Foreign Video about Bitcoin Bitcoin did drop Further out of the yellow support box Yeah as already said in the last video I Didn't have too much confidence that it Would hold this one because we came down And retested several times the low here And there were no attempts of anything Bullish coming out of it we didn't even Make a strong B wave yeah so um I mean The b-wave could have been something Like triangle here I'm going to take the Yellow box out because this was a Support box for a wave that was now Invalidated so um We're looking at something like this Probably I'm going to talk about that in A minute Um First of all let me take out those boxes Here we don't need them anymore they Were relevant I always try to keep the Chart tidy you know that otherwise it Gets even more confusing because it's a Confusing pattern right but um the good Thing is that the sharper drop from Today at least clarifies the count a Little bit Um We've got a few key support areas I want To talk about and we've got a few Options here and I know a couple of People get confused with accounts Because I always try to show you more
Than one because if I only showed you One possibility one scenario it would Set a lot of people up for failure Because there are clearly more than just One possible outcome for Price Developments right I know some people Always look for certainty but if you're Looking for certainty you're certainly In the wrong space because um nobody Knows what's going to happen what we can Do as Traders or technical analysts is We can identify trade setups we can Identify Trends we can identify Direction and possible Trend reversal Points I use the elite wave method for that Um but it's certainly not guaranteed any So it doesn't guarantee any certain Outcome that's why you need to have out Of the infinity theoretical Infinity of Different possibilities because in Theory you could have infinite Developments here yeah so my job is to Identify two or three likely patterns How it could work out and in an ideal Case we have strong support levels and We know if certain levels get broken Then we are morphing into another Scenario that allows us to identify Trade setups set stop losses take Profits and so on okay so let's take a Look here we are still in this channel Yeah we assume the channel as always I Took some of the Subways out when
They're not too relevant anymore just to Keep it tidy Um but we are still in the channel so That still shows us we are generally Moderately in an uptrend Um I'm still looking at higher or Short-term upside potential yeah some People ask me am I am I bullish on the Market I'm not bullish on the market Short term there is bullish upset Potential And I would say we have a chance to get Into the 19 maybe 20K region but this is As you know if you've watched my Previous video in my opinion only A wave four so we've got an a wave up a B wave down and a c wave to the upside In a way four that would peek up here And my primary expectation is to see one More low for Bitcoin so I'm not Generally bullish on the market Um I am long-term bullish on bitcoin of Course but I think we're gonna see one More low before we can get back into Bull run now that can take weeks or Months to play out historically around 530 days before the New halving Markets Started to recover that time is now that What that is what makes this current Time so interesting a lot of people are Actually exiting leaving the market Um which is in my opinion exactly the Wrong thing to do in an environment Where historically around one and a half
Years before the halving market started To recover and the next starving is sort Of early 2024 so you know we've got one And a half years and that doesn't mean The market needs to recover now you know We could have a couple of months or so More downturn you know one more or Whatever but we are generally in a time Where a lot of indicators are flashing By long term long term Um you know I'm not buying yet too much I still hold most in in cash and I'm Waiting for either a lower low in Bitcoin or I'm waiting for a confirmed Bottom I don't think we've seen any of That yet so still looking currently due To the pattern the structure at more Short-term upside potential so I'm going To show you Um two or three counts that are very Likely in my opinion so the first count Is the one that you actually see on the Chart that is therefore also my primary Expectation we had it with one up we had A wave two down another one to set up Another one two setup and this would Become Let me think Um yeah it would have to become now also Another one to set up like ethereum so That already makes this count less Likely I might change it for the next Video we've got four one two setups here In a row anybody who's familiar with
Elliott waves knows that is utterly Um ridiculous it is super bullish yeah Which is only bullish if it works out Because it means that all of these one Tools need their three four and five Which means you would get a Cascade Higher maybe even in the 25k region if That really worked out or 22 23k region I don't think we're gonna see that so One two one two one two one two getting Super unrealistic but if it was working Out What is the support level we would need To hold so obviously it would mean this Wave 3 would go higher yeah this Wave 4 Was never finished but we have actually Here five waves complete it would be Another wave one I would have to add Another one here Um And we're currently moving down into Possibly fine support eventually here at The channel support and would then Rarely Um important is if this really is Another one two setup very important That we would need to hold The 17 200 level very important yeah But below that I can't go with the one Two setup anymore I already might change It for the next video so to be honest Um the the count that I start to find Very likely now I won't remove this count yet from the
Chart But the count I'm starting to find quite Likely these days is these days from Since the movement yesterday is a Diagonal count Um already talked about that on the Ethereum chart and I might make these Diagonals my primary expectation Diagonal would mean we peaked actually Here in a wave one that was on the 30th Of November that is still a bullish Count it's just getting a little bit Less reliable as a diagonal Um wave one to the upside we moved down In a wave 2 that was here the low on the 7th of December at sixteen Thousand Seven fifty pretty much We moved up where we are now basically Based on that inner wave three yeah so We've done as you can see here on the Chart a one and a two we're now in a Wave three the wave three hasn't peaked Yet what has peaked yesterday was the Wave A Off wave three we're now coming down in Wave B of wave three And we are now going to move up shortly Ideally in the daily refining support at The channel support Um we would move up in a wave C of three And then we would finish off away three Then there would be only one more wave Four and away five up that is what I Find from a bullish point of view fairly
Realistic Um and I think we I might make that my Primary expectation important In this scenario would be to hold the Following support level Um I'm looking at the 17 088 level the 78.6 FIB level now that Is um then a retracement for for the Current wave down a b wave which would Move up in a wave C Eventeen thousand ninety dollars these Are sort of the two counts I'm I'm going With Um There's one more I don't really want to Confuse you too much Um That is just the count here where we are Assuming we are still in the way for but Would move that it would also be a Buddhist count where at some point here We should find support and move up so I Just want to wait for the moment when we Find support and then I can I can change The wave count accordingly again this we Are now heading back into a key support Area so don't get too confused with the Different counts what what does count What does certainly count is that we Find support above 16737 that is this Swing low Um all the way up to yeah you know I Would say here Channel support this Yellow box is now a relevant support
Area Doesn't matter which scenario we're in If we are if we want to be in a bullish Scenario still and you know there are Still various the structure leaves A room for interpretation what kind of Bullish scenario we are in and what kind Of diagonal structure because there's Different ways of counting a diagonal as Well Um but it doesn't really so much matter You know I wouldn't get too confused and Hung up on the different counts what What is important is that we're holding This support area if we do not hold this Support area then I think we have a Really good chance again and it's Currently not primary expectation but That's the only outcome I have to I have To expect then if we break below that Wave too low here from the 7th of December if we break below this support Area I have to assume we have already Peaked here Yeah in some kind of a corrective Pattern and we're already coming down Into the region between 14 and 14 and a Half K so the the upset potential was Then in that case not realized by the Bulls and we're already seeing the wave Five down bear in mind this is still the Higher level Assumption of seeing one More low so we are in a bear market so The selling is naturally stronger still
Too strong Um to get a sustainable breakout to the Upside the short-term upside potential Is still there at the moment But it will massively reduce in Likelihood below sixteen Thousand Seven What is it 750. yeah 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 Um also make sure that you check out our Instagram and Twitter uh accounts um Please make sure you only follow the Official ones because there are scammers Coming up every day so make sure that You follow the official ones you can Find them on our website or in the video Description or even in the beginning of The video and if you're interested maybe Also check out our trading course we are Offering on more cryptoonline.com thanks A lot for watching bye bye Thank you