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 hello and welcome to another
update video about Bitcoin yeah Bitcoin
after yesterday’s dip into the support
Zone and the reaction to it um has
formed a lower no a higher low but
hasn’t really provided yet enough
information that low is in so we want to
take a look at the relevant parameters
today for today obviously it’s Friday
maybe don’t expect too much crazy
movement but we’ll see sometimes at
least as long as the US Stock Market is
open we could get a bit of
volatility but then it’s already nearly
weekend so typically um so typically
Corrections are in three waves obviously
there are two patterns that in my
opinion apply here for this entire
structure that started on the 14th of
April as you know we’re dealing with an
ABC structure that’s sort of what I’m
currently following but that’s
absolutely not confirmed yet okay we
need we need just need to see more um
the main reason is so in this scenario
the low could be in that entire
correction could be over and the wave
four could have bottomed here on the
19th of April but I need to see more why
because what we want to see is five
waves up yep we can see say maybe that’s
a five wve move it’s not the most
beautiful five wve move up here with a
peak on the 23rd of April but you can
justify it that move
down it’s a very questionable three-wave
move yeah it it looks a little bit like
five that’s the problem it looks a
little bit like five I will zoom in and
explain but you can count it as three
it’s just that it’s very long you know
on the way down um it now needs to hold
this support area and while it’s holding
support for now it hasn’t really shown
that reaction I want to see yet okay so
when I talk about I need to see a one
two setup it’s about can the price
stabilize and really find support and
hold and sustain above that support area
that I defined here the price clearly
reacted to it but it’s not enough to say
we’ve started the third wave to the
upside and that would confirm that the
one two setup it hold so we’re going to
zoom in in a minute take a look it’s
very weak price action overall right
it’s not clearly impulsive to the upside
but in this scenario in the yellow
scenario the low could be in in this
correction and we can move up from yeah
basically from support area to support
area and we’ll observe that then the
other count is a so-called wxy pattern
also a three-wave move
wxy they are both relevant in this
scenario in the Y wave the move down was
an a-wave this move up is a b-wave and
the move down would be a c-wave so that
c-wave could still happen that’s the
main risk at the moment that we’re
dealing with on the shorter time frame
there is in that scenario no major risk
to the overall assumption on this chart
which is bullish but it would lead to a
deeper pullback into that orange support
region in a larger
wxy structure and the Y wave as I said
is an A B
C and this c-wave would reach the sort
of middle probably of that support Zone
possibly around
55.4k maybe just
55.9k in this scenario we zoom in and I
go to the 30 minute chart now in this
scenario in the white count as I said
we’re dealing with an ABC structure in
Wave
Y this was a b wve top yeah this top
that formed on the what was that 20 22nd
23rd of April and then the move down
that we saw yesterday into the into the
micro support region was a wave one this
year could now be a wave
two then the next move down would be a
third wave down 4 five for the white
scenario to become more likely we really
need a break below yesterday’s low at
62730 that’s a major warning you could
say
and then obviously also take out
61,200 and then take out
59,6 these are the key levels and we
should be on the way down so that’s
absolutely not to be ruled
out okay that’s why I added a resistance
area yesterday to the chart to explain
we really need to get above that
resistance area here to again show that
the upside momentum is unfolding I mean
it’s all about support resistance so we
have support area here we have a
resistance area here clearly at the
moment the market is respecting them
both so it takes a break above
resistance very straightforward to
suggest that yep you know that wave two
has bottomed and then we can build our
thesis further from there um but this
has been a very very painful correction
I mean these parameters here are all
being respected but this here I mean it
looks a bit like a five-wave move I
consider that three waves but then this
move down was so long okay yeah it’s bit
difficult I can say this is an a-wave
b-wave triangle c-wave down but C is
very long or I can say it’s a 1 2 3 four
five so it leaves still doors open for
both that’s sometimes a problem on these
smaller time frames we have
um yeah we we have very balanced
probabilities still in this correction
so the market hasn’t really fully made
up its mind yet anyway in the yellow
count it’s so we have seen a possible
five wve move move up there from
yesterday’s
low so again that could be in the yellow
count a wave
1 pull back in the wave
two into this Nano support area between
63.3k and 64k we’re now at a time frame
where I mean there isn’t really anything
predictive about this you know you just
get some levels support levels and see
if they hold or not um just because
nothing is going on on the one hour
chart I mean you know so here we are
dealing with those micro support area or
micro support levels they price is
respected here to
64k and now we would like to see either
c-wave to the upside in White Wave 2 or
the third wave rally okay as I said if
we break below those levels I just
mentioned we likely going downward
directly so if we get one more rally it
could take us straight into the
resistance area which ends at 66.4k
where there should be quite substantial
resistance from this triangle and then a
sustained break above it would open the
door for a larger five-wave move which
again would be the next step to
confirming that indeed we’ve bottomed
and then we have the next one two setup
can add the next support region that
will be helpful for anybody who’s
sculping these movements but yeah at the
moment I mean really looking at this
Nano structure here I mean unless this
is a small one 1212 setup this looks
more a bit like a triangle it could be a
b-wave triangle so I cannot rule out
here one more low it actually looks more
as if there is going to be another low
here yeah this really looks like a
triangle at least one more low there is
nothing there is nothing let’s say
impulsive about this
or yeah nothing that shows me there is a
lot of upside pressure this could be an
a-wave b-wave triangle c-wave down
absolutely okay and then if we don’t
hold
63.3k that would shift the I mean that
would already be a signal that we go
down more direct
but bear in mind we’re now on the
smallest time frames I mean there isn’t
really much that’s really predictive
about this on these time frames just pay
attention to the patterns pay attention
to your levels parameters they should be
clear and think about what a drop would
mean for you in your portfolio and what
you would do you know I think it could
be another
opportunity and so far we haven’t really
seen substantial evidence that this
correction is complete it’s very it’s
moving very slowly very painfully also
EA hasn’t really given us any clear
sickness okay that’s my update about
Bitcoin hope you likeed the update if
you did please hit the like button leave
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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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