Bitcoin (BTC): One More Low Needed? Bullish and Bearish Elliott Wave Analysis

[Music] hello and welcome to another update video about Bitcoin so in this video I just want to cover the intraday um chart um if you're interested in the daily chart feel free to check out the previous video from earlier today you can see here that the price is currently respecting the parameters that we talk about in the last video earlier today in the video but also on Discord I communicated here this micro resistance area and that the price is likely going to form at least one more low maybe two but I would not rely on two maybe you know one more might be enough the rally from the swing low that formed um well well the low formed here on Tuesday so we had a rally into the Wednesday High in three waves that's what I wanted to say is a three-wave corrective rally got rejected in resistance holding support however my communication earlier today it was one of the first updates I sent through on Discord um I already communicated here that short-term resistance remains defined between 59,60 and 60,1 145 the micr structure allows for direct downside and at least one more for five pattern um yeah basically what it was about that you know after I wouldn't even be so bothered about whether we get another low or not I mean at the time this was earlier today the price was already in support and was just going to test resistance but it didn't break so there's there's absolutely no way um or no reason for me to change at the moment the the scenarios in fact um it did what we wanted which is a test of resistance while getting rejected now uh again there is because of that there is absolutely no reason to change the analysis at the moment I wanted to share that so again I wouldn't be so bothered about whether it's forming a one more low or not I think important is to focus on the next rally the nature and structure of that next rally will tell us a lot about which which wave count it is so we've got three scenarios here you could say that the blue and the white one they are not so different so in the white scenario we have a wave 1 and a wave two already completed and this is an AB structure which yeah maybe could cope with one more low but then that should be it ideally yeah and we can rally from there in wave C four five okay well we need all five waves and it would be a bullish structure that could take us into the 70k region the blue count is similar some of you posted in the previous video in the comments um you think this looks more like a running flat structure which basically the blue wavec is it could be a running flat or an expanded flat so also here wave one to the upside but the initial move down was an a-wave the move up a b wve and we could now be coming down in a c-wave it's possible um in this scenario yeah the price however could come down a little bit lower and Below 51,900 however also the blue bullish count would reduce in likelihood but both of these white and blue move together I wouldn't even see them as too different the micr structure is pretty much the same at the moment the only question is whether this is a b-wave pullback or wave two I will decide that depending on when we form a low that will have impact an impact on the targets but in both white and blue counts we should see a sub substantial rally next but if the next rally is corrective and that's why I said the next rally will tell us a lot about bitcoin's movement in the next few weeks and probably months because if the rally that happens after maybe one or two more lows is corrective so an ABC structure and we struggle to go higher then it could hint at wave two and yellow which would result in a wave three to the downside wave four wave five and so on okay so this would be the yellow scenario which can send us into the 40K region but in the very short term we should be close to a let's say low hasn't formed yet and I think it's important just to watch for the signals that that we can get from the market about when a low is formed so we might see just one more low here maybe two a break above resistance would be an initial signal that a low has formed that's 6,145 but I would find a break above the trend line a more reliable bottoming signal on top of that if the rally is in five waves it would be an even clearer signal yeah clearer than Breaking the trend line clearer than Breaking the the the resistance area so it's five wave move developing a five wave move with this mess is going to be difficult so ideally one more low and then it can start another impulse and then we need to decide whether there's part of wave two in yellow or if we're already in the next larger wave up but overall the situation overall hasn't really changed since the last update because the parameters are being respected we haven't got a break of support or resistance and yeah there's no need to change the wave count Okay so I'll keep you updated hope you like the update if you did please hit the like button leave a comment and subscribe and if you 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