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]
yeah hello and welcome to another update
video about Bitcoin yeah Bitcoin hasn’t
really moved much today um overall the
crypto market so a little bit of setting
pressure but as I already said in the
first video earlier today it’s likely
going to be a quiet um Saturday May
maybe we’ll see a little bit of action
tomorrow overall not much happened over
the last few days just a little bit of
volatility but the overall scenario is
unchanged The Narrative has been
unchanged for many many weeks The
Narrative is we are in a correction
maybe it’s finished but if it’s finished
then the price needs to well stabilize
in the current micro support area which
is between
6128 and 64,0 280 and then yeah the
Bulls if the Bulls turn up from here
that still they could still sort of
let’s say save the yellow count but if
you watched the videos over the last few
days then you know that there is also
the white
scenario which needs to and needed to be
considered which suggests that another
extension in this Wave 4 is possible in
a larger wxy structure we’ve been
talking about this one for many weeks as
well and to make this yeah let’s say
scenario more like
the price needed to break below this
swing low here which was the Thursday
low so because the break occurred this
white scenario has gained more
likelihood um doesn’t mean though that
this has to play out of course the Bulls
could still turn up but it’s made it
more difficult for them and the next
level that needs to break to the
downside to basically confirm the white
count further is
61,2 so 78.6 retracement and then here
the swing low that was formed on the
19th of April and then yeah that that’s
sort of how the white count would unfold
basically both counts need to be
considered someone asked me how to trade
this actually if both you know the price
could do both well the price can always
do both price can always go up or down
um I think it’s it’s you know talk about
that so often it’s all about scaling in
right you don’t want to trade the wave
count I think that’s very clear always
try to make that clear trading the count
isn’t really what you normally want to
do you want to trade the levels okay
that’s very very
important I actually did post that
earlier today on Twitter X Network feel
free to follow us here there’s lots of
stuff about mindset and trading tips
here and there but what I did post was
that levels help us determine risk to
reward ratios and validate or in
validate counts that’s why it is best to
focus on trading levels that we receive
through the counts rather than the
counts
themselves while we need to while we
need to while we need counts to
establish levels so we use the counts
only to get the levels right we should
trade based open that we should trade
based on the levels themselves choosing
choosing either to counter the trend
suggested by the count or to trade along
with it so it’s all question about
reward to risk so you don’t need to
trade the primary count for example yeah
you don’t trade the primary count all
the time you trade the primary count
when the reward to risk ratio is
favorable for the for the primary count
you trade the alternative count if the
reward to risk ratio is favorable for
the alternative count it’s actually very
simple um but yeah looking at the micro
structure here obviously for Bitcoin
we’re currently um we’re currently
holding above the main support area this
is the main assumption for this overall
scenario yeah that we are in a way for
correction and the level seven changed
in many many many many weeks I mean from
the beginning when we entered this
support um or this correction on the
14th of March these levels here haven’t
shifted and they are obviously more
reliable than any kind of micro levels
that I give you based on micro
structures because they are unreliable
you know the micro patterns are
obviously within a correction unreliable
that change all the time I talk about
that very often but still we track them
because first of all some people like to
do scalping but if you’re really
interested in trading for the fifth wave
to the upside which would take us to 90k
you need to base your um position size
on this level
50725 unless you have a different Edge
but that’s the key level and that hasn’t
changed so the way to do this from an
Elliot wave point of view and there will
be hundreds of strategies but that’s
sort of one way that would work for most
people in my opinion and it’s always
like that so whenever the price comes
down you can start to add positions and
we’ve had a few occasions where the
price dipped into that support region
Right add positions maybe only a small
position here maybe here a little bit
larger we dipped into that support area
again we’re now again trying to dip into
that support area don’t even need to
wait buying with buying um until the
price um you know dips into the area you
can buy a little bit above that but
the main takeaway here is to calculate
position size based on the 50% FIP level
because below that level the Assumption
changes okay and then you can just buy
buy buy accumulate and when the price
rallies you sell sell sell that’s sort
of how to do this you know the levels
are clear on the chart and then selling
in resistance the tri the size of the
triangle represents the position size
okay and I mean that’s sort of what I
always talk about you don’t trade the
levels you trade you don’t trade the
counts you trade the levels okay buying
here selling here buying here selling
here but you don’t sell everything
because the price could take off the 90k
right but that’s what you have your core
position for but if you want to trade
the fourth wave that’s the way to do it
