Foreign Video about Bitcoin we're currently Seeing quite an impulsive decline Um I try to keep it very simple with Bitcoin Bitcoin is not such a clear wave Pattern as for example ethereum Ethereum is much clearer as you know Bitcoin is a bit messy it's not that Clear Um for Bitcoin The View remains rather Bearish Um short term still upside potential but Overall you know my view that I'm still Looking here for a lower low for Bitcoin Until Bitcoin can prove to us that Something more bullish is going on here And to do that it has to break through The 21.7 K level if it doesn't do that And maintains that level I am still Looking here at this scenario where we Are coming down in five waves of that b Wave high at 20 000 uh no sorry twenty Two thousand eight hundred roughly in Five waves oops I don't want to do that Now my view is that we've come down or That we are coming down in five waves Wave one Down Wave 2 to the upside with three Down with four up with five down below 16k yeah that would be the target for This pattern Um The question is is there further
Short-term upside potential before we Come down or is this move up already Finished that we've seen yeah we've Talked about short-term upset Potential From end of October which also played Out yeah we've been moving up but A more substantial high was maybe Already made and this is possible as I Also explained in previous videos Because we can count five waves complete One two Three Four five again same problem as with Ethereum it would be a very short wave Five so it is not entirely clear Bitcoin Doesn't really like to make it very Clear to us at the moment Um and that this is the problem because The fifth wave is very short so there's A couple of possibilities here Um but we want to keep it simple so the Um the first possibility I just showed You that way 5 is already in in this Scenario if wave 5 is in We have now again two options the first Option is We Come down now If the if the five waves are really in We come down now we would break below The yellow support box And would then have one more chance to Hold support Here at eighteen thousand
Eight hundred ninety at the 78.6 retrace If We Hold support Above This level Generally then we still have a chance to Rally however a drop below that 18 900 Level would strongly favor a drop below The jewel laws very simple yeah Um ideally for short-term upsides to Continue this fifth wave directly Without breaking the larger pattern We are holding the 19870 level yeah and even better would Be to hold this ascending wedge to hold The support here and push once more to The upside and maybe even break out to The upside of the wedge so the moment we Are coming back to that support level Here that you can see the way we are Coming down doesn't really look like We're stopping here and we have stopped Now but it's a very impulsive move down That actually suggests something Impulsive to the downside but again it's All about these support levels and that They hold because if we are holding the 19 087 level then it could very well be That this was not the way five high yeah But we have only and that is what I Explained in the ethereum video as well Just an a wave an overshooting wave B And we come down and c and would then Move up in five and the Wave 4 would sit Here yeah So then these are the options for Bitcoin I think in this video you should
Have learned about the key support Levels now Um the very relevant support levels yeah Which are important to maintain further Upset potential and also the levels Below which invalidation will get very Likely and we're already going to see The the move down bear in mind it will Be a very interesting week tomorrow Midterm elections in the US and on Thursday CPI data release okay that's my Update about Bitcoin 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 Thank you