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 hello and welcome to another update video about Bitcoin overall not a very very exciting day the coins were mainly moving sideways again after we had quite a substantial rally yesterday yeah and today was a day of consolidation not unexpected given that I shared with you yesterday and today two wave counts in which most likely we would see at least a test of a micro support area and the prices come very close to that support area so maybe it’s going to touch it but that’s not so important it’s again it’s not a Target it’s only support and um the focus can be on higher prices as long as we’re holding micro support and below micro support we have to yeah prepare for a for a larger pullback into the next support Zone the analysis reveals to us and tells us what these key support levels are so we are going to take a look at that now in this video Please be aware that the wave counts themselves they haven’t changed okay the scenarios haven’t changed at all for Bitcoin here as the pric is literally just moved from resistance towards support and we haven’t broken support so we still you know far away from any sort of invalidation or anything or um you know it’s essentially the market needs to clarify its intentions what would be ideal for clarity is if micro support breaks because then we at least know that some kind of a top is in place and we can watch the next support area but would be even better I guess if the micro support area is holding if we dip into it and get a proper resp response cuz then we will look at the price to get um or expect the price to get to around about 69.8k so that’s the idea and you can see that there is a short-term bullish and short-term bearish count so let’s talk about these two short-term bearish count first in the short-term bearish scenario we’re tracking a still unfolding fourth wve correction which started middle of March this fourth wve correction is now in the late stages and we’re now in the b-wave rally with one more c-wave down to come depending on how high the B wave goes you know we can calculate and have to adjust possible targets for the c-wave to the downside this b-wave is itself an a BC structure and the current rally that started from the 10th of May low is seen as a c-wave in five waves ending diagonal one two wave w three and then this wave four could hit support as long as we don’t break below the golden ratio level 63,0 128 we could look at another high it’s an ending diagonal so a overlap between waves 1 and four would technically be acceptable and also the price to come down to the 61.8 retracement would be acceptable to keep it very simple without all the academic stuff as long as we’re holding 63,0 128 there is no indication of a substantial top in place and we are looking for higher prices it’s very simple very binary above support we focus on higher okay um yellow count bullish scenario short-term bullish well it’s let’s say it’s the more bullish one in the yellow count um but funny enough it might actually it might it might need a dip below support what it essentially tells us is that um even if we get a break below micro support there is still a chance for a bullish scenario how does that work out in this scenario wave four this larger wave four correction again that’s started middle of March bottomed already on the 1st of May clearly this is also an invalidation point then for that scenario in this scenario we red in five waves pull back into our support region that we communicated for me at the moment this is not yet necessarily completed because this rally is corrective so I call that only wave W this is part of a corrective rally and a break below micro support will indicate that we’re at least going to to uh well I shouldn’t say we’re going to test the lower support region but the support level which will then be relevant instead of 63,0 128 is it will be 58,300 all right so it’s it basically means if we break below the upper micro support region the lower support region will become relevant and the 58360 level needs to hold to keep the yellow count which is bullish alive so I hope that is clear but either way in both of these scenarios as long as we’re holding the upper micro support range there is no top whatsoever only a local top but you know that’s just not not noteworthy really um the price reacted also here to resistance so it’s currently respecting respecting the levels by the way I did publish that update Also earlier today on X Twitter feel free to check it out you’ll find the link for it in the description for our Twitter Channel um you can find updates about Bitcoin but also all sorts of other stuff we did also publish a poll earlier today you can vote for a coin for me to analyze exclusively on X for Saturday or Sunday at the moment q&t is leading um we did say that you know once a week I’m updating one coin exclusively on X on Twitter because we want to get some people over there it’s important to decentralize you know there’s lots of additional content there as well so feel free to check it out you can vote for it there’s one day left and then probably on Saturday I will publish that analysis on X so yeah make sure you follow us there let me close that down is there more to is there more to say really about Bitcoin here I don’t think so I don’t think so well maybe about the next upside Target next upside Target so it would be the fifth wave and 6977 so what happens once we’ve topped there see I’m not saying this necessarily has to be an ABC structure in the b-wave but if this is something more bullish then at the moment the both count I mean any directly bullish count would be like let’s say a mirror count with that white count as well I did say let’s see first to avoid any confusion I have I don’t want to have too many scenarios on the chart um as long as we’re holding that micro support the focus can be on higher right and I want to see if we get to that let’s say 70k level there and then I will put another more bullish scenario on the chart which would which would tell us how how we can then continue okay so um you know obviously um the levels are more important than the counts and the main support area was this one here that that’s guided us for the last few months and as I said as long as we’re holding that one the overall bullish Market is still unfolding so yeah it’s all about watching micro support All Eyes need to be at the moment on 63,0 128 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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