Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

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Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction! In this video I talk about the Bitcoin BTC Cryptocurrency price and carry out a technical analysis. I also talk about my Bitcoin Elliott Wave count and discuss where the price could be going next.

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We are no financial advisors. The ideas presented in this video are personal opinions and for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make. Ideas presented in this video are my opinions at the date of recording and may have changed after recording.

Hello and welcome to another update video about Bitcoin Bitcoin continues to move basically in its range and I know it is frustrating and it um can get on everybody’s nerves um this corrective behavior these corrective structures they can be completely frustrating that’s just what they are for to bore

You out of the market especially a way four and as you can see here on the chart the idea is that this is some kind of a way for correction um we’re going to take a look at this structure and also the micro structure in a minute um the overall situation here obviously

Hasn’t changed I’m only going to focus on the 1 hour chart in this video Please be aware that in my video earlier today I also covered the daily time frame now let’s um take a look at the structure here primary scenario still that wave four bottomed on the 23rd of January

Idea is that we are in a wave five of a larger third wave that can take us to round about 54 ideally 58 maybe even 62k okay these are three markers not showing them all but 58k is a pretty pretty important Fibonacci level here on the way um higher and 54k

Is sort of here the next micro fib level and then there’s one more at 62k that I haven’t activated here but these are sort of just so that you get a bit of an idea of where that wave five might land um so yeah and as long as we’re

Holding the relevant support levels that the technical analysis provides we focus on higher it’s important to to realize and recognize that these levels that the analysis reveals that they represent pivots so basically areas where the market will then change most likely Its Behavior and at the moment we are yeah just hovering

Above one of those and we haven’t even reached the support zone so let’s take a look at the structure there we are here in a situation in which the market obviously formed a wave 1 pulled back in a wave two and we could now be still in this

Third wave in white I mentioned to you already before it’s possible that the third wave is topped but might also get one more high it doesn’t matter in the short term because even if if the third wave has stopped already then this would be the wave four instead of a wave four

In wave three and we would still get another high so it’s not really so important in the short term um there’s no way of knowing it at the moment so let’s take a look at the micro pattern here yeah U what I can do now I can take

Out this wave four question mark because this hasn’t bottomed there um but instead it seems reasonable to assume that the wave four is unfolding now um this is probably wave four of wave three or wave four in wave b um if we break below support 47k then

I will have to change my assumption have to assume that the B wve topped and we’re coming down into the yellow support region again between 35 and 41.8k at the moment I’m tracking this as an A B C structure and a successful test of the support area yeah as I said could

Take the price higher towards 54 58k maybe 62 even though there isn’t really an upside limit but I can only highlight to you like the ideal levels and the areas of Interest so if this was an a-wave down this was a high B wve then it’s likely this is some kind of a

Flat structure which means that the c-wave could be unfolding now I will take that micro count off again because these get very often invalidated they don’t have any predictive qualities but I can show them to you in a video um here the idea is well we could be

Dealing with this right this might be a five wve pattern that is unfolding in wave co4 but again what it’s doing here doesn’t really fit in unless the seawave is an ending diagonal so it’s consolidating around the low area of the weekend you know Tuesday low and the

Saturday low and as I mentioned yesterday if we get a um decisive break below that weekend low that would confirm that the seawave is unfolding confirmation is no certainty especially in Corrections we we have to be on our toes so it’s not really the idea is not

To trade the micro count typically is the best idea is to trade the levels um that the counts reveal and we have this important support area here so a break below the weekend low should send us first to 50K we should be able to find some support there and then possibly

Even lower to 48.3k and then this is sort of an a decision area and area of Interest where we’re going to watch for reversal a break above what I have labeled now is wave two of C that top at uh 52,500 that would indicate um initially that we have completed a correction of

Some sort even though it doesn’t really look finished yet not with the latest price action and that we are moving higher towards 54,0 360 next um this structure could turn also into a more complex wxy pattern um the exact structure is not known in advance really

Not in Corrections so just to give you an idea if this is a wxy at 50k the low might be in you know we we do not need um another 4 five pattern okay so it could it could even be complete already but then the thing

Is we need some kind of a signal right it would it it would be Gess work if I tell you oh the correction is already complete no um too early could simply be a w x y and then the Y wave was an A B C so there are many combinations that

Could apply here um I typically you know prefer not to show these microc points too much um because they don’t really have predictive value that they tell you about um possible possible turning points so for example here wxy yeah I mean it’s a reasonable it’s a reasonable

Count to apply here but is it likely well probabilities are quite balanced I would say so pay attention here in this area obviously it’s coming you know it’s clear this is sort of um an area of previous swing lows so you watch that anyway and from a account point of view

Yeah by all means could be could be in but the normally more probable pattern is an ABC pattern they are the standard correct Corrections so yeah it’s quite interesting I think we’re still consolidating on a high level um just a bit of volatility in that range but you

See we have a fairly clearly defined range as well just need that breakout of that range to confirm which direction Bitcoin wants to go and the upside breakout yeah could send us up directly whereas a downside breakout well would send us just into the orange support range really that’s my update about

Bitcoin hope you like the update if you did please hit the like Buton button leave a comment and subscribe and if you really like the content then please check out the channel membership also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for watching [Applause] bye-bye