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!

[Music]
hello and welcome to another update
video about Bitcoin yeah on the Bitcoin
chart the price has really only been
consolidating sideways so not much more
to add since yesterday’s update but
let’s start quickly on the 1 hour chart
um for anybody who’s new on the channel
just to make you aware that yep we are
here still in this overall sideways
consolidation in this corrective
structure this corrective structure
there’s absolutely no evidence it is
over yeah no evidence it’s completed it
could be okay I’m absolutely observing
that and we give the Bulls the chance
but um that requires a little bit
additional
evidence it requires the price to hold
support in this orange support region
okay so that’s important as I’ve said
throughout to get a first indication
that really a low has formed in this
correction we need to see five waves up
that’s the first level of confirmation
that’s not certainty and then we have
that potentially but it’s not crystal
clear and because of that we also need
the price hold the support Zone
stabilize there and then start a third
wave ready and that hasn’t happened yet
that’s the next step that we need to
observe the support area is defined the
parameters are perfectly defined that’s
precisely what we need to see so there
is a potential that this correction
which started around the 14th of March
ABC that is over all right in an ABC
structure here completed a wave four
correction and we’re now moving up in a
wave five to round about
$90,000 or higher um as long as we’re
holding
50725 that’s the Assumption okay
and anything that happens here really is
Noise Okay but if you’re interested in
the micro patterns yeah I mean that’s
what we’re observing on a daily basis
but basically the assumption that we go
to 90k Plus in the next wave up in the
fifth wave is valid as long as we’re
holding
50725 and of course the market could
have bottomed already or in the white
count and that’s the second scenario
this is simply a WX y pattern and we
might get one more low so we have to
consider that from a technical point of
view one more low could offer the
possibility to maybe add to positions
because we’re still in that overall
bullish scenario right someone said
yesterday to me that it’s bearish but
it’s not bearish I mean it’s short-term
bearish but if we go down to maybe 57 to
55k it’s holding the overall bullish
thesis I don’t like the terms bullish
and bearish anyway they are just too too
subjective really I mean it all depends
on the time frame as well right I mean
if the if on the 1 hour or like even on
the 15 minute chart support break I mean
some some people might call that bearish
from their own perspective I would
always say zoom out a bit we are dealing
with very very
volatile charts as you know so yeah um
so what we’re observing at the moment in
the short term is if the wave
four already bottomed here okay so that
would indicate that we could now hold a
higher low and then continue to move up
that’s what we need to see micro
patterns are often a bit ambiguous but
we can give it a chance because I can
identify a possible five-wave pattern to
the upside here it’s not the most
beautiful one but we did say this could
be a one this could be a two three
four five I don’t like how long the
fifth wave is but it’s it’s actually not
too long for a fifth wave CU we want to
stay objective So based on Fibonacci
extensions it’s absolutely not too long
some people might say it’s seems long it
doesn’t um well it is it does seem like
but it’s not too long cuz one way of
measuring a target for a fifth wave we
take the length of waves one to three go
to the low of the wave four and if it’s
an ABC structure or something then it
should have reached the 100%
extension but it reached basically the
61.8 extension that’s a common Target
for a fifth wave it’s a little long but
that’s
okay so you you could also maybe say
okay maybe the fourth was a triangle an
ugly triangle that’s possible as well
that gives it maybe a better look does
it matter not really it’s a possible
five wve move up whenever I can identify
a possible five wve move up I consider
it but because it’s only a diagonal I
could also make the case maybe this just
a b-wave all right so that’s the problem
but that’s why we offer we we’re
tracking support so the support area is
now going to divide between bullish
momentum and short-term bearish momentum
in the bearish count this would be a
b-wave
rally and you could actually say okay
maybe this was the AWA low then an A B
overshooting to the downside C wve up in
five waves that’s why I have to see the
three waves down as well so that the B
wave was flat and now we’re coming down
in wave C and if we see
that then we could be dealing with Wave
1 down wave two up wave three down wave
four up wave five down before the
complete the correction is completed
therefore it’s so important to see if
support holds but also again we need the
next five wve move up we need the next
rally to be impulsive not
corrective so the structure of the next
rally will tell us a lot about how
Bitcoin should move in the next few
weeks so looking at the micr
structure again we’re tracking here an
ABC structure to the downside b-wave
possible triangle c-wave might be still
unfolding and um again this bit here is
a bit ambiguous could also say the b wve
was here that’s you know I consider it a
triangle because the move down was quite
rapid so if it was rapid then triangles
typically break out and are you know
lead to Swift and sharp declines that’s
precisely what we’ve seen I consider
that overnight the the fourth wave might
unfolded or might still be unfolding as
an Elliot wave triangle which might
still get a few more squiggles up and
down um and then could potentially if we
get one more low I mean the good news
about a triangle is it typically
indicates it’s the last wave of a cycle
so well not the last the second to last
so the next wave down could be the last
one next support is
63370 maybe if it’s a strong wave five
62470 and then I would expect the bounce
could already happen that bounce but
there’s no evidence of it yet if it
already happens now then it’s corrective
wouldn’t be great so ideally one more
low and then take off so that’s what I’m
observing today obviously it needs to
hold
61,200 cuz that’s the critical support
level and the triangle is valid as long
as we’re holding below
64740 it takes one more low to confirm
this was a triangle and then this could
be a five wave move down in wave C of
two
and then we should watch for the next
five wave move up so when we have the
next low or maybe already now I’m
watching for a reversal from this region
and then I’m tracking the next five wave
move up and then if we get the next
three-wave pullback we have the next
setup like this one is a setup as well
but the overall context makes it a bit
ambiguous like I showed you here this
possible flat structure in the white B
wve that’s my update about Bitcoin hope
you like the update if you did please
hit the like button leave a comment and
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additional 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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