Foreign [Music] Welcome to another video about Bitcoin So Bitcoin is still in this ascending Channel here Um there's several possibilities how This could now play out in um In most scenarios I think I would see Further upside so for me the the Likelihood of continuing this General Uptrend Um this is higher yeah so I'm looking at Further upside ideally into the Region 19 to 20K is already suggested a couple Of weeks ago since we started this move To the upside here so far it's playing Out the question is just always on the Micro Level how is this playing out you know Do we do we continue in an ideal way do We continue in an impulsive way Bitcoin Certainly still has a chance to do so Because it hasn't retraced too much it's Still holding its yellow support area It's only ethereum that drop below the Yellow support area Um one reason contributing to this Probably is that Bitcoin moved up quite Nicely yesterday in the theorem well did As well but not as strong as Bitcoin so Bitcoin had a little bit more space to Drop as well but um yeah I mean for for Everybody who's um who's new my view is Still that Bitcoin is going to do
Another low I'm still waiting for The area between 14 and 14 and a half K But we're not probably not going to get There until we have this movement Complete this structure this pattern Which is in my opinion an ABC pattern And in the C wave we've got the five Waves to the upside wave one two Three four five which means we are Basically still in the third wave and There's various ways of how these sub Waves can be counted and um That's important because these different Subway structures they allow for well Different subdivisions different Retracements yeah where I would say in One scenario maybe we've got an Invalidation maybe in another scenario We don't and um that's just important to To understand Um So with Bitcoin here we are still in the Channel we moved yesterday and I'm gonna Zoom in now we moved yesterday up in These five waves we hit a nice fifth Wave to the upside Now take the sub waves out and they just Do confuse sometimes but yeah we had um Five nice waves to the upside here in This pattern that in my opinion Completed a third wave to the upside and We're now coming down here In a fourth wave that is at the moment Still possible
And it is possible because we're holding Still this yellow support area do I find That likely still not really yeah we Have maxed out this support area now Um there is no sign of recovery in any Way Um it just looks to me that we are still Gonna do here what ethereum did as well Which means breaking the support area Now would that be super bearish Not really Um it would just be not ideal okay So the problem that we have here we Could continue in an impulsive way to The upside in that scenario we would Need to move up now in a fifth wave Finish off the higher degree third you Know maybe in the region around 19k Um then come down in the fourth move up In a fifth finish off this third wave Come down on the fourth and so on and We'll just Cascade higher like that Um that's however not really like Bitcoin wants to move at the moment it Seems because we retraced a bit too much Yesterday well I'm saying too much it's actually not Too much for this scenario not for Bitcoin ethereum did retrace too much Bitcoin purely maxed out this support Area but ideally what I would like to See because we've come down to the lower Support of this yellow box so we have Basically come down to the 50 level so
If I draw the FIB retracements you can See we've pulled back to the 50 Retracement that is the maximum away Four should do now if we drop below that We have a different pattern to deal with Here we have to you know we've got some Kind of a diagonal pattern then that we Have to deal with Um and in that if we drop below this Level we can still find support at the Channel Here Channel support let me take that Yellow out So it would then look like that yeah That the way four can come down it would Not really be bearish if we drop below The level yeah so there's I could look At this as a diagonal pattern and then We can allow for a wave four to come Down deeper The problem is then what happens if we Drop out of the channel support Then we might already be in this higher Degree wave four yeah earlier than Expected because that would allow for a Stronger retracement Um Or I could count this as another one to Set up but that's the same problem that We have on the ethereum chart if I count Too many one two setups it's just Getting unrealistic it's usually not Going to work out Um in terms of targets because it just
Gets too Let's call it too bullish yeah so it's Unrealistic then I would rather go with A diagonal pattern Um which are actually quite frequent Um because they're all over the place so At the moment it's still here a wave one A wave two and then we are in the wave Three and in here we've got all these Subdivisions wave one up wave two down Um Wave 3 to the upside still unfolding And in that wave three we've got a um a One two Three four five pattern probably as a Diagonal unfolding yeah all of this Could be counted as a diagonal Um I can make that work at the moment I'm counting this as let's call it a Normal impulse still but as I said there Are different interpretations and Different ways of counting this Bitcoin In my opinion is too high Now immediately to drop down straight Away so My personal preference would be to Either go up here from the yellow Support box straight away I don't really Believe that anymore I think what we Might be seeing and I showed you that Yesterday during the live stream already And in the in the last video that this Would become a larger Um One to probably hear a b c pattern
Problem is a little bit that the C wave Will be a bit too short probably yeah Um So that means Um that we could also lose Channel Support and as I said if we do that then We might already be in this higher Degree way for yeah and I might just Need to change the subdivisions a little Bit but I think it's important at the Moment with Bitcoin if especially if We're in a diagonal pattern to be a bit Flexible but what I can tell you key Support levels that we need to hold are Ideally now Um 17600 now if we lose that level very Very relevant is the channel support now If we lose that we could still hold Sixteen thousand eight A.D but it's Below that level that things are gonna Get tough for the bullish scenario Yeah that's everything I can tell you so For me still Um upside yeah especially as long as We're in the channel upside potential There ideally it would take us into the Region around 19 to 20K so that could Carry on for a little while maybe next Couple of weeks or so we'll see but Obviously after that Um We're gonna see the decision if Bitcoin Really is in this high level scenario
Where I do expect one more low or when We finally finish this pattern and we Come down does Bitcoin hold a higher low And um would that indicate that the low Is already in for Bitcoin I don't think So I think from what I can currently see Bitcoin should make one more low but I'm Happy to be surprised so we'll see 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