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 Bitcoin is still in its price range you can see it here on this chart really in the last few days not much happened there was a little bit of selling pressure but as you can see you just take a look at the C candles

And the wigs really everything happened up there sort of in a very tight range between yeah you could say 51,500 and 52,500 so it’s a fairly tight range Bitcoin is forming um yeah you you know you could call it maybe a bullish flag it’s not trending down sometimes

Those bullish flags are sort of trending down but it’s just moving it’s moving sideways so technically you know if we don’t talk Elliot wave language but technically that could be considered a so-called rectangle pattern these tend to be Trend continuation patterns we’ll see we’ll see how that develops either

Way there is currently nothing really to add to the Daily time frame but we want to cover the daily time frame once a day because it’s called daily h no uh it’s good for everybody who’s new on this channel so let’s take a look at that

Quickly and then we take a look at the micro structure and we don’t need to um make a very extensive ta because you know everything has been said I am running out of things to say so it’s better to just focus on other coins that maybe are moving have moved so I mean

Looking at this chart here the preferred interpretation is still the white count can’t say that often enough so the white count is preferred until micro support levels break and the first micro support level that we are tracking on the 1 hour time frame is the 407,000 level we have on this chart here

This um uptrend in potentially five waves in circle wave five currently we seem to be in wave three wave three of circle wave 5 over a larger third wave then we should get another four and another high in wave five which is up there somewhere so there you go um but

We can calculate the specific targets for that larger degree wave five once we have a little bit more price action price data but overall this wide structure overall should take take us to alltime highs in a pretty d fashion of course Corrections are part of it as well but rather corrective pullbacks

Which might not be very deep um here on the daily time frame we have the $35,000 level or maybe we should rather say this yellow support zone between 35k and 41.8k this is the relevant support Zone on The Daily it means that really this is a large range like what we have up

There in small is here in large it’s just that if we only have three waves up and not five yet I have to keep this support area on the chart so the further away we move from it the higher the risk naturally but um it means that it could

Very well be that we retesting this support range once more so this is the range in which wave four currently presumably finished but it’s entirely possible that the market will revisit that yellow support area until we have five ways up from that low area or from that support range it is

Highly likely that we will revisit the area not anything I’m expecting because we’re currently holding relevant micro support levels and what exactly these levels are well we talk about that on the 1 hour time frame so it’s possible for example that the Wave 4 is still unfolding and it’s just a flat structure

That’s unfolding here it doesn’t seem like it at the moment because we’re holding support on a pretty high level but I prefer to give you alternative perspectives so that you have a backup plan because what happens if one day from one moment to the other the 47k

Level breaks and everybody will ask oh what’s going on people will probably ask nevertheless but it’s it’s going to be most likely then this c-wave down because a wave four can be characterized by these overshooting B waves and so-called expanded flat or running flat structures in which an over shooting

B-wave is common so let’s take a look at the shorter time frame then not e but here oh that’s interesting uh but looking at the shorter time frame on the Bitcoin chart yeah Bitcoin is moving in a tight range that is as already said pretty much every day over the last week

Or so sideways consolidation after a nice rally is very very bullish yeah not only for Bitcoin but it’s bullish for other coins altcoins tend to flourish when Bitcoin is moving sideways historically I shouldn’t okay not historically but in 2023 when Bitcoin was moving sideways on a low level it

Was really boring but when Bitcoin has rallied historically typically the altcoins have then um flourished if Bitcoin then undertook a sideways consolidation that’s precisely what we see here right now so the idea is that um obviously this here shows everything in detail the way four bottomed on the

23rd of January this is our yellow support range the idea is that we’re currently in this third wave still as I showed you on the larger time frame but within this third wave we could even get another 4 five pattern now how exactly that wave four is unfolding it’s

Difficult to say um it looks as if a comple as if a complex correction is unfolding these complex Corrections well they can get quite complex as the name suggests it is basically impossible possible to say how exactly it’s going to um develop there are just too many variants of these

Corrections normally when we enter a correction I’m tracking a standard ABC structure but this looks more complex than a standard ABC structure at least at the moment um but there are just too many options I could give you 10 wave County it’s not helpful what is helpful

Is to realize that we are in a range and the range is characterized by the green lines that’s that range is typically or those green lines are typically just or are in this case just showing you the range the doesn’t really have much to do with Elliot wave it’s just a structural

Range that could be traded so you know about the structural support and resistance levels the range starts basically down here at the weak and low and that was at 50, 6 yeah 50,600 then up there it ends at 5286 at the 1.78 66 extension um if we get a

Break to the upside of the range it’s very simple then I would suggest we’re going quite quickly to 54,000 360 maybe even higher if we break to the downside then it will get very likely we touch the next FIP support and we actually entering that orange support

Range um at the moment the market is very neutral and it’s just moving up and down in this um sideways consolidation phase in this yeah in this in this rectangle pattern really so there are counts for both up or down really um so it literally depends on

Which pathway the Bitcoin uh chart takes the analysis tells you when the market changes its mood and that will be below 47k so I’m generally leaning with the trend and leaning with probability so I focus on higher prices that doesn’t mean that the market couldn’t go into The

Orange Box I very much keep it a very very likely option that we visit The Orange Box but the bottom line is I don’t need to change CH this chart or the overall assumption or my preferred scenario as long as the chart is holding above 47k so I often I often said it

This is noise really unless you’re really operating on the five minute chart or unless you’re shorting every single wave which isn’t very productive in the bullish Market um you know you can just focus on the 47k 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 [Applause] bye-bye