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

Bitcoin's price is currently within a range, potentially due to the US Thanksgiving holiday and lower trading volume. The speaker analyzes the price action using Elliott Wave theory, suggesting a possibility of a move towards 100K, but also outlining a bearish scenario where prices could drop towards 80-85K. The speaker highlights key Fibonacci support and resistance levels to monitor for potential price direction changes, emphasizing the importance of observing price action and a potential 'one two' setup for a strong indication of a move to 100K.

Bitcoin Price Range

• 00:01:08 Bitcoin's price is currently moving sideways within a range, as evidenced by three waves down followed by three waves up. This indicates indecision and suggests a potential for either a further upward push towards 100K or a deeper drop into support levels. The speaker notes that this range is likely due to reduced trading activity during the Thanksgiving holiday in the US.

Elliott Wave Analysis

• 00:01:05 The speaker uses Elliott Wave theory to analyze Bitcoin's price action. They identify a potential three-wave move up, which could develop into a larger five-wave move, potentially pushing the price toward 100K. However, a break below the 78.6% Fibonacci retracement level at around 92K could suggest a bearish 'C-wave' leading towards 80-85K.

Fibonacci Support & Resistance Levels

• 00:00:25 The speaker emphasizes several key Fibonacci support and resistance levels that are crucial to monitoring Bitcoin's price direction. These levels provide insights into potential price support and resistance zones. Notably, a break below the 92K 78.6% retracement would be a strong indication of a downward trend.

Corrective Price Action

• 00:03:12 The speaker notes that the recent price action appears corrective, indicating a potential temporary pullback before a possible larger move. They highlight that the current upward move could be part of a larger 'B wave' structure, followed by a downward 'C wave'. However, they also suggest the possibility of a further upward move within a larger ABC structure.

One Two Setup

• 00:04:43 The speaker discusses a potential 'one two' setup as a bullish signal. This setup would consist of a five-wave move up followed by a three-wave pullback. A successful 'one two' setup, coupled with a break above yesterday's high, would increase the probability of a move to the next Fibonacci level around 100,329.