00:00Hello and welcome to another update video on Bitcoin.
00:04Yeah, the Bitcoin chart has printed what I believe could be a five wave move up.
00:10I mean, I can identify five waves up on this chart, especially here.
00:15The last leg to the upside could indeed be a fifth wave.
00:20It's quite a messy structure, though, that's formed there.
00:23Ethereum structure looks a little better.
00:25I'm not fully convinced yet that the wave two has bottomed.
00:28What I can say, I can identify five waves, but that internal fifth wave could still stretch a little higher.
00:35It is really messy, this structure.
00:38You don't really have much.
00:42It doesn't make sense to count the nano structure.
00:44So I have seen exchanges where you could say where this was actually a lower low compared to this one.
00:51So this was a higher low.
00:53So then you have already a micro one, two, and it counts better as five waves.
00:58And the way I've got it here on the index chart, I mean, I would have to be forced to use this maybe as a small one, two.
01:05And you could call it a diagonal structure here to the upside.
01:08But it can be classed as five waves up already.
01:12I cannot rule out a little further upside.
01:14I mean, I have just looked at the Ethereum chart.
01:17On the Ethereum chart, we should also get a few more upside squiggles before the next pullback.
01:21I also have to say, if this is really the wave one of...
01:26Hold on.
01:28Wave one of this fifth wave, it would be a little short.
01:32So, I mean, I would have no problem with it extending a little further.
01:36It would indicate a little bit more strength, which is good because, as I said, the thesis is that the price might have bottomed.
01:45It's still too early to fully confirm it.
01:47We haven't even broken above resistance.
01:49But I'm leaning towards it at the moment, even though it's still delicate, still fragile structures.
01:56And I'm leaning towards it because I see those micro five wave movements to the upside printed across the sector.
02:02It was a good day.
02:04The stock market performed well today as well.
02:07And, yeah, all we need to do at the moment is to adjust support for this wave two.
02:13Now, what could be the case is that this is an A wave down, a B wave up, and a C wave down.
02:18And there we go.
02:20However, any break above the $115,740 level, the swing high, the intraday high, would rather suggest that wave one is extending.
02:30I don't see a reliable and clear wave two low anywhere here.
02:36So, it's not, you know, that wave two.
02:38If there was a wave two somewhere, it was not deep enough to be reliable.
02:43So, the only other scenario I can, you know, if we really break out completely and escalate from here, I could say maybe this was the one, two.
02:52And then this is another one, two setup.
02:55But, yeah.
02:55Again, this is a possibility.
02:59We're printing higher highs and higher lows.
03:02I can only share with you what I believe is the relevant support area.
03:05It doesn't mean this ever has to be tested.
03:07But it is the zone that needs to hold to keep the uptrend alive.
03:11Bear in mind, we're here on the five.
03:14We're back to that, you know, we're back again to where we are trusting the five-minute chart again, right?
03:22No, I mean, let's go to the 15-minute chart.
03:24It's not much better.
03:25But at least we see some level of detail here.
03:28So, the next objective for the bulls remains a break above that $116,220 level.
03:37And then from there, once this is broken, the market should reach here, the upper boundary line of our trend channel, around $119,200.
03:48You know, this is where that trend line is coming in.
03:49That would be the next objective for the bulls to first of all get there and ideally, of course, push higher and then move towards $126,000.
03:58So, yeah, that's the update on Bitcoin.
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04:24Thanks so much.
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