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 unfortunately we’ve run out of things to say there is not much more to update about Bitcoin at the moment than I already communicated in the last update so we’re still watching here for the price to ideally pull back into into this support region

Here in Wave 4 I’ve got this um wxy structure here um sketched out it it could be something different I explained in the last video this particular structure here is very ambiguous whenever we dealing with corrective subwave structures you’re typically left with a lot of potentials one of them is

A wxy pattern the micro count in this particular correction is not incredibly helpful because the market is simply moving here in a very very local range and um it simply shows you potential but the market of course needs to act on it so the first problem I have I could say

The wave three finished here the wave three finished here uh does it make a great difference not really I could even if the price finished here on the 15th of February which I I actually think looks better I could still say that this

Is a wave W this is a wave X the move down is the Y wave and then we simply looking in this w XY by the way I need to change the wave degree um in ABC was unfolding right so let me add that to the Chart the micro account itself isn’t so

Helpful really here so a wve and then maybe the b-wave as a flat and then the c-wave down so it just shows you there are lots of potentials that could still send the price down lower this actually being one of the more likely ones I think and it doesn’t matter if the third

Wave sits here or here first of all it does really only have a not noticeable effect on the support area and also it doesn’t it just doesn’t matter okay so this wave count doesn’t tell you that with a higher likelihood it’s going to come down what really tells me with a

Higher likelihood that it’s going to come down is or test the support array is because wave Force typically do that okay like most wave force test the 38.2 retracement or at Le at least the 23.6 FIP level but it’s not like 99% I mean Let It Be 80% 75% okay um possibly even

A little bit more but there are the maybe the 10 15% of way four Corrections that are not going to test the support area they might be hovering above it might be forming a triangle or just a sideways correction and Bitcoin might be doing something similar so it’s not

Exactly a Target area it’s more it’s just support support areas are not targets very important because they are counter Trend moves sometimes they just um they the price just doesn’t need to correct that much if the sentiment in the market is so bullish that the counter Trend move

Is just extremely weak so that’s still the idea that we could come down and test this area um the condition would be that the wave X High shouldn’t be broken to the upside at 53k if it is then we should be looking at more direct upside

And for me it’s um in the preferred scenario either a move directly higher or from the orange support area the alternative wave count will only come into play below 47k so the $47,000 level remains here my important support on the chart that hasn’t changed and as long as the price doesn’t break

Below it I don’t have to change my preferred scenario my preferred scenario here on the 1 hour chart has to change if if we see a break below 47k because then it becomes quite obvious that this wave four that presumably finished on the 23rd of January never finished and

We are still moving in the wave four in a wider ABC structure so at the moment I think um we need to be observing the in the range in which the price is currently moving here between support and resistance key support level is around 50,600 or

50,5 a break below that should at least send us down to um 50k and the break above the range boundary that would be more directly bullish here the price could get to 54,0 360 next but then more likely also to 58 62k in the next move up so the trend is

Up against 47k if the market offers a bit of a pullback into the support area it could be an opportunity 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