Hello and welcome to another update video about Bitcoin so on the Bitcoin chart um the daily chart is obviously unchanged if you are unaware of the bigger picture the larger structure then take a look at my previous video yeah watch my previous video in which I talked about the bigger picture as well um you will find that on my channel um microstructure also hasn't changed yeah Bitcoin is
Consolidating a little bit there yeah slightly sideways so we're going to take a look at that um but overall also the microstructure is unchanged so it's literally just a quick middle-of-the-day update while the market is very exciting um idea is still and remember what we talked about we have the White Wave count and the yellow one we're focusing on they are both however moving together at the moment that's always a very favorable situation because we
Don't need to track different microstructures both white and yellow yeah white one is the more bullish one the yellow one could get to a major Pivot Point uh after one higher in wave five in circle wave five but we're not even there yet um but they move together so any way we're just tracking one microstructure basically and the idea is that um Bitcoin is now moving in this fifth wave to the upside the fifth wave itself is likely a five-wave move so what I'm
Tracking here is a wave one wave two wave three wave four haven't seen it yet okay um should show at some point however at the moment I think we're at a stage where it might be that this third is still unfolding and we're actually within the subdivisions of this third wave so at some point we might see a four-five in three I haven't label that because I've literally run out of wave degrees then we should get a one a wave four and five and so on so in you know
When we're dealing with a third wave which we which we are probably doing at the moment um then it is often not worth tracking microstructures so much you know especially not trading by them um if deeper pullbacks show there can be opportunities but really all we want to do is to add support track that support because when that support breaks it tells us something about the structure
Until then and especially in a third wave um the trend is simply up now how to trade something like that if there is no pullback there are strategies I mean this is not a strategy video um but you can use moving average crosses you know I did explain that in one of the recent render videos uh not render um Rune videos we also have a dedicated video about that uh tutorial live stream actually recorded in our membership if you're interested to check it out it tells
It's just one way there are many ways it's just one way you can trade a strong Trend if you miss an entry it takes a lot of attention okay you have to monitor everything because it's not like a relaxed pullback trade you're dealing with no it's actually quite an aggressive Trend so you can use moving average crosses combine that with Elliot wave there are strategies so check it out if you're interested um if not that's fine as well um what what we
Probably dealing with here is at least this third wave still yeah and the micro support that we're tracking it's basically the length of this distance here of this third wave yeah so we start at the beginning of the third and go all the way to the top that's our micro support it hasn't changed since the last video because literally, the market has just been consolidating it looks like a small bullish pennant here that's unfolding
And um it might be some kind of a fourth wave here $4,400 is still micro support yeah so that is the level we can use that's the first main support level I've got there isn't really anything unless you're trading the 5-minute chart but then a video isn't really suitable for the 5 minutes um below 4,400 it wouldn't be bearish it would simply indicate that this circling wave four has likely started and then support is down at 34k again
That doesn't mean we have to go down all the way to 34k it just simply means that this is support below that level the scenario changes ideal support for a wave 4 is typically the 38.2 FIP level in this case at 36.3k um looking really at the let's call it the Nanostructure I mean we can label something but I will take it off the chart again because it's so micro um if we really say okay we might be moving up in this third wave that move that
Started end of November what do what do I have I mean I've got here a potential wave one okay I've got here a potential wave two um I've got again possibly another one-two set up you know is this a 34 five so is this a three-four yeah and it it looks as if we might need sort of one more high right uh but literally this is very
Very micro Nano okay so I should have got I mean this could be then again in that fifth wave 1 two three now a wave four possibly really like a penon structure or something you know um that would suggest one more High okay off wave five of three and then we should see that wave four at some point so that's sort of I I know a lot of you are interested in the micro I they don't treat these as too predictive
These microstructures um but they can give you a guideline yeah and um yeah that might form a triangle here I mean again if we then go even more micro I mean I've got here potential one-two set up a very clear third wave yeah this is a fourth could go a little longer maybe today but then possibly later today could break out to form that fifth wave okay that's my update about Bitcoin I hope you like the update if you did please Follow my website