in the most intelligent way in my
opinion um without Lo losing money
because most people lose money in
Corrections because they are too greedy
but this is you know this is the way to
do it you have a range it’s defined
between the breakout point which is the
third wave high maybe even a bit higher
it doesn’t need to be perfect okay um
overcome the desired for perfectionism
but then accumulating as the price gets
close to the main support area or even
dips into this and so people shouldn’t
actually lose much money at all because
you calculate your position size based
on that level and
um yeah I mean we haven’t even looking
at Bitcoin we haven’t even dipped deep
into the support region Okay so
everything is absolutely okay um and
that’s the way to do it okay unless you
really want to trade within the
correction which for most people is a
recipe to lose money Elliot wave helps
us to understand the main levels but
also helps us to understand that we’re
in a correction and in a correction most
people lose money that’s why I often say
zoom out okay but we still do the work
to analyze the patterns that doesn’t
mean that the micro patterns give you um
any trades really okay not necessarily I
mean this is all corrective mess I mean
yeah maybe a five wave move up okay
but I you know I don’t see I mean maybe
you know that we had a five wave move up
we had a possible pullback there was a
reaction okay so this is a possible
small one two setup but the problem is
what I mentioned to you is that we broke
below this low so it’s kind of it
shouldn’t really have done that ideally
not now that it broke that low it
increases likelihood for the white count
so again it’s all about zooming out
we’re still not clearly out of this
correction accumulating and you would
capture this small setup anyway if you
trade the larger box I mean that’s the
way to do it unless you want to you have
your own Edge you have your own trading
system Elliot wave is no trading system
right remember that Elliot wave helps us
to understand the patterns helps us to
understand the structure the relevant
support level resistance levels helps us
to understand the levels we can
calculate position size against um and
so on you know but it’s not a trading
system as such so you can always
integrate um your own moving averages
all sorts of stuff but yeah overall
situation hasn’t changed so what we’re
looking for now is confirmation that the
white count is unfolding further and I
already gave you the levels for that
that need to break for that to the
downside and then targeting would be
targeting probably around the 50 7K
level 58k maybe but if we break above um
the Thursday High which is around 65,0
350 that would then again reactivate the
yellow count okay at the moment clearly
there is no impulse to the upside and
there was a small impulse here on the
smallest time frame okay there was
one but that was inv validated so there
is no valid impulse to the upside at the
moment and until it’s impulsing or
giving us an Impulse to the upside we
are basically still in a correction all
right so we still in a correction and um
it will be clearer once we get an
Impulse until then I think range this is
just range trading okay so that’s sort
of um what I wanted to answer also in
terms of like a question because the
price hasn’t changed so hopefully that
helps one or two people we have hours of
live stream tutorials about this in our
um membership so if you remember you
have lots of stuff to read and and watch
and yeah plenty of content about how to
do this scaling in scaling out and you
can’t really trade this aggressively
until we have confirmation that the low
has formed okay in this correction and
uh yeah this is sort of um this is sort
of how this would be approached in my
opinion Corrections are always draining
boring and so on you know that it’s wave
fours are there to frustrate people
absolutely and when enough people are
frustrated the chart typically starts to
move could be back in the could we be
back in the bare Market yeah someone
asked me of course we could be you know
of course we could be I can’t guarantee
that we go to 100k from here yeah we
don’t know what’s happening of course
not but we have levels to watch and we
know that below 50k the prospects that
we still in the in the bull market
reduced drastically that’s why this
level needs to be used to calculate
position size okay okay nobody’s trying
to predict the future okay to a degree
yes okay but overall this is a risk
management tool and risk management
exercise and I know there are people
already calling for 12K the same people
who’ve been calling for 12K when the
price was at 30k they the same people
who were calling for 12K when the price
got to 40K at some point they will be
right but Elliot wave isn’t necessarily
trying to call markets it gives you
probable reversal points and so on but
most of the time it acts it does a great
job in acting as a risk management tool
and then you can just use the levels to
trade calculate your position size and
then just if you like range trading
that’s for you um if not just use the
you know the zone to scale in if you
want to trade that setup and then when
the fifth wave starts then you can take
profits whereas if we break below that
level there the the lower support
boundary line then we know that some
something different is going to unfold
and that’s a huge benefit of the
analysis because it tells us when things
start to break that’s golden knowledge
okay that’s my update about Bitcoin hope
you like the update if you did please
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for 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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