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 another slow
day and I’m not sure if we if we get
much more action today because remember
it’s Friday so we might not see too much
more action today but we’ll see we are
going to take a look at the short-term
bullish as well as short-term bearish
scenario for Bitcoin both are valid
parameters are crystal clear shouldn’t
be any surprises here at the moment and
let’s take a look at the short-term
bearish one first okay let’s start with
that one this is the 30 minute chart you
see the entire price action that
developed since this third wave topped
early middle of March and we’ve seen
here a wave W to the downside an xwave
rally and now a y wve to the down one
side this y wave is an ABC structure
that’s sort of how I see this so wave W
it’s a three-wave move then the bwa the
xwave is also a three-wave move and then
the Y wve is also a three-wave move it
consists of an a-wave in three waves a
b-wave flat and a c-wave would be a
five-wave pattern of which we completed
possibly yesterday Wave 1 to the
downside so we could be working on Wave
two now then get a third wave down
fourth wave and fifth wave yeah and
where could that send us I mean really
the target zone is already on the chart
and has been for a while we already
reached it here okay so that was the
100% extension when I told you for the
first time the low could be in really
also I’d be happy with it but obviously
it takes a little bit more than you know
that I say it could be in to to Really
confirm that so we need a little more
action it’s possible that this wxy
extended okay and therefore the lower
ranges are possible as well
57.5k 55.9 and 53.5k are all relevant
support levels and Target levels for the
seawave down um that’s the short-term
bearish count and in this scenario if we
zoom in a little bit obviously we talked
about this as a b-wave top okay remember
the a-wave top bottomed on the 13th of
April and then
a wave uh up B wve down C wve up in five
waves that’s why a five wve move isn’t
really enough to confirm that we’ve
bottomed so it’s like a a of b b of b c
of B and then if we take a look at it
from there we have a five wave move down
1 2 3 4 5 can also be interpreted as a
three-wave move so it’s not Crystal
Clear therefore I told you as long as
we’re holding support we can still watch
for higher but this could be a wave one
down and I expected a bounce either way
and yeah this could be the wave two a b
c and then possibly a third wave down
from there four five okay and in this
scenario if we go even more de into even
more detail it’s
possible be due to this five wave move
down that this was as I said the wave
one this move up was in five waves so it
could be the a wave of wave two someone
asked me yesterday is it enough if we
get five waves up no we need five waves
up above resistance because of that
reason so if this is a five wve pattern
to the upside it suggests that we get
one more leg up before breaking below
the Thursday
low which however would be now the ideal
spot to start that leg up um but that
would not necessarily be bullish
shortterm maybe and we could work on an
ABC structure here in wave b a b c of
Wave 2 and then still come down so that
is the short-term bearish count
obviously if we break below yesterday’s
low straight away then we might not see
that seawave okay it’s just on the
smallest time frames there are a lot of
distortions this might seem like a five
wve move
up good good um you know sort of good
good base good foundation for a rally
but it’s not much of a rally there now
okay it’s just the potential so in the
short-term bullish count which we
definitely give the benefit of the D at
the moment but only as long as support
levels are holding we have an a BC
structure the low could be in here you
know that 19th of April low might have
marked the completion of the fourth wave
pullback and then the move up was a wave
one pullback was a wave two the problem
is this this pullback that we’ve seen
into yesterday’s low was not clearly a
three-wave move if I interpret the
b-wave as a triangle I can get away with
it but it’s just not great and then
therefore we wanted to see five wave
move up yep we’ve seen that three-wave
pullback yep but deep into support now
63.3k is for me the Line in the Sand
where a break to the downside becomes
more likely and we could now I mean if
it starts from here it should really
well you know if a third wave starts or
even the seawave in the white count that
should start from here now and then a 45
and then we’ll take it from there but uh
it take it would need a break up of
resistance to indicate this is the third
wave in yellow for now we are dancing on
support so it doesn’t give me a really
warm feeling here you know um any break
now below the intraday low will make it
more and more likely that we’re breaking
down at we actually in the white count
and then there would be some
opportunities maybe to accumulate you
know adding for anybody who is looking
for um lower prices on the Bitcoin chart
to trade the larger fifth wave which
should start but as soon as this overall
correction is finished yeah the
correction could finish could be
finished as I said we’re holding above
support but Bitcoin is just not showing
that momentum that we want to see
really so that would you know that
there’s more to be proven but they that
that should give you all the parameters
really I mean what I haven’t talked
about is this resistance area to really
confirm further that we have bottomed in
wave two in the yellow count yesterday
we need five waves above resistance the
resistance Zone ends at
66,500 that’s my update about Bitcoin
hope you like the update if you did
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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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