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 well Bitcoin is just still ranging in this local price range hasn’t really moved at all so yeah um these are always the worst updates because there isn’t much to say so we can keep it short and rather focus on some interesting altcoin developments

Because there at least we get some progress but what we can do in this video um shift things into the right position because the price moved on and we talk about the different structures and if any likelihoods or probabilities have shifted so let’s first of all start

Here um zoomed out on the 1 hour chart for anybody who’s new on the channel and I know it is repetitive I know it is repetitive for a lot of you who have been watching these video who are watching these videos regularly but I have to start with the greater context

And to help everybody who’s new understand where we come from but I know that a lot of you who actually know what’s going on also appreciate that because I do get messages all the time say okay yeah please repeat repeat repeat it is helpful and I understand

That so um while it can be a bit boring for some I think it is overall very beneficial to talk about this again especially nothing happened really you know there I’m running out of things to say anyway so looking at this structure the fourth wave is probably still in

This um well in the same position so that hasn’t moved so the idea is still in our preferred interpretation that the fourth wave of this larger upside cycle the fourth wave has bottomed on the 23rd of January then from here we saw a first

Five wave move up which we call a wave 1 because if Circle Wave 4 which is the larger degree bottomed on the 23rd of January after a third wave topped on the 20 uh on the 11th of January then we should now be in the fifth wave and the

Fifth wave is again a five wve move which is why I’m watching four five waves and why I call out here the first wave down here of that fifth wave um topped probably on the 30th 31st of January in Wave 1 then a wave two pullback wave three to the upside um

Probably still in the making that’s what I prefer okay wave three could have topped here somewhere but but it doesn’t make a difference it doesn’t make a difference because the support area wouldn’t change because we would be looking at a fourth wave anyway so in the preferred interpretation the

Third wave is still running and we had a wave 1 we had a wave two we had a wave three which might still be unfolding and then we should get a four and a five again there is the variant to say that okay 1 2 three 4 five but also here

We would see further upside so in the short term doesn’t matter I suggest we deal with that question after the next High um but I can tell you what I prefer which is a little lower maybe then one more High then another higher low then another higher high so that should give

You the ideal structure that I would like to have ideally filled in okay so that’s the preferred interpretation in which the price could then as soon as all these Corrections are finished in these wave fours in which the price could reach Maybe 58,000 800 which is the one of the main

Fibonacci levels up here yeah um if I go to the 4our Chart we see it it’s the 1.2 36 extension of that initial one two down there oh no of the larger degree that is but that’s the next main level to watch and um the smaller fips are at 54,3 60 and

57,187 A6 extension at 5286 which is also basically the next breakout point to the upside so anyway I’m looking for higher prices and we need to know however when this assumption changes and that will be below $47,000 so based on the structure we have we can identify certain support

Levels and these support levels are defined based on the wave count and it’s a wave four so wave four we know typically reaches the area between the 23.6 Fibonacci level and the 50% so basically 50k and 47k with round about the 48.3k level as ideal Target um however it’s not really

Coming down I have sketched out here a road map um that I find likely okay but again we dealing with corrective structur so whenever we’re dealing with these Corrections we’re left with various potentials very various potentials so I just try to shift this into place here messed it up already so

Let me just try that again so in this scenario um we obviously currently in that fourth wave which should lead to another high in the third wave in white or to complete a b-wave here because below 47k I have to assume we have a b-wave top which would then lead to

Another dip into the yellow support Zone probably but as long as we’re holding 47k I’m watching for higher and then okay when can I when do we have confirmation that this um c-wave to the downside is actually unfolding I mean at the moment all the upside movements have

Been quite corrective the problem is downside movements as well so we don’t really have an edge here or I can say with high probability you know High certainty um confidence that the seawave has started because until we break below those previous swing lows here the

Saturday law on the 17th and the 20th of February law I can’t really say that this seawave has started okay so the b-wave has topped on the 20th possibly if the c-wave has started we should see a break below that Saturday low the um green line at

50,60 and then we should follow through to the downside and possibly test the ideal support for a fourth wave wouldn’t be bearish I know people would Panic there if it goes lower because I think we will see a few red candles if we see a break below that

Line because it’s quite an established um support level now so there will be of um stop losses below and when they trigger then this could lead to a little bit of a small Avalanche to the downside but yeah um that wouldn’t be bearish it would simply finally um maybe flush

Those weak hands out or you know get rid of some of the leverage in the market and that might help the market to rise again without red candles Corrections cannot be completed that’s my update about Bitcoin hope you like the update if you did please hit the like button

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