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

    [Music] hello and welcome to another update video about Bitcoin so actively watching if Bitcoin could possibly turn around here in this region obviously we’re tracking here um a move to the downside that has corrective characteristics Okay so looks corrective to the downside and um however that doesn’t mean that we have to go up from here of course it’s literally just we have two wave counts we have a short-term bullish one we have a short-term bearish one and the um we had a five wve move up which obviously keeps the door open for higher yes but only as long as the price is now turning around in this specific micro support region obviously we have we have our main the main support region between between 50.7k and 61.7k for the larger degree fourth wave correction and then we have our smaller time frame or smaller degree micro support area between 58,000 360 and in the yellow count we want the price ideally to get into the orange micro support region where we’ve arrived now and then we would like to see a reaction there this is the scenario that’s tested first it’s the scenario however that I would not rely on okay um I wouldn’t rely on a bounce here but it is one where I’m actively observing it and the analysis that’s why we we use Elliot wave analysis it tells us that the price has arrived at a key pivot okay a key decision moment now key juncture is always where it’s getting interesting um I already explained that in yesterday’s video when we have two wave counts two scenarios that are both pointing to the downside then it you know it makes sense to follow this and this is sort of what happened yeah both counts were pointing to the downside and that increases probabilities for a move down and we’ve seen this move down yeah it doesn’t always happen that both counts align but they did but in this area they would now diverge okay this is where the magic is the magic is happening this is where yeah we we basically want to see the Bulls come back and um the Bulls need to do that before the price breaks below 58360 the Fibonacci levels that we’re using that we’re following they create a degree of objectivity here and they are a mathematical representation of Market sentiment so we know that in each wave where the market should ideally turn around and in this scenario that’s yeah again in the micro um support zone now I wouldn’t rely on it because the five wave move up doesn’t really tell us much it just means okay yellow has a chance but the white count also suggested five waves up in this c-wave right um at least looking back at it this could easily be a c-wave in a larger B and then we come down from here but the move down doesn’t look impulsive from here so I still keep the it still keeps the door open for higher okay so for me it’s to we can keep it very simple the key pivot is this level at 58,300 and the move down looks overall corrective okay until it doesn’t right when it doesn’t that’s why we’re tracking the micro structure then we get a signal that okay more downside is likely at the moment because the move down is in three waves overall we can we can see if the Bulls turn up if they turn up they should do it in this particular price region um we have some green candles come up right now the market is trying to form a low in this region yeah you can see that we also have a bullish Divergence the first one now it’s only the 30 minute shot but um on the 1 hour a very slight one as well so yeah I mean maybe we’re bottoming here now it’s not very clear yet one more low cannot be ruled out even not in the yellow count so here we have from this high an a-wave down a b-wave rally that was the high point on Tuesday and now possibly that c-wave down in which we have a 1 2 3 4 and the wave five seems to be extended the wave five could get one more low in case the wave four is unfolding as a triangle that would be like that okay but that’s just the micro okay the micro is very unreliable um we interestingly I think with the last low ether hasn’t made another low Bitcoin has um that doesn’t change much though and it takes a break minimally above the 62840 level this swing high that was formed on Wednesday to indicate that we’ve bottomed yeah it’s the in the earliest evidence we can get earliest indication that’s what we need to see and then ideally in five waves three-wave pullback you know the routine so that’s uh going to be interesting and important for today 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 for

    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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