Bitcoin BTC Price News Today - Technical Analysis and Elliott Wave Analysis and Price Prediction!
Introduction
The video is a quick update on Bitcoin, with the speaker discussing the possibility of a pullback and identifying potential support levels.
Bitcoin Pullback
- Bitcoin has experienced some selling pressure, but it's only a pullback into the support area.
- The Fibonacci levels indicate that there could be a C wave to follow to the downside.
- If Bitcoin holds at 27,800, this can be considered the one-two setup with a possible third wave to follow.
- A sustained break below 27,790 will morph into the larger one-two setup and probably have to reset Blue Wave 2.
Possible Scenarios
The speaker discusses two possible scenarios for Bitcoin's price movement.
Scenario One: One-Two Setup
- There are two possible setups: one up wave two down or wave one then an A wave down followed by some kind of B wave up before coming down again.
- There are breakout setups here, but it doesn't mean it will break out. If the bulls fail, they will fail here.
- Observing breakouts is important because there are likely many stop losses of short sellers set above these two swing highs.
Scenario Two: Deeper Pullback
- If we need a deeper pullback, we'll see if we can find support at one of several levels (golden ratio at 28k, one-to-one ratio at 27,920 or micro-support at 27,800).
- If all these levels break below then the 27k level becomes relevant.
Trend Channel
The speaker discusses the trend channel and how it can help determine where Bitcoin might bottom.
Trend Channel
- A possible trend channel on the chart might give us an idea of where Bitcoin might bottom.
- The first indication that Bitcoin has stopped Wave 2 and is already in a third wave would be a break above the descending trend channel.
- Short-term trend is down, so we need to see if we can find support at one of several levels.
Understanding Wave 2 Retracements
In this section, the speaker discusses how retracements work in a strong uptrend and emphasizes the importance of having a core position and a floating position.
Characteristics of Wave 2 Retracements
- In a strong uptrend, retracements are often shallow.
- Wave 2 retracements can be deep or shallow, but they most often are deep.
- It is a technical error to completely get out of an asset during a wave 2 retracement and try to buy back in at a lower price. This rarely works because wave 2 retracements are hard to predict.
Importance of Having Core and Floating Positions
- The speaker emphasizes the idea of having a core position and a floating position that can be sold and then bought back at lower prices.
- By having both positions, investors can prepare for different bullish scenarios by identifying key support levels and invalidation points.
Conclusion and Additional Resources
In this section, the speaker concludes their update on Bitcoin and provides additional resources for those interested in learning more about trading.
Conclusion
- The speaker thanks viewers for watching their update on Bitcoin.
- They encourage viewers to like the video, leave comments, subscribe to their channel, follow them on social media for additional content, and check out their trading course on morecryptoonline.com.
Additional Resources
- Viewers interested in learning more about Elliot wave theory and technical analysis can check out the speaker's trading course on morecryptoonline.com.