Bitcoin Price News Today: Technical & Elliott Wave Analysis

Hello hello and welcome to another update video about Bitcoin! In this article, we will be discussing the current state of the Bitcoin market and analyzing its potential future movements. We will also touch upon the importance of certain levels and patterns in determining the direction of Bitcoin’s price. So, let’s dive in!

Bitcoin has not experienced significant movement recently. It appeared that Bitcoin was poised for an upside breakout, but it has yet to materialize. However, the overall roadmap for Bitcoin remains unchanged. There has been a small adjustment in the wave count, specifically in the placement of wave one and wave two. This adjustment allows for a better alignment with the current market conditions.

The primary idea remains the same – there is a possibility of a push higher in the third wave, potentially leading to an extension. Following this, a larger fourth wave would unfold. It is important to note that if this fourth wave is indeed unfolding, it may take longer to complete due to the length of the previous wave two. This extended timeframe could span several weeks. It is crucial to be prepared for this possibility.

Assuming the fourth wave is not yet underway, we can anticipate a fifth wave to the upside, forming wave one. However, it is ideal for this wave one not to exceed 43k. If it surpasses this level, there is an increased risk of a breakdown, potentially leading to new lows. This may seem counterintuitive, but an excessively high and fast rise in wave one can indicate an overheated market, increasing the likelihood of a breakdown.

To determine the risk of a breakdown, Fibonacci levels can be used. If Bitcoin rallies straight to the area between 43k and 50k, it would indicate an overheated market and a higher risk of a breakdown. Ideally, we want to finish wave one within the range of 32,38270 and 43,000, which corresponds to the 61.8 Fibonacci extension and the 78.6 Fibonacci extension, respectively. These levels are measured against the wave two low that finished in September.

Now, let’s shift our focus to the lower timeframe wave count. Looking at the Bitcoin 1-hour chart, there has been a slight adjustment in the wave count. Wave one and wave two have been shifted, and the potential for a diagonal pattern has been removed. The current count suggests an impulsive wave, which aligns better with the price action.

In this movement to the upside, it is preferable to see one more extension. Despite the adjustments in the wave count, the length of wave two remains acceptable. However, this adjustment necessitated a slight shift in support levels. The 38.2 Fibonacci level is now at 32,481. A sustained break below this level would indicate that we are in the larger degree fourth wave.

At the moment, it appears that Bitcoin is forming some kind of triangle pattern or a wxy structure. It is crucial to be prepared for various corrective patterns as there are multiple possibilities in corrections. A triangle pattern often morphs into a wxy structure. The current count suggests that the lower e-wave could still go a little lower, as long as it does not break below the c-wave low at 33,430.

To confirm the completion of wave four, we need to see a sustained break to the upside of the triangle. This would require a break above 34,870, followed by a more sustained break above the b-wave high. A swift move to the upside would further verify the breakout. Ideally, we would like to see one more high before the start of the larger degree fourth wave.

The target for Ether remains around 36k to 38k, with no change from the previous analysis. It is important to note that volatility is reducing, which often precedes a more aggressive and rapid move. While Bitcoin may seem relatively stable at the moment, there are still interesting movements in altcoins. It is crucial to stay engaged and aware of the market dynamics.

In conclusion, the current state of the Bitcoin market suggests the potential for further upside movement. However, it is important to be cautious of overheating and the risk of a breakdown. The wave count adjustments and the formation of a triangle pattern provide valuable insights into the market’s direction. As always, it is essential to stay informed and adapt to the ever-changing market conditions.

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