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 shows a nice green candle I mean this could be it this could be a potential breakout but uh until we see the actual breakout um literally we remain caught in the range and I know everybody wants a breakout

Myself included but we cannot confirm one until the breakout level is triggered and the range is actually broken but Bitcoin has a realistic chance now after it was basically just asleep for a few days so we’re going to take a look at that now um we’re only

Going to take a look at the 1 hour chart and the shorter time frame really but overall the perspective on the Bitcoin chart is bullish as you might know if you watched previous videos um bullish against the 47k level that’s really the level against which um we focus on

Higher because only a break below that level would change the scenario there’s literally no change to the scenario as long as we’re holding above the 47k level and my perspective is and has been for the most um well for the last few weeks actually for the last month

That we are in a five-wave move to the upside from the 23rd of January low I count the move up as a wave 1 a wave two a wave three a wave four and this could now be the start of the wave five it’s a little bit too early to confirm that

Until we get a break a sustained break or a decisive break above the next resistance we’re going to zoom in and take a look at that now um but as I mentioned before we have a support area on the chart only a break below $47,000 would train this scenario what

Does it mean change it well I mean we already have our let’s say backup plan on the chart it is possible that instead of the scenario that wave four bottomed on the 23rd of January and we’re now in a wave five it’s possible that wave four never finished and that instead we’re

Dealing with a more extended A B C flat structure in which the current rally was only a b-wave which is possible um because it is it is entirely possible to count the move up as ABC as a three-wave move so I’m counting it as either an ABC

Or in the white count 1 2 3 with now possibly a way four completed and then with one more High to come in wave five so it’s pretty clear actually there there is one Line in the Sand I’ve been very very clear about that as long as we

Don’t break below that level the focus is on higher prices but this is the level and that’s really the benefit of the analysis to understand what’s the Line in the Sand what’s the scenario where we have to expect a change in structure okay at least on the micro

Level I mean again don’t forget we only looking at the 1 hour chart here so even a break of the micro structure would not change the bigger picture it wouldn’t change the overall situation on this chart now let’s zoom in um so the idea is that it’s absolutely possible that

This rally here is um one second that this really is already the wave five the idea is that yep wave four could have completed here on the 24th of FB but that would have to be a wxy structure so it’s a Tru a structure I naturally don’t trust but it might be

Worth to explore possibly the unfolding of a five wave pattern to the upside now from that last swing low on the 24th of PB because this could be a wave 1 a wave two a three a four and a five and depending on how high the third wave

Goes I mean we get another nice extension but that’s sort of what I think is reasonable especially if we get a sustained break above that green line but it has to take it above 52863 it is a bullish Market you know that pullbacks can be shallow and as I

Said in the last video it is absolutely possible that this correction will never see the support area for example if we just see a very shallow correction or if we um if we see something like a triangle but we didn’t see a triangle but possibly a shadow correction Bitcoin

Tries to break out could still be a high BF at this stage but it looks promising and let’s see if we can get to the next resistance so our immediate resistance is at 5280 above that level 54,0 360 and then 57,5 then uh above that level I still

Still have the larger degree Fibonacci level and that’s at 58,800 I’m just going to zoom out quickly and and you see it here on the chart uh where is it here the 1.23 6 extension of the larger cycle so basically what we’re looking for is a higher price still possibly stretching

Into the yeah 57 58k region over the coming weeks but first we need to for a low that low could have happened already especially given that green candle it’s the strongest green candle probably that we’ve had in so last time we had it here around the 14th of February bear in mind it’s

Only the 1 hour chart so it’s not not anything major here but we would finally be able to get out of this long and boring range if we can finally get that break out to the upside on the flip side I know it looks bullish now but things

Can turn around at an instant um if we see a break below below that last swing low again at 5150 then we are likely going to re or we’re going to enter probably The Orange Box which starts support at 50k and goes down to 47 so what can I say momentum is up

Their momentum has turned on which is pretty good and let’s see if it fills in these nice five waves to the upside so that it can also make a new high by the way after this larger third wave then we should see a larger degree fourth wave

Here so if the third is finished we should get another pullback and then another extension higher in wave five so all of this um or this white structure should take us basically into the direction of new all-time highs 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 pleas 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