Bitcoin Price Elliott Wave Price Update: Understanding the Bullish and Bearish BTC Scenarios

    [Music] hello and welcome to another update video about Bitcoin Bitcoin has now entered the support region the micro support area in the previous video it was simply just uh it had touched it already this support region and and now we are basically yeah now we see the price dip into that support region further and the price has also reached that 100% extension level which was the first ideal Target for the wave C to the downside in that um in the shortterm bullish count okay we have a short-term bullish scenario we have a short-term bearish count it really only makes sense to look at the micro patterns at the moment because there is not much more going on really it’s um super boring at the moment so it’s interesting though because the market is now putting that short-term bullish scenario to well basically this is the stress test for the short-term bullish scenario the market needs to turn around to the upside before we get a break below 58,000 360 okay so that is the key level here five up three down and Bitcoin needs to finally complete this correction so the good news is obviously we had a scenario in which in both counts we were watching for lower prices that’s usually um if we have that and both counts Point into the same direction at least until a certain point that already gives us good um let’s say good predictive uh yeah qualities so you know at least the the chart is more predictable than remember we had a five wve move up into resistance and then here the idea was that in the short-term bullish count these five waves should now be corrected by a corrective pullback in a wave two but also in a short-term bearish count which is the white one um we should see the price go down lower even lower actually so in both counts therefore we were watching for lower we’re now in the S well we have now arrived at the point where these two wave counts should diverge from each other so in the yellow count we want the price to hold the 58,000 360 level doesn’t need to go down to that level ideally not ideally we don’t go much lower but obviously until we see a first small Rally or some upside momentum um the correction is set to continue but for now we have moved into the support region and if I zoom in a little further we are now looking at the next FIB level that could offer support so this one already did offer some support around 61,800 the next cluster of support is to be found around 60 6,860 and 60,065 and then around 60k and then 58.3k and there is not much more to add because these are now the levels that um Bitcoin needs to hold from a micro count point of view I think we could argue that we are now already in the fifth wave the fourth wave finished here as some kind of a running flat and now we are just looking for a first reaction and it takes minimally minimally a break above the 62,000 870 level to indicate that a low of Swords is in place um really minimally and then ideally this would be another small five-wave move up and a three-wave pullback if it then holds a higher low then we can confirm that also here this setup is complete and that we’re likely going to move higher so this is now the moment of truth that we’ve been waiting for in the last few days because remember this entire correction which started I think it was around the 30 of March um is still ongoing or it might be complete already okay it might have completed on the 1st of May but then we said okay what we need to see as confirmation that this entire correction is over we need a five wve move up we need a three-wave pullback and yep we’ve seen the five-wave move up but that’s not going to be enough we also need three-wave corrective pullback and this means this is now what we are checking the market or the price needs to stabilize in this micro support region and then from here we want to see a third wave rally to the upside in the yellow count okay in the yellow count if we break below 58.3k okay where could we go then well the next main support level here on the Bitcoin chart is then 55 um 4K pretty much that’s the 38.2 Fibonacci retracement yeah of the larger cycle that’s going to be an an important one but first of all let’s see if we’re holding that micro support area really this is um an important juncture now and these two counts yellow and white now that they moved temporarily together they should diverge here from each other okay so if we don’t see a reaction then it’s the white count and to keep the yellow count alive the market needs to turn around soon but still has quite a bit of space in that yellow support region um what else to mention bear in mind that both of these scenarios are part of a larger degree bullish scenario as long as we’re holding the largest support region now so it’s all at the moment just like the first proper reversal attempt here now from this main support region and uh yeah time will tell the market the Bulls now need to show up okay there is a setup the Bulls need to show up okay that’s my update about Bitcoin hope you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content then please check out the Channel membership also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for watching bye-bye

    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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