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

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

[Music] hello and welcome to another update video about Bitcoin yeah we are on the shorter time frame here for Bitcoin obviously um Bitcoin attempted a turnaround today okay we might be looking at a bit of an inverse Head and Shoulders pattern there so is going to get interesting um let’s take a look at the Bitcoin chart here just zoomed out perspective is still that the price could be still in this fourth wve pullback I mean I’d really like it to be over this fourth wve correction but obviously we need evidence it’s looking good I can tell you that uh at least we have early evidence that the price is indeed turning around um it still needs some more you know confidence you know we we need some more confidence it needs to build further structures and I’ll tell you why because we haven’t taken any of those spring uh spring highs spring highs spring highs swing highs out that I mentioned in the last video so obviously there are certain levels that need to be taken out as resistances so that we can say more clearly that the price has indeed bottomed okay but we see currently what we need to see to at least keep that door open for higher prices so that’s pretty good yeah we we’ve also had a reaction to our support Zone and that’s also pretty good because what the analysis is it’s less a crystal bow but more an AR or a tool that tells us key levels to watch key pivots key levels that we can observe in order to position ourselves or to at least understand if a certain structure is still following a certain yeah pathway really you know and um currently Bitcoin is following the yellow pathway as it seems which is the pathway in which the way 4 could have already bottomed here on the 1st of May can’t really confirm this yet I’d like it to be that case because it’s really boring and draining at the moment in the crypto Market um well it’s always a matter of perspective really isn’t it but you know obviously when I make these videos and there’s not really anything new it is pretty it’s getting pretty boring but still you know um we’re here but you know it could still form another low as per the white count so please be aware of that and the key the key pivot the key level that distinguishes between the short-term bullish scenario in yellow in which we already bottomed on the 1st of May and the short-term bearish scenario highlighted here in white that key pivot is 58,300 let’s go to the 15minute Chart the idea was earlier today actually already yesterday we were watching this five wve move up okay and then I highlighted to you okay we’re likely going to get a pullback and this pullback will be the stress test for the yellow scenario and I wanted to see the price get into a certain price region and that region was we did share that on Twitter as well X Network that was between 60k and 61.6k I highlighted earlier today while the initial reaction to the support Zone indicates that the low could have formed the move to the upside is too weak to confirm this at this stage so we were watching this earlier today we saw an initial reaction this is actually the post from yeah earlier today we saw an initial reaction but it was too weak to be reliable I think it made one more slightly lower low but within this white Target Zone and we wanted to see the price turn around the wave count was pretty full also on the smallest time frames and well I have taken the white box now of the chart but it turned around exactly there and it’s basically showing a turnaround yeah so that’s sort of what we’re watching by the way feel free to follow us here on X on Twitter WE Post additional updates stuff about mindset and also there is a link to our WhatsApp Channel um there are some exclusive updates there as well um posted earlier today an article there about a dividend stock so that’s quite interesting so it’s not only crypto there also some other stuff so feel free to to check it out um but looking at Bitcoin you can see that we’ve had a three-wave pullback okay so from the high point on the 6th of May we’re looking at an ABC structure to the downside in the yellow count and then we said okay here was our Target zone so let’s see if we can get a reversal here I mean again it’s not a crystal ball it’s all a matter of probability and yeah we saw that reaction and then we’re always looking for a five wve move up so again it’s all building you know step by step the idea was to confirm that we’ve bottomed here in this large wave four correction that started on uh early in March we want to see five waves up that’s not enough we also need to see a three-wave pullback so we already have two levels of confirmation but the the three-wave pullback could still be ongoing so I can’t confirm it at this stage um we need the next one two setup to really confirm that further confirmation is never certainty also very important but it’s all you know confidence build the structures build and everything and the price turned around where it needs to and now this looks a bit like a five wve move up from the low so we’ve got an initial five-wave move up from the um Thursday low obviously and if a pullback starts from here which would be the next ABC pullback and then then we call that a a one two setup Wave 1 up wave two down um then this support area now needs to hold between 61,000 1118 and 61,000 994 so that’s key okay if that level holds we can look for the next five waves to the upside from there 1 2 3 4 5 and that’s how it builds now what if we break below that 61,800 over you know is it all gone is all the Hope gone lost no because it is possible I’ve added that earlier today um that it’s just forming instead of a wave 2 as a standard ABC structure while it wouldn’t be great but the the larger support region that I showed you just on the uh Twitter account here between 6,864 and 58361 would still be active Okay Bitcoin reacted to the 50% FIB level we still have space so it’s possible that this correction turns into a more complex wxy pattern and if we see another five wave move down after this High yeah it’s possible that we just still in the wave two but just extend the correction and then we could attempt another turnaround from there what I will do I will take some of the micro counts out we don’t need them but the bottom line is there is a clear five wave move up we want to see now the pullback hold if it then breaks out that would further confirm that the low has formed yeah so it’s all looking okay what I also shared with you earlier today I need to see a break above these Highs at around 62,500 roughly um to confirm further that we’ve bottomed that hasn’t happened yet so we’re now in resistance this could form an inverse Head and Shoulders pattern left shoulder head right shoulder potentially okay if we get that pullback now that could be the right shoulder we’ll see how it develops um definitely looking interesting hope you like the update if you did please hit the like button leave a comment and subscribe 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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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