Bitcoin Price Elliott Wave Price Update: Understanding the Bullish and Bearish BTC Scenarios

[Music] hello hello and welcome to another update video about Bitcoin Bitcoin has moved into the resistance area in the last video um the price was just coming down here and um I highlighted to you that it might be worth watching the trend line for a potential bounce and indeed yeah I mean not exactly at the trend line but this was actually the area from where we've seen a bounce and we've now moved into the resistance area which I communicated earlier today on Discord and I can't remember now we didn't talk about in the last video and if we did I probably did adjust it after the last video slightly um to account for the last low because these Fibonacci retracement areas they always depend on the length of the previous wave but yeah pretty much the situation overall hasn't changed today we're still dealing with um two bearish setups on this chart and the situation is still that possibly a b-wave topped there around the 25th of August I've got this wave one to the downside and the wave two to the upside and another wave one to the downside labeled Circle one and the wave two to the upside which indeed topped where it needed to in a wave two and and we could have started Circle three to the downside which could take us into the low low 50k region then we going to watch for a way four and way five of a larger third then another four five and that can take us actually into the mid 40K region this would be the most direct pathway that I can see here on the chart but it depends on a few parameters so first of all we have an immediate resistance area that I just mentioned to you so if the market breaks Above This resistance area and it's only micro resistance so it it could break quite easily right um and this is defined between 58,4 and 58483084 that a larger wave two is unfolding so what does that mean that means a more complicated Wave 2 corrective rally wouldn't be unusual necessarily and therefore I'm leaving the resistance area on the chart so this one here to which the price already reacted that was at the 61.8 FIP level now that was where we had the reaction but nothing stopping the price to reset wave two a little higher yeah Circle two and maybe reach 60,000 336 so you see how relevant these parameters are because the resistance area was respected and exactly the golden ratio level so now we've seen a move down but only in three waves and that keeps the door open for a more extended wave two because we need five waves down to make that less likely that's why I also highlighted in the last video that we now need to see the next five waves down complete to increase the likelihood that we're going down more direct IR L now we don't have five waves down from the intraday high as you can see yeah we only have three waves down one more low would be needed to make it quite clear um obviously that we yeah that we get five waves down so we need five waves down that would need be needed to make clear that this would be wave one of Circle 3 so I haven't labeled the entire circle wave three but it would pretty much be like that five waves down as Wave 1 off Circle three then we would get a wave two three four five and that's how it would ideally play out now again this would be the most direct pathway either we go down directly or in an extended Circle too so however what happens if we break above that resistance area as well analysis tells us the Eliot wave analysis tells us it would be potentially more bullish but not really bullish it would still be just an extended bearish setup that could play out because what could be the case if we break above the nearest resistance area micro resistance if we break above the one above then we could still rally into this larger one the upper resistance area and it could still be a wave two however Please be aware that when that happens we're falling back into the larger degree wave two we're falling back into this wave two that presumably already topped around the 29th of August in this case we have a one 1212 yes okay that's one scenario but could also be that this is wave one a overshooting b wve to the downset and now it's forming some kind of a seawave up before we go down not preferred at this stage but could easily happen that means pretty much in simple terms that there isn't or the Bulls are not going to take the lead until we break above that upper resistance area so it really takes a break above and it's I'm talking about a sustained break as sustained break above 63,360 need a break above the upper resistance area that's pretty much a situation that gives you all the parameters and we haven't even broken well we haven't broken any resistance today so for me the Bears are at the moment in control now the focus needs to be on whether one second whether the Bears can form one more low here to form the next micro five wve pattern to the downside that's the update about Bitcoin hope you like the update if you did please hit the like button leave a comment and subscribe 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