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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Hello and welcome to another update video about Bitcoin we take a look at the 1H hour chart it was a really really slow day we haven’t really seen much movement today really quiet um really quiet so we’ve seen in the uh late hours of the trading day a little bit of

Upside that was pretty much in line with the S&P 500 um and the es Futures so basically the S&P 500 futures US market they also moved up sort of towards the end of the um trading day and after close even and Bitcoin has sort of followed a little bit but nothing major

Happening there to the charts and no support levels broken no resistance levels broken Bitcoin continues to move in the range so we can keep it short I think um again anybody who followed us before and is following us you know thanks to all of you you basically know

That um our preferred scenario suggests that fourth wave completed here on the 23rd of January we’re now in that fifth wave that can take us very broadly speaking into the area around 58k um 54,3 60 is for example the next main resistance level and then we can

Get to 58 rough roughly and then maybe even 62 as suggested in the previous video but first of all we need to see if the market can break out to the upside and it should follow this pathway um which is a wave 1 a wave two a wave

Three a wave four and a wave five this is um the ideal scenario that I would like to see play out in this third wave yeah the White Wave count as I said is the preferred scenario in this wave three we have another one two three and

This is now possibly a w four the question is how low do we go and then one more high so that is how I see it that we’re basically in a third wave but within that third wave we obviously also have five waves within that third wave

We’re therefore in the fourth wave with one more High to come possibly 254k to be honest um so we’re currently dealing with this fourth wave so we’re going to zoom in in a minute talk about that um before we do that the idea is that um the market I ideally in this scenario

Holds the support region that I defined there are three Fibonacci levels which are normally relevant for a fourth wave the 23.6 FIP level the 38.2 and the 50% retracement so far they have been holding we haven’t even well we haven’t even come close to the most critical one

Which is the 50% retracement because below that level we are likely dealing with invalidation of this scenario okay so what does that mean well it means that we will have to look for an alternative scenario which is already on the chart but we have to just be

Prepared for it doesn’t mean I expected it’s only the alternative but we have to have a backup plan in case the preferred scenario does not unfold as planned okay so what would that be it would simply suggest that this fourth wave which presumably completed on the 23rd of

January never finished and will be reset over here so it’s then just a an a BC structure a larger flat structure but I can really only confirm that if we get that break below the critical support of 47k this level hasn’t changed in a while and stands firm and the market is just

Moving in the range so you can see we have this area of previous swing lows structural support basically here around 50, 700 50,800 yeah sort of that range and I highlighted to to you to really confirm that we are heading down in this c-wave we need to see a break below the weak

And low a decisive break well there’s nothing decisive about it and it didn’t even break so uh that weekend low is still holding and um the market is just moving a very very tight range so we need to get that range breakout if it happens to the upside that would suggest

That wave five of the larger third wave is already unfolding towards 54,3 60 and um it would then mean that this fourth wave likely just unfolded as a wxy structure but it looks fairly unfinished I would even argue that it’s possible that some kind of a triangle

Pattern is unfolding here but I don’t have any evidence for it at this stage it’s just not Contracting enough you triangles should normally in most cases be contracting triangles so it’s just not doing that so that leaves me still with the two options that that we are in

This c-wave to the downside but then this was not yet the third wave so it could be that the third or that this entire seawave to the downside unfolds as an ending diagonal that would explain why in the third wave of the C wave we

Start to see this rally that is not a reliable pattern at all okay so these patterns when they don’t reach their ideal targets the third wave should have come down a little lower for example um then it typically suggests something different might be going on so as I said

For example at wxy the low might be in we won’t know that until the market breaks decisively above the Tuesday High here around 5286 overall the slow days just a little bit of up and down movement but as I suggested these sideways Corrections they can be positive for altcoins even

Though today the altcoins have been bleeding a little bit at least most of them um some have performed still quite well so yeah that’s my update about Bitcoin hope you 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 also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for watching [Applause] bye-bye