Bitcoin Price Elliott Wave Price Update_ Understanding the Bullish and Bearish BTC Scenarios_720p
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00:00Hello and welcome to another update video on BTC. Here on the Bitcoin chart, yeah, we're still tracking a sideways consolidation pattern, but so far the price is showing a small reaction.
00:16It is a reaction, yep, it's a small reaction, but the price is showing a reaction to our support zone that we were basically watching all day.
00:24I mean, you see, when the price started like overnight with this decline, right, and then throughout basically the entire day, we moved up and down simply in a range.
00:37But altcoins were suffering because Bitcoin dominance was going up. So when Bitcoin moves sideways and Bitcoin dominance goes up, the altcoins are typically suffering.
00:46Now, we see an upside breakout from this tight range. I indicated that with these yellow boundary lines here on the chart. I can remove that range, those range boundaries now.
00:58We do have an upside breakout attempt at least, so we'll see if that is something more serious.
01:04A triple bottom structure, not the most reliable bottoming structure, I have to say, but we're on a very small time frame, so you get a lot of distortions on these time frames.
01:13And we now have to see if the bulls can drive the price above the last high at around $120,300. That would be the next objective for the bulls.
01:24Then, obviously, afterwards, a break above $121,000 is the next crucial objective for the bulls, the next achievement, next milestone target.
01:35And from there, then, yeah, we can just track the price higher.
01:39For now, as you can see, and it's just a very simple, if we zoom out, this is not meaningful price action.
01:45Yeah, we have a reaction to support. Yeah, this is what we wanted, but we're not out of the woods yet.
01:52We just have a small reaction to Fibonacci support.
01:55The price tried to form a low there all day, right?
01:58That's why we had this choppy up and down movement, but now we finally see a reaction.
02:03And the overall move to the upside, I'm just going to move that here to the right, could simply be a third wave as per this white scenario, yeah?
02:12But let's first see if we can take the price above that $121,000 level there.
02:18Now, what is important is just to, you know, even if we go up a little bit, you know, as long as we stay in this range here,
02:27you see it between that green line there around $121,000 and $115,000.7,000 level.
02:35Really, all of this is noise.
02:36If you zoom out, you see we moved up, we moved down, we moved up and down, but we stay in this range.
02:42So, the two scenarios I am tracking right now remain valid, but we are far away from confirming that a low has been established.
02:52And below $117,000, probabilities increase that we're going to test the lower support levels, $115,000 and then $113,000.8,000.
03:02As I explained in the previous updates, any decisive break below $113,000 would shift the focus to a different, more bearish structure.
03:14That could be a diagonal structure.
03:17It might also be a structure in which we already completed the bull market, you could say.
03:22That is not expected yet, but obviously we're in an area, as you know, where that can happen at any point, but it's not yet expected.
03:30We just have to be ready for it, but for now, yeah, the bulls show some upside momentum here, which would be great.
03:37But Bitcoin, and I mentioned it a few times today, Bitcoin hasn't done much.
03:41It just felt quite bearish because of the altcoins, you know, but Bitcoin is just grinding sideways.
03:48And yeah, you know now what to watch out for.
03:51The next larger upside target is around $126,000.
03:55Bitcoin hasn't really moved.
03:56Bear in mind, it's also possible that this is simply a triangle pattern, which is forming here, instead of the 1-2-1-2 setup we're tracking.
04:05But it wouldn't really make a great difference.
04:07The support levels remain relevant for both.
04:11So you know now what are the next levels to watch out for.
04:14You know the next upside target.
04:15You know the support levels.
04:16And it's good news that the price reacted to micro support, but it's too early to get really, really optimistic here.
04:24But I am, of course, watching this with interest.
04:27If anything changes, I'll let you know.
04:29I hope you liked the update.
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