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 let’s take a look at the short-term bullish and short-term bearish case for Bitcoin both are however part of an overall bullish scenario and it’s always a question of time frame that we’re looking at I mean Bitcoin can break through a lot of micro

Or small support areas and still be overall bullish so it’s always a question of time frame here we’re taking a look at the 1 hour time frame and here there is a very one very important Line in the Sand that I’ve been mentioning for probably the last couple of weeks or

So um that we are watching and which needs to hold to keep the overall direct uptrend going uh if that level breaks and that’s at 47k then we have to expect further downside uh Pro possibly even an acceleration of the downtrend because this is the level where the market

Sentiment changes yeah the value of the analysis is not really to tell you if it’s going up or down the value of the analysis actually to tell you where the market mood the market sentiment the actual Market is changing the behavior because everything in the market depends

On market modood right all the buying and selling it’s simply um a result of fear and greed you know the the the most simple forms of the emotions that you can find in the market it’s all about fear and greed you know all the moot the emotions of Traders

They lead to supply and demand they lead to buying and selling you know sometimes I read comments people say oh just use you know supply and demand whatever well see that all comes from from Market mood sentiment so I I even look at the root cause of that okay and that’s what the

Fibonacci levels are they are the mathematical representation on the chart of Market sentiment We Know by using Elliot wave we get a great understanding of context we know when the market sentiment is likely changing okay so what we having what we have here is that 47k level if that level breaks we are

Likely going to see the price get back into the yellow support Zone and there we already are at the short-term bearish scenario yeah that’s what the sh short-term bearish case is the market would break below 47k and that would most likely lead here to a reset of the wave four that presumably

Finished on the 23rd of January okay so it would mean that the move that developed since the 11th of January was just the larger A B C flat structure possibly a running flat in which the C D wve will end above a so we might never see those prices again u i

Shouldn’t say never um but not in this way for um but you know we we can then when that happens talk about the implications of that but for now we are holding above support so I am not worrying about support breaking or anything my uh idea is that in the white

Count and that’s the preferred scenario that’s the short-term bullish case we are going to see the price move up further that’s my leaning I will change my opinion below 47k again that’s the value of the analysis to tell me in a very objective way when I have to change

My perspective yeah so I never try to impose my view on the market I’m not trying to tell you oh it’s going up or down I’m telling you I’m bullish as long as 47k is holding and the analysis tells me I can be but the analysis also forces

Me into a more bearish perspective at least short term when that level breaks but that doesn’t mean it’s overall bearish no just in the short term okay um and then I have to think about what does that mean for my portfolio but that’s a completely different question that’s very personal and individual to

Everybody um in their own portfolios but um in the preferred scenario at the moment as long as we’re holding above support we’re dealing here with a 1 2 3 4 five structure and I’d like to see wave three finished first so I think we should get one more high in wave three

Then get a four and a five okay and that’s the shortterm and then if the if we take a look at the very short term here however not much happened um even though we looking at the very shortterm but really not much happened we talked about this potential descending triangle

In the previous update let me shift the trend line just a little bit I don’t like to use trend lines so much they’re very subjective um it’s like uh cooking with a dull knife or something you know it’s not the it’s not the best tool um necessarily um because what could happen

For example example we have a break of the trend line even if it breaks to the downside or that support line there yeah you see that horizontal support line what does it tell me it doesn’t really it doesn’t it won’t really I mean it means that we possibly go down into the

Support area between 50 and 47k but that’s really where the important things happen not really up there um because even if we go to 50K 48.3 it doesn’t change the scenario okay so the scenario will only change below 47k whereas a break above the descending trend line could simply extend the

Sideways sideways movement it really takes a break above that b-wave top at 5286 to suggest we’re going up more directly so again trend is up I’m focusing on upside I’m very open to the idea that it goes up more directly that can of course happen when would that be

Confirmed well with a break above that 1.78 6 extension at 5286 until that happens I’m leaning towards another low here in wave C I like these uh support areas to be tested and ideally it’s the area around 48.3k the 38.2 retracement because in a fourth wave we usually see the price test that

38.2 retracement level 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 also make sure that you follow us on Instagram and Twitter for additional

Content thanks a lot for watching bye-bye