Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

hello and welcome to another update
video about Bitcoin yeah on the Bitcoin
chart the situation is basically
unchanged Bitcoin pushed a little higher
overnight but hasn’t really done
anything substantially new or exciting
um one hand that’s good because it just
sort of follows our structures there’s
no change in structure the trend is just
shortterm up okay and we have this um
Trend Channel that I brought onto the
chart so I’m going to zoom in in a
minute take a look overall no change the
scenarios on the smaller time frame as
discussed yesterday are unchanged all
still relevant so you know no change so
however it’s important to recognize the
updated parameters there are some
parameters that have been updated
because Bitcoin pushed a little higher
so I had to update the micro support
area as you might know unless Bitcoin
forms a local top here in this region I
cannot really confirm this support area
as defined it’s currently a moving
support area because as this price
pushes higher the support area will move
with the price doesn’t mean the price
will dip into this support area as long
as we form higher highs higher lows well
there is no wave two correction
Direction and therefore I have to adjust
it with the price always measured
against the latest High which is labeled
yellow wave 1 the overall situation on
this chart as I said is unchanged the
idea is um that a fourth wave started
here around the 14th of I think it was
the 14th of March here yeah with this
third wave top where the price peaked
locally at
73,74 then we started away for
correction which is labeled as a wxy
structure in the short-term bearish
scenario and it’s labeled as an ABC
structure in yellow in the short-term
bullish count they are both valid both
reasonable
assumptions and I wish I could give you
very clearly my preference I’m treating
it as it is as if it is bottomed but we
definitely need to keep the door open
for one more lower that’s all I can say
at the moment because the move down is
complete the correction is technically
complete but there is also one other
part way the market could take in case
it you know in case it experiences a
roadblock up there or something it might
have to take a diversion which would be
here this yeah so it means I am looking
for higher prices in the next move up to
round about
$90,000 either from here but then it
should form a higher low or from down
here so technically speaking that means
buying in this area again if the price
dips into it could be reasonable now I’m
not telling you to do it that depends on
you yourself your portfolio and so on
but from a chart point of view it might
be reasonable to look for more entries
in the orange Zone because it doesn’t
mean what it doesn’t mean is if we dip
into that zone it’s bearish it actually
means it’s just another opportunity only
if the Zone breaks it would be
potentially bearish or at least much
less certain there is Never full
certainty in these markets anyway but
you know you have a degree of confidence
okay and stability and the support area
has been holding here for more than a
month now and therefore as long as we
hold it you know there’s nothing barish
about this chart at all and the bull
market is still running just making a
temporary break here in this correction
that’s what a wave for does it’s just
boring but that’s technically speaking
very very clear I think and if we go up
more directly then we have to watch for
the following parameters so short-term
bearish should be clear but it’s part of
an overall bullish thesis and if I zoom
into the um 30 minute chart here and we
zoom into this price action there and
you see not really much happen since
yesterday so in this shortterm bearish
count that I just mentioned the rally
could be a b wve and as long as we only
see three waves up as long as it has a
three-wave characteristic as long as we
at least can justify to call it also a
three-wave move I’ll leave that on the
chart um the problem is this move up
from the Friday low is not impulsive so
I can easily interpret it as a
correction as well okay so that’s
sometimes not so clear not on smaller
time frames and not when we have so much
overlapping price action as we have here
it’s like all looking corrective right
here this high with this low and so on
you know there’s it it lacks the upside
momentum that we would normally want to
see in an Impulse this wave four was
also very deep okay it didn’t overlap
with Wave 1 but it’s um not the
strongest upside moment M so we cannot
rule out another low whenever we’re
dealing with a leading diagonal it could
also be a correction that’s the thing
you know they are easily mistaken for
each other or you know
confused so still though you know I’m
treating it as if it’s bottomed as long
as micro support is holding so in the
yellow count which is short-term bullish
we can justify that this is a leading
diagonal in Wave 1 and yellow but then I
would like to see a wave two pullback to
confirm that so I have five waves up
yeah looks good but we haven’t seen any
really signs of a wave two start so it
needs to hold a higher low in the next
pullback stabilize react to this support
area and then rally the support area is
now between 64,0 220 and 61,000 180 but
it takes a break below the trend line
here to really I think give us a good
indication that this Wave 2 has started
still printing higher highs higher lows
and it reacted to the last resistance
level here at around 66,000
800 which was one of the Fibonacci
resistance levels but also here the
previous wave for high so you have
structural and Fibonacci resistance
together recently someone asked me if it
makes sense to consider let’s say
resistance and support levels with
Elliot wave as well I did say I do that
already right so we have the honestly
the um the Fibonacci levels they are
support resistance but also when we
whenever we have structural levels
especially when they align with the
levels they can be good uh additional
you know support or
resistance so we see that but they often
don’t have a a real meaning in Elliot
wave okay so just might just be a
temporary um stop so I prefer the FIP
levels though but yeah if a pullback
starts now it should dip into this
region but hold it if we continue to see
a rise and it doesn’t break to the
downside of this channel then at some
point it will morve Into the Blue count
and I would love to tell you it’s blue
or yellow now but it’s not not possible
to distinguish or white okay so that’s
all all options still on the table
literally what distinguishes the bullish
momentum from the bearish momentum at
the moment is the 61,800 level because
as long as we hold that level the yellow
count has really a good chance and high
probability um but white as well but
then as long as we hold support you know
I don’t think there’s it makes sense to
consider it so it might make sense to
consider it from a profit taking point
of view if you think okay it could still
be a b-wave I don’t want to lose any
profits if if I bought down here then
yeah I mean may maybe take some partial
profits but there’s no sign a pullback
has started at this stage yeah and then
if it continues to push higher
678508 above from here then it can’t be
the yellow count anymore I mean it could
technically but it would other counts
will become more probable like the blue
count in which we have a one two and
this would be a third wave then four
five and this third wave could take the
price more directly to around about
71k yeah
that’s one of these relevant levels yeah
that’s all I can say really at the
moment about Bitcoin hope you like the
update if you did please hit the like
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content thanks a lot for watching
bye-bye

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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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