Bitcoin Price Elliott Wave Price Update_ Understanding the Bullish and Bearish BTC Scenarios (6)

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Transcript

00:00Hello and welcome to another update video on Bitcoin.

00:04Yeah, the Bitcoin chart is still holding above the previous all-time high from May.

00:10So, as I explained in yesterday's video already, we can still watch for higher prices.

00:15There are two scenarios that I'm watching for.

00:19One is obviously the white scenario that is unfolding there as an upside impulse from this B-wave low,

00:26which formed here on the 22nd of June.

00:30And the other one is the diagonal pattern in yellow, which is also unfolding from that B-wave low.

00:38And because a C-wave can be an impulse and a diagonal pattern, both are plausible scenarios.

00:45It's just that the pullback was so deep that at the moment both scenarios apply.

00:52The fourth wave has really maxed out what it can do.

00:54So, it's too deep for a wave 4, really, but it's still a valid wave 4.

01:00So, we haven't broken any rules here.

01:03And if we talk about the diagonal pattern, yeah, I mean, it does look a little bit more like the B-wave of a diagonal.

01:09With a diagonal pattern, however, the problem is there are various scenarios,

01:17which can typically apply various interpretations.

01:20And so, yeah, you know, there are different interpretations that apply.

01:25But we have to just stick to a few main, let's say, to a few main things, right?

01:32So, as long as pullbacks remain corrective and we're still holding above support levels,

01:37we could still watch for higher prices.

01:39The next structural support level that really matters is this previous all-time high.

01:45And that is located at around $111,700.

01:52Now, the price-held support there so far has been holding support.

01:56And we have identified yesterday a potential micro 5-wave move up from that low.

02:01So, now, we see a possible 5-wave move up from that low,

02:05which means that the thesis is that the next move up has started.

02:11And so, this thesis gives us certain micro support levels that we can track,

02:15which I will talk about in a minute on the smaller time frame.

02:19So, there is a so-called 1-2 setup currently on the chart.

02:23Important is, of course, you know, that we now hold the last swing low,

02:27which formed on Sunday, which, again, we'll talk about on the smaller time frame.

02:32But bigger picture-wise, we could still get one or two more highs

02:36towards the $130,000 area in this particular cycle

02:40before a larger correction unfolds.

02:43So, when a larger correction unfolds,

02:46then this could be potentially the start of a larger bear market.

02:50I shared with you a larger time frame chart just a couple of days ago.

02:53So, for now, I focus on higher prices still,

02:58but the situation here is still very, very fragile.

03:02I don't necessarily...

03:04I don't necessarily...

03:06I'm not in the position to confirm fully a reversal.

03:09You see, the reaction we've seen there,

03:12it really is a little bit too small to really confirm it.

03:17It's not really meaningful, that absurd reaction.

03:19But on the smaller time frame, obviously, and that's why we track it,

03:22we see a promising structure.

03:24So, let's go to that smaller time frame chart.

03:27And if you followed yesterday's videos,

03:30then you know that we were watching here

03:33for the development of a five-wave move-up,

03:35which can be classed as an impulse.

03:38And this five-wave move-up was a wave one.

03:41And then we said, okay, maybe the wave one topped here,

03:44but I've today moved it back to here,

03:45which doesn't really make a great difference.

03:47But just from how this correction unfolded,

03:50it appears that we have a flat correction.

03:54So, that means the support zone is measured

03:57based on the low of the Sunday low,

04:02all the way up to the wave one high here at $115,070.

04:07And then the support zone, yeah,

04:10ideally needs to hold in this wave two.

04:13So, yesterday, my last update was about,

04:15ideally, this wave two has started.

04:17It has developed nicely overnight.

04:18It looks a little bit like a five-wave move-down.

04:21Surely, we could get another low.

04:23It's important that we're holding $112,624.

04:26The formal invalidation point is here,

04:28the Sunday low at around $112,000.

04:31So, as long as we're now holding this support zone,

04:35the focus can be on higher prices.

04:38We have five waves up,

04:39so I'm looking for higher prices.

04:41But, of course, there's always an invalidation point,

04:43which is the Sunday low.

04:45There is a microstructure here we can follow.

04:47I mean, this C wave could technically be complete.

04:49But if we now get a break above that B wave high,

04:52as I said yesterday,

04:52if we break above the local high,

04:54then it could take us to the top of the channel next,

04:59around 119.2K.

05:01So, today, the focus is on

05:03whether this support zone can really hold.

05:05It's being tested today.

05:07You know, yesterday, we saw the five-wave move up.

05:09So, overnight, we saw the three-wave move down.

05:12And now, you know, this is all about reaction.

05:16And can the bulls generate enough upside momentum

05:18to start that third wave up?

05:20The chart is prepared.

05:21The bulls just need to show up today.

05:22That should give you all the relevant parameters for today.

05:26Please note that, obviously,

05:27any break below this 112,624 level

05:31will mean that we're likely going for another low.

05:33That would be the plan B.

05:34This would get activated, you could say, below 112,624.

05:39So, yeah, that's the update on Bitcoin.

05:41I hope you liked the update.

05:43If you did, please hit the like button,

05:44leave a comment, and subscribe.

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05:50Thank you very much.

05:52Bye-bye.

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