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 yeah continues to move in its range there but we can see on the daily time frame already that it might be rolling over a bit or at least it’s testing the lower boundary line of our support here it’s

Just structural support okay so it’s just the range boundary it’s not Fibonacci support what I show here on the daily time frame but you still see there’s a a lower boundary line the lower line of the trend channel uh well of the of the uh range the price range

And up there so it’s between basically here the 1. 786 extension which represent represents here the resistance level at 56 no 52677 roughly and then we have support down there around yeah 50,500 so that’s unchanged but what we start to see here is something that looks a little bit like a

Descending TR uh triangle let me just change that so you see that here we have the horizontal support line here and then we have a descending trend line it looks like a descending triangle these tend to break to the downside but um that’s you know I’m not telling you it

Does um it they just statistically speaking more often than not break to the downside it what I use more than that is obviously the Elliot wave pattern and we can see that on the 1 hour time frame and I personally would prefer a test of the lower Fibonacci support levels which

I haven’t got here on the daily chart but uh we can just quickly show them so so this would be the lower Fibonacci support area roughly yeah it’s roughly between 40K and 50k 47k and 50k so here the 50% retracement is at $47,000 um only a break below that level

Will cause me to yeah to basically activate the alternative wave count and the preferred wave count well it will become far less likely basically invalidated but until that happens I mean literally it could test this area a few times and then go up and it would be

Preferred for the price to test this Fibonacci support area because when we have an Elliot wave count we know that in which wave and I’m not showing the subway structures here on the daily chart but we know in which wave which FIB levels normally are tested and in

This particular case here they haven’t been tested yet and again that’s the AR between 50 and 47k and it just often is the case that they will be tested so therefore I you know obviously Bitcoin is getting boring uh altcoin is quite interesting but Bitcoin is getting boring

So that is not necessarily a problem but it means that this correction might just we might just need to test these areas before the correction can be completed and there is no typically you know Corrections are not completed without red candles now the size of this current consolidation correction which started

Here on the 15th of February that is very healthy it’s a good size for a wave four correction and this is either the wave four in the white count and the wave three already topped on the 15th of February or it is a wave four within

Wave three still which is what I show actually on the 1 hour time frame we discuss that pretty much every day um but yeah you know this this is the preferred scenario that we go up further in line with the white count and the orange count is the the alternative that

Will be activated below 47k which basically means that we’re likely going to revisit the yellow support Zone down there before going up further so now let’s take a look at the 1 hour time frame here you see it in more detail you see had a larger degree fourth wave

Bottomed on the 23rd of February January and that we’re now moving up in this fifth wave and as I said fifth wave consists of another one two the wave three likely still unfolding then 45 and what we’re doing here is probably just the development of wave four in

Wave three yeah wave four in wave three and so I’ve just shifted this to the right a little bit bit um because the price obviously moves sideways doesn’t really lead to any progress but yeah preferred would be that obviously within this third wave we have here one two

Three now the wave four and then a wave five and even after this fifth wave obviously the structure could fail so I will adjust the support area but at the moment the main bullish support against which I focus on higher prices is at 47k that’s for me the the important

Level only a sustained break below that level sends us back into the the yellow box and means that Circle Wave 4 here from the 23rd of January never finished and then into the detail yeah not much going on here but here you see this descending um triangle I mean today

It seems like Bitcoin is moving in the Apex within the Apex of that triangle and um this typically means that a big move move is coming okay hasn’t started yet probably but a big move is coming and often you know prices that when they move into the Apex of a triangle it’s

Like as if they are compressed and then it’s like a spring that you release and it suddenly jumps so it that could affect the entire sector if that happens so just be prepared for that um a move to the downside I think is sort of preferred but it also doesn’t need to

Happen immediately so this just a structure as it appears right now as a reasonable interpretation a wve b wve and the c-wave down if that happens however the C wve is quite long so I’m not entirely sure about it I just show what I think is a likely

Interpretation it could also be that all of this is some kind of a some kind of a wxy pattern in yellow which already completed wxy and then we go up directly so we don’t need to test that orange box but it appears likely if we don’t that’s

Fine as well I mean the trend is up I I approach this from a mindset that has say okay if we get into this region and I think specifically the 48.3k level is likely um if we get into this region then the market makes the pullback available and offers that opportunity I

Don’t know if the market is that generous so it might not do it but then I would at least need to see a break above that next FIP level at 5286 to confirm that we’re going up more directly but so for me the up up side pressure is high against that support

Area but doesn’t mean we have to go down that low we could just start a new Rally from anywhere here yeah and the signal then would be a break above that last swing High here and the 1.6 786 extension at 5286 yeah that’s my update about um

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