What exactly is going on in this video were gon na dive down into the world of bitcoin to see exactly what the market leader is doing and to see whether or not this is going to be the bottom or we should expect a deeper pullback guys as We get into this video if you do find this useful and informative hit. That, like button, really do appreciate that, if you happen to be new to the channel, then why not go ahead and subscribe tap that bell select all notifications, and in doing so you will be kept up to date with absolutely everything that we do here at cheeky. Crypto right with all that said, done and out of the way lets jump on down into the desktop and take a look at what is going on here with bitcoin and to see whether or not this is the bottom. And we should start seeing a bit of a reversal or whether or not we are going to be pulling back any deeper. Okay, guys so were going to kick things off with the weekly chart. Just give you the big overview and to kind of reassure everyone that actually, the structure is actually looking pretty good. So, despite this kind of small pullback in the market right now um, you know this isnt really anything to be overly concerned with. Ultimately, this structure is actually looking pretty good, so we are still following these five impulsive moves to the upside okay, and this is uh, something that we kind of can see going on in here quite nicely and neatly now, and this basically started way back over here.

Actually, you know back in december of 2018 that seemed to be a good bottom area. We went spiked up. This is where the bull run really should have started waste two coming in uh. We got pulled back a little bit deeper than expected back in march of 2020. We can all remember what was going on back then uh, then. Obviously we had the good wave 3 taking us up towards that 65k area, the pullback for wave, four uh a lot of people were calling this a bear market, but it was just a way for correction, and this took us down to us, i think, as low As 28k and then obviously, we started to push back up setting some all time highs right up to 69 000 and then were starting to see a pullback. Now this is not a concern. Weve still got a lot of progress to still make here, uh with a good push to the upside were not concerned over this. As you can see, the structure of the weekly chart is still looking very, very good. Nothing moves up in straight lines and you can see this so we have these natural kind of pullbacks and cool back cool downs as we continue this growth to the upside. You can even take a look at this wave. Three. You can see that there were areas where we did actually have some kind of pullback occurring. It is perfectly natural and very very normal to see these kind of profits get taken off the table and actually theyre following some very standard patterns in the space that you should all be aware of.

So as we come down into our daily and we here, we can see some more of the most interesting stuff kind of going on. Let me just expand this up a little bit. Okay, so here we can see, youll see that pull back from three to four and then obviously continuing this growth to the upside, slightly and uh continuing up weve hit that 69k area and then obviously pulled back down right again. This is an area that weve seen quite a few times, and you know ultimately, these kind of pullbacks are something that we can actually monitor and see exactly whats going on when we take a look at it from this daily point of view, its actually relatively quite Clear that we can see whats going on here right, because if we actually go ahead and throw on, if i just bring this down a little bit, okay, we have basically one two well have this third impulsive wave well have a fourth and then well have a Fifth, right and basically wave one wave, three and wave five should be comprised of five waves right and here we can see theres one having two well push up for three. Well, pull back for four and well have five right: therell be five impulsive moves inside of wave three. Likewise, there will be for wave five and wave one right. You count up five waves now on your uh wave, two and wave four therell be an abc correction right, a coming down a b and then a c right, and you can see that here.

So we know that were kind of following the pattern and it just therefore doesnt really matter too much whats going on with this uh recent kind of price action. We know that were actually inside a fifth wave and we are just experiencing one of the corrections within that wave and so its perfectly fine to kind of see whats going on here once you understand and count the waves correctly right in once, you kind of see It its kind of hard not to see it. So basically, you can see good structure pushing up here and we actually have some interesting things going on right here. So lets actually take a look at the most recent kind of trading action here of bitcoin to see you know, whats going on, we had a good push to the upside, and then we started to see some corrections well whats actually going on. Well, we have an a we have a b. We have a c okay, so we never know theres an abc correction here, finding 57 800. As our support line right. We can see that just there okay, then we obviously get pushed up right. So after you have an abc down, you usually end up with an abc up or an impulsive move up. Okay, so here we can see that we ended up with a a b and c, and then we pushed down now. Obviously, this down wave should actually be an abc, but you cant see it really clearly on the daily chart.

It will be in there and again. You know well then be looking for an additional abc, so well just go ahead and uh it wouldnt be there. It would be inside here, so we need to find the different timeline on that one. Its probably within our four hourly lets check yeah. Here you go so um. If we actually go ahead a b and c and then we pushed up okay, we had uh an a a small b and then a c uh, again, probably a different timeline for that one lets just go back up into our daily for a second and then You can see whats going on most recently, so basically, what we have right now is this a this b and this c wave. The question then becomes: are we at the bottom of our c wave correction, and should we actually be looking to push on up? I think were getting very, very close to it, so lets actually measure this out. Okay, so an abc wave are actually quite simple things right and basically, if we have our a which is pushing up here, okay um, which is the other way around, so its an abc down, so well just go ahead and grab that to the downside. Okay, this area, let me grab hold of the top here um – would so the c wave should measure the same as our um, a wave right, thats, usually what happens so basically a coming down.

