On the Bitcoin chart the situation hasn't changed overnight. We still deal with a situation which Bitcoin is holding above 43k. That's not a surprise given that with that break above that level it should really move a little further.
Potentially to 50k to 65k into that region. I mentioned that in yesterday's video. Basically, this is the overview.
We are probably not going to see any substantial retracements until we really get to a new all time high territory. But even then they might only be wave 4s and in the yellow wave count we are also very much able to push a little higher to 50k to 65k above 65000.
The white wave count will become much more likely and the white wave count is the one that can take us to all time highs and actually into the 100000 dollar region. This is all theoretically of course. But that is our price target.
Crazy right?
So after this shallow pullback one we make one more high to round about 50000 maybe to 65000 if we get a pullback and it's holding a higher low. The support that I will give you for a wave four.
I mean there are never certainties in the market anyway. All scenarios are for now bullish even the yellow wave count is bullish. The yellow wave count however can take a lot of different forms. So also in the yellow wave count we could actually develop later a bearish scenario which is why for all the bulls out there the white one would be preferred. So what we will do of course going forward we will track along the way very critically very carefully the relevant support levels as they come.
And the next main support that we've got is let's say 34000 dollars. That's the 50 percent retracement level. I don't really have any other support.
Yes we can take a look at micro support levels on the smaller time frames.
But really this is the key support box for a pullback that can occur here in this fourth wave. It doesn't need to come down to 39300.
This is purely support. It's purely support. This is what many don't understand. If I give you support areas for a pullback it's support.
It's not the targets that I'm saying the price will come down to 34000. Pullbacks can be shallow if they are deep then they can be opportunities for a pullback trade. But you cannot determine the actual target for a pullback in advance. They are more to be understood simply as pullback zones basically as support zones.
And you cannot really determine the target of a correction until you already have the wave A in place and the wave B. Then you can calculate the target for the wave C. I received a few questions. When do we get the next pullback?
Well that's impossible to say. What I've been doing over the last few weeks I've been tracking micro support levels specifically for you. Most of them did hold. We had pullbacks into those zones.
I've taken them off the chart of the small term chart but we only had an entry point support zone here in this area.
Yeah a couple actually. So we've literally only just had potential entry points. I mean I can't tell you if you use our boxes for entries or not. Many people do and I do so as well if you know if it's the right thing for me to do. But those boxes can provide entries because they tell you the boundaries right and they can give you a stop and everything.
So our charts are always self-guided but I can't tell you when to enter because that's a personal decision. I can share with you though the areas where I believe the price is turning around based on the analysis. Well not where I believe but where the analysis tells us that the price should turn around. So we had a lot of pullbacks also here even though they've been shallow we've had support zones defined. OK so literally basically nearly every day I've been sharing support zones.
Until we make a new swing low at around 43k, we are looking to continue up in both the short and long term.
