I'm not talking about A week on the hourly candle no um This would need to be a substantial drop
Um so we want to stay there below that Level for a few hours maybe a few days So the point is here however this move Up so what would now need to start after Three waves done we would need to see Impulsive price action to the upside Which we don't see yet so at the moment There's still a very very Um yeah significant possibility that we Drop down lower but I will tell you when You can expect a reversal what needs to Happen so you can spot that so this can Be interpreted as bullish price action As long as we're holding these sixteen Thousand one hundred eighty dollar level Okay Now Um when can we expect here a break out To the upside in a wave three what is The earliest signal you can get I think The earliest signal we can get is we Draw a channel here with corrective Price Channel By connecting with one and wave B Together And we've got a parallel Channel Actually and this is a corrective price Channel Should we break out of this corrective Price channel to the upside it would Indicate that the Wave 3 has started of Course it wouldn't be a good a good Signal to drop to the downside I think Then this is over and we're going to
Make new lows so in the region between 14 and 15K I would say okay that would Be as per the green card So we have the two possibilities here And at the moment it's just important to Understand what will most likely happen If certain levels get broken or not um And in this the red count is the bullish Breakout count and we are in a Corrective price Channel down it's not An impulsive price action to the Downside it's very corrective a lot of Overlaps here but all we need to do is Now to break out of this channel to the Upside that would be the first Indication next indication we've started This third wave to the upside would be The move here above seventeen thousand Um 560 that's also the wave B High Yeah so the 23.6 percent Fibonacci Retracement plus the wave B High break Above that and then we could move up in Wave three Um ultimately The two possibilities exist and with Those breakout levels and the pattern Which is here the channel you should Very clearly understand What would most likely happen if of Course there's never 100 certainties There's only probabilities but also Ultimately If we really break out here to the
Upside and that would indicate really a Significant low in place and maybe the Bear Market low in place at the moment This is not confirmed yet yeah don't get Me wrong but if we if we are in a Breakout pattern ultimately the target For the Boost needs to be that most uh Significant High here at around 21 450 Where we peaked here in a wave 2 Correction that's what my view is we Peaked up there in wave two we're Currently coming down in wave three There will be this way four up and the Wave 5 down at least that's sort of Still the higher level Outlook Um which is possible but I told you in The previous video that I'm going to Focus on the red count which is the Bullish breakout count until it gets Invalidated just purely because we have Made a new low with Bitcoin and that Always means you know you know we wanted A new low we've been talking about a new Low for many weeks and Um it is very important to understand For Bitcoin now that it has made a new Low it could at any moment now start to Move up therefore we are sort of on the On the watch here for Um bullish breakout patterns and this Can be counted as five up and three down Therefore I'm on the lookout now for a Break of the channel to the upside Okay that's my update about Bitcoin I
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