Bitcoin Price Elliott Wave Price Update_ Understanding the Bullish and Bearish BTC Scenarios
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00:00Hello and welcome to another update video on Bitcoin.
00:04Bitcoin is currently pushing higher. Support has held so far.
00:08We have another reaction to our support zone here, which is between $113,800 and $116,870.
00:18But the rally so far is only in three waves, so it could be a D-wave, for example.
00:24I still see the potential that this could extend into a broader sideways structure.
00:30I'd say the probabilities for that might reduce a little bit if we get a break above this swing high from the 17th of July at around $121,000.
00:40But I still won't be able to rule out a broader wave four until we really get out of this full range, like a break above that 14th of July high will be needed.
00:52Why is that? Because we're dealing with a situation in which the market can be in a wave four.
00:56Remember, I mentioned it. A lot of you will know. I mentioned it last week when we entered this phase.
01:02I said the choppy region begins now, the messy region.
01:05Don't expect, I mean, don't expect, don't be surprised by fake outs and everything, right?
01:10This is now where wave four or five patterns begin, and it's going to get messy.
01:15So just to give you an example how it also could extend, I'm going to highlight that here in blue.
01:19In blue. Yeah, this is not blue yet, but it could simply extend into this ABC structure where we say we had an A wave down.
01:29This was an ABC in a B wave, and then it comes down, and then we go up.
01:35Do you see what I mean?
01:36So, again, it is what it is, right?
01:41So support is, as always, more important than the nanostructures.
01:47And, again, it's just important to understand that we are dealing with a range right now.
01:51We're dealing with a wave four, and it's important to understand that waves four are really, really messy by nature.
01:57Yeah, that's normal, and Elliott Wave tells us that we're likely in such a phase here.
02:04So don't be surprised that we are getting some fake outs here also, yeah?
02:10The Bitcoin price, while it is currently holding Fibonacci support, it's rallied, but it hasn't broken above any of the signal levels.
02:19I mean, this one is quite minor.
02:22It's not so important here around 119,630, but it's just the last swing high.
02:27It at least tells us that a local low of sorts is in place, yeah?
02:31But it's not so important.
02:33I mean, what we really need here is a break above 121k as a first real indication of a low.
02:39But ideally in five waves, you know, as long as the rally is corrective in nature, it could easily come down again.
02:45But, again, we might just hit support again and then rally.
02:48So, yeah, I would not be surprised if we spend a little bit more time in the range,
02:52but my tendency is still to expect overall higher prices.
02:57So if we go a little higher, we've just rallied to that first signal line,
03:03then the next one would be 121k, and then the next one is obviously the swing high from the 14th of July.
03:09And if we follow pathways to higher prices, we should still see the market get to round about 130k over the coming weeks, ideally, maybe months.
03:20I mean, some people sent me messages and said, oh, Bitcoin will never do this throughout August and everything.
03:28And, I mean, that might be true, but I'm not saying we do that in a straight line, right?
03:32This is going to be the messy phase, yeah?
03:34And I would not be surprised by a long, long sideways range here, yeah?
03:39So at the moment, we're just playing here, I don't know, ping-pong between support and resistance levels.
03:45And if we come down again, then the triangle patterns, we're also tracking this triangle, A, B, C, D, E,
03:52that you know about if you watched previous videos or if you know our live charts.
03:57Important is to understand, as long as we're holding above that red line there at around $115,700,
04:04the triangle remains valid.
04:06It will be invalidated with a break below the red line, and so will the 1-2 setup be.
04:12And then we can watch $113,800.
04:15Below that level, it's going to be $107,000, that area down there, next, as explained in the previous video.
04:20But for now, microstructure-wise, not a very eventful day.
04:24Slight upside, but altcoins are suffering a bit.
04:27Again, that's normal when Bitcoin dominance is going up a bit.
04:31That's the update on Bitcoin.
04:32I hope you liked the update.
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04:46There are discussions happening.
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04:49There's stuff to learn.
04:51Chart analysis.
04:52So check it out if you're interested.
04:53I'll be there today again to answer some of your questions.
04:57So see you over there.
04:59I'll put the link in the comment section.
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