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 the Bitcoin chart is unchanged and it’s still moving in the current price range here so I still see the possibility as well the the possibility that the price is moving into The Orange Box actually that’s still preferred even though I have to

Say that pullbacks have been extremely shallow and you know the longer this correction takes just sort of sideways I think the the lower the probability that we’re going to see The Orange Box because prices can correct over time or over price and in this case the time

Definitely is a factor here seems like there’s one more High missing to form a five-wave pattern I wouldn’t rule out a move to 56 58k maybe even 62k in this fifth wave over fifth wave of a third wave the preferred scenario is that a larger degree fourth wave

Finished here Circle wave four on the 23rd of January you know that if you’re new on the channel I always try to give you an idea in the beginning of the video and um yeah basically for everybody who’s new the idea is that in the preferred scenario this was a wave

One this was a wave two this move up was a wave three we are now in the wave four and we should get one more high in a wave five then we have a so-called five wve move which can be considered an Impulse important for an Impulse is that

The 50% retracement level of the third wave is holding and that level is at 47k so as long as the 47k level is holding I can see the move up as an Impulse which is therefore very very well therefore this 47k level is so important I’ve been mentioning it now

For more than a week it is the key level that distinguishes between further upside and a move down basically the key pivot the key pivot from here as long as above that I’m going to look higher yeah of course the market could come down a little lower than um where it’s now you

Know of course could enter The Orange Box that would actually be preferred because it’s quite a likely outcome um below 47 K however we have to look for further downside because then as you might have um realized when I spoke about the condition for an Impulse

Well it cannot be counted as an Impulse anymore then all right and if it cannot be counted as an Impulse probability is for something different increase and in my opinion the next probable outcome if we cannot hold a wave for impulse pullback or wave four pullback in an

Impulse well the next most likely outcome will be that this here is simply a b-wave top basically a-wave down a so-called b-wave corrective rally which typically means that we are going to go lower into the region of the previous a-wave low and that’s around 39 maybe 40K so that will become much more

Probable with a break below 47k therefore this is such an important level such an important level and if we go to the really the Nano perspective micro perspective um we see here that yeah there is certainly not really any impulsive rally happening to the upside at the moment and the market continues

To be in this range but it cannot really get to the top of the range anymore at least not at the moment so I’m just wondering if weakness sets in but then again until we get a break finally finally below this green support line there at around 50, 550 I cannot confirm

That this seawave of wave 4 is indeed unfolding okay it’s going to be impossible cannot confirm that until we break below that green line and if we break below that green line I think we should test the 50k level next that’s the 23.6 FIP level it would be very shallow

For a fourth wave the most frequent Target of a fourth wave is actually this um 38.2 retracement level at 48.3k and a break down below that could send us to the 47k level that would be a very deep Wave 4 ideally we avoid that and therefore I often say it’s only

Support 47k is not a Target but um obviously I cannot rule out that the Wave 4 will get there at least test that level but it wouldn’t be my preferred interpretation I’d like to see the price come down a little lower possibly to test the area around

48.3k and as long as this level is holding or this range is holding a fifth wave higher is still expect expected just be aware that below 47k we are likely going to play out this a b c orange scenario now would that be bearish not really it would simply delay

The beginning of that fifth wave to the upside because in the orange count wave four circular wave four which presumably bottomed on the 23rd of January never finished it would need to restart that fifth wave to the upside but as I said that’s at the moment not

What I’m primarily watching for can I rule it out no of course not but my preferred interpretation is that this is still a fourth wave within a larger fifth wave of an even larger third wave which would eventually take us to new all-time highs today in Our member live

Stream at 5:00 pm UTC we are going to do a deep dive into the Bitcoin long-term chart as well as The Ether long-term chart a really long-term Outlook um discuss different counts talk about you know what happened in the last bare market last bull market and so on so if

You’re interested in that check out the membership um you might be late for the live stream now but you can rewatch all the recordings of previous live streams including the one today just thought I’d mention that because this will give you really a good overview of all the likely

Counts I’m considering for Bitcoin as well as ether because ether as well is at the key key pivot um but that’s obviously something for ether videos um in the short term here there is really not much more to add for for Bitcoin I think the support is clear

47k next upside yeah could send it um well there is some resistance at 40 54k 54.3k and then 57k and then the next larger resistance area here at 58k if I zoom out a little bit we can see these yeah 58.8k actually it’s the 1.2 36 extension level um these are all

Relevant levels for the next upside but if we go up yeah in wave five or five of three I think we’re really looking at 58k roughly in that area um yeah and on the daily chart obviously the relevant resistance on The Daily on the larger time frame is the 35k level again also

Here I’m not predicting we go below that level instead as long as we’re holding it I’m looking at further upside because even in the orange count we would likely not um drop below that yellow box or we shouldn’t really because if we do then the larger assumption on the chart needs

To change and you know we have that b-wave pullback alternative um but my preferred outcome is I go with a trend you know so I am leaning towards further upside still in the white count would need to change my Approach a little bit below 47k but that would still not

Confirm a change in Trend in the larger on the larger time frames there is really not much more to add about Bitcoin the only other thing I’d like to mention is that of course Bitcoin um is expected to go up higher as long as we don’t break below that 47k level but we

Have to give it that entire space here to move freely basically and that’s only support it’s not a Target so it is possible that Bitcoin breaks out earlier I just want to mention that breakout point which is here 5208 60 it’s basically this previous b-wave High yeah not much more to add

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