Is Bitcoin Set for a Surge? Unpacking the Latest Elliott Wave Forecast for BTC!

Is Bitcoin Set for a Surge? Unpacking the Latest Elliott Wave Forecast for BTC!

[Music] hello and welcome to another update video about Bitcoin so bitcoin’s chart continues to be in this correction we haven’t really seen much movement today um so there isn’t going to be there isn’t much to report really we’re still dealing here with this wxy pattern the Y wve is um an ABC structure okay and the c-wave here to the downside is a five wve move still looking for potentially one more low at least basically my idea is we’ve got a resistance area there so we came down in a c-wave we have a 1 2 3 4 5 the wave four here um finds resistance between 5848 and 6,580 and as long as the fourth wave there um does respect resistance I expect another low and that one more low should reach one of these FIB levels down there specifically the area between 53,486 26 and if we get one more low which we should do especially as long as this is only a corrective rally and as long as we stay below the 50% retracement level there then after one more low I will readjust the resistance area so you know if we go down let’s assume here to um let’s just say we come down to I don’t know 55 a2k which is the 38.2 retracement very close to the 38.2 extension of waves 1 and three together well then I adjust resistance oops one second it could also be we go down a bit lower to 53.4k which is the next FIP level below and then we will see if in any bounce the price gets an impulsive break above resistance which for example then would be at 58.9k and as long as we don’t get a break above resistance I will remain focused on the downside because it is possible that we get one more low or maybe also two more lows okay so that’s what is a little bit unclear one second need to readjust this here yeah because I can make a case for okay that this is already the main wave four and we get one more low but it’s also possible that we get another low in the third wave itself but it’s preferred that this is now the main wave for we start to get a really healthy fourth wave cuz that’s what I mentioned to you I think was it yesterday we were consolidating here just sort of sideways but it was not a healthy wave four so I think that third wave could have finished here technically it wasn’t really long enough well it was just I think just about long enough but um the fourth wave was just too too short so this year is now a healthy fourth would ideally still prefer this to carry on for another day or so in this resistance area and then sort of one more low um could happen from there in a fifth wave to the downside and that one more low then yeah should take us currently as far as I can see right now into that area between 55 1/2k and 53.4k Please be aware that the 38.2 retracement generally is an ideal support level for a fourth wave it is the um you know you can’t say this is always where a fourth wave will bottom no that’s not the case but most of these fourth waves tend to gravitate towards that level like a magnet you know it acts like a magnet for these prices and then sort of yeah find support and reverse from there but obviously we might go a little bit lower than that now if we get a break above resistance now then I will treat it as if the low is in but it still takes a five wve move up my communication the last few days was that if we get a break above resistance then it is an indication that a low is in but it won’t be enough because it could just be a corrective rally therefore we need five waves up for a first level of confirmation which would look like this let me just put that onto the chart here wave one wave two wave three four five here in yellow okay and then we would get an ABC pullback from there five up three down and if we get five waves up we call that a wave one that’s the first level of confirmation the three-wave pullback afterwards would be the next level of Confirmation and then five waves up after that okay would be needed 535 but again the five up would already be good then three waves down holding a higher low would be second level of confirmation that’s normally as good As Good As It Gets if you then wait and wait and wait for further confirmation I mean at some point um depending on if you want to trade this these movements at some point you just have to make a trade um if you wait for confirmation confirmation confirmation at some point the market is just gone right um but at the moment there is no reason to be short-term bullish yet until we get at the very least a break above resistance and that might take a bit of patience so nothing crazy happening here today in the markets I’ll keep you updated 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

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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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