BTC: ONE More Bitcoin Low Coming? Elliott Wave Chart Analysis!

[Music] hello and welcome to another update video about Bitcoin Bitcoin didn't really move much today it did after the last video actually form that one more low that I wanted to see um you might don't know if you watch the last video um but you might remember that I if if you watch did you might remember that I highlighted that we were watching here the price was just testing resistance I think in the last video or was just being getting rejected from the resistance area I talked about but we've now we've seen that rejection from the resistance area um which have now moved based on the latest wave count adjustments there haven't really been any adjustments to the wave count it's pretty much just worked nicely its way through this wave for after yesterday's drop to the 78.6 retracement it's worked its way through this wave four which looked corrective formed that one more low in wave five we wanted to see yeah it was only a marginally lower low but that's fine and we could now have started this wave for of one larger wave degree and this just creates this sideways movement um pattern you know a series of four five patterns typically can lead to these extended sideways movements I mean okay it was only it's only been a day really but you see this is just sideways action today day directionless and the price doesn't really want know what it wants to do well it's just correcting the it's simply just correcting consolidating after yesterday's rapid price decline and um it would still look best with one more low maybe but it already formed one of them one of these one more lows I wanted to see I would not rely on one more low but it would still be my preferred scenario one more low here in wave five of C of B in the white count or it could be the SE wve in the blue count that doesn't make a great difference or it could be the yellow five wve move down here in wave 1 so also here in the yellow count which is the bearish scenario we also allow for a five-wave move down so good news is all of these counts at the moment meet here so they move together at the moment they're all mirroring in the very short term um themselves and only the nature of the next rally will tell us the difference which wave it is is it the White Wave count which is still this diagonal pattern we've been observing for the last few weeks since the 5th of August okay it moved a few times that's what diagonals do but it could simply be Wave 1 wave two ab in wave three yep that b wve might need another low then um obviously the uh the c-wave to the upside then a wave four then a wave five this is our five wave move up that we need to see only with those five waves in place fifth wave should reach like 71k or so uh only with these five waves in place we can really be let's say more confident that a lasting low a substantial low has formed on the 5th of August at the moment nothing is clear why is that because the price has yeah it looked promising yeah on Friday we broke out to the upside there was a resistance area here the price broke out but couldn't sustain yeah it did sustain over the weekend it was actually looking quite promising it's now moved down again not forming a lower low so that's good but the structure is just very very fragile there is a lot of I mean the market is nervous yeah the market is nervous and that's what Eli wave tells us it's not particularly clear we need to be on our toes here be careful in the market right now I think it's too early to be really bearish but the I I did put it in one of the updates earlier today on Discord I have I'm taking quite a neutral stance here because we have only seen a three-wave rally into the um weekend High and the decline is potentially a five-wave move okay now again that that could just be a c-wave down in the blue or the white count which which would be bullish yeah but it could also just be wave one in the yellow wave count the the structure is ambiguous but that's why we need to watch for the next rally the next rally should clarify if the next rally is a fairly clear three-wave rally it could be wave two and it should be wave two so if the rally is corrective I'm watching for the yellow scenario and it could be a setup for wave three to the downside if this bearish potential short setup fails this will put the Bulls back in control but if the rally is impulsive then I wouldn't really entertain the idea of a of a wave two corrective r that yellow wave count however would likely send us into the low to mid $40,000 region so it's all about what's happening here now in the short term that could pave the way for bitcoin's movements in the coming weeks most I mean immediately you know I'm I'm or the nearest resistance is here 6,600 a break up of the trend line and resistance could be an interesting signal that we're at least forming some kind of a low and that we are working on well at least wave two but possibly something more bullish like wave C in the white count so I think there's not much to do at the moment I think it's best to just get some clarity of course there's a support area but it is potentially a support zone for a b wve so it's weak um a trade I might take myself is a breakout trade to the upside here even if it's just to play the the yellow wave um two but I would want to see a break above the trend line in that case it's nicely defined you know um and you know it um it was this sort of nice steady downtrend and a bit of a panic cell and now we're sort of just maybe just starting to recover maybe one more low yeah but again it might just be another marginally lower low before we then recover so that's what I'm watching for I would prefer one more low but it might not happen I can already make a case for five waves down even though I've labeled it as three waves down but it's possible to call it a five-wave move um because of that last low that happened today so the low could be in but I would prefer one more low it would be the clearer wave count before a larger recovery rally occurs and then as I said we have to watch for the the structure of that rally that's the update about Bitcoin hope you like the update if you did please hit a like button leave a comment and subscribe and if you really like the content and 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