Let me grab hold of my a wave here. So a coming down, b, coming up c coming down right, so uh, the pain is a little bit more still to be had here, okay, um! So basically, as long as our c wave is equal to our a wave, we are going to be looking pretty good right and uh. Basically, here we can see theres about 59 and a half thousand dollars, which should be the bottom of our c wave. Theres, no guarantee that you actually go down to it. Sometimes the z waves actually fall short. Sometimes they over extend right, theres, good support at 58 600. That could be the area that we actually pull back down into. One of the things that we really want to make sure doesnt happen is, if i grab hold of this in a slightly different way. Let me grab hold of it from here to here. One of the things that we want to make sure doesnt happen is that we come down to 57 240, this 1.382, if we go lower than that that actually makes it an impulsive down, move okay. So again, that would basically mean that were looking for five waves down rather than just three. We dont want that, obviously, and so its important, that we acknowledge that we are looking to try to basically bring ourselves up to this uh, this area 58k or 59, and a half thousand around that kind of area right um, so good support could be found.

A little bit lower than that, obviously, but this is kind of the area that were looking for for bitcoin to kind of bottom out, which means the pain is almost over and once this actually finishes, then we are looking for that. Next move to the upside that abc move that could gain turn into an impulsive five wave to the upside um, which would actually be forming a part of our bigger structure. Okay, because again, if we remember, if we zoom on out here, we are actually part of a one two three four five inside of our fifth wave right um, so were in that third wave of our fifth wave uh, which would have five waves in itself. This is potentially the second wave inside there. So again we are looking to continue that motion to the upside. This actually could be wave four if we look at it from here, so it could be one two three, although three would be very very short, so itll be unusual, so i think weve still got some more growth in this and and as we continue up here. Well have another pullback that should be steeper so watch that one and, but i do expect new all time highs to kind of come in uh very, very soon. Actually, because we are seem to be bottoming out on this abc wave. We are, of course, getting down low on our stochastic rsi on this daily chart. Okay, so, ultimately, everything on on bitcoin kind of side of things seems to be.

Actually, you know pretty good from that kind of perspective when we jump over to the avid.io dashboard. For those who do not know, evide.i o use artificial intelligence and machine learning to help us understand the underlying value of cryptocurrencies theres, a link in the description down below its completely free to use so guys. I do urge you to just sign up and get used to seeing some of the underlying data here, because it gives you a bit more insight as to what you would normally see just from your charts right. This gives you a bit more clarity than than you know. Just you know, the price has moved up. The price has moved down. It shows you a bit more of what is going on in the background. Okay, so here for bitcoin were b1 rating, which means were just south of the the a rated cryptocurrencies which is actually pretty good and its holding actually quite well. The fear and greed index is also b1, so its pretty neutral theres, not a lot of fear in the market for bitcoin right now, which is interesting. Okay, the sharp ratio is probably one of the most concerning metrics right now, which is basically saying that actually, exposure to bitcoin might not be the best idea, and we can see that we actually dropped below that 50 day average right, but we have just plateaued, as In we havent actually dropped down any lower in the last day.

Okay, so we should hopefully start to see a reversal once this bottoms out with that sharp ratio actually increasing and the sharp ratio does represent our risk rewards right and so basically right now the risks outweigh the rewards. You might not necessarily want to get exposure now when we take a look at the charts and we see an abc kind of bottoming out like this actually thats a good opportunity, in my opinion, to start to think about maybe getting some exposure into bitcoin. But first of all, youre going to want to do is see that reversal come in and see that fifth wave once that um, so that a wave comes in youre going to get a lot more confidence. This sharp ratio is going to start actually being quite positive. I would have thought and again that fear and greed index might start to increase as well other than that the ami had ratio. The moving averages to profitability theres, nothing wrong with that underlying data, its all actually looking very, very good. The two things that are kind of you know where its holding bitcoins rating down a little bit is basically your your neutral fear and greed index and your sharp ratio. These two things, i think, are going to change dramatically over the next week and so definitely want to be keeping an eye on that, because i do think that actually were going to start seeing a huge reversal with bitcoin.

Now its reached down into that 60k level, which obviously is uh completing an abc correction wave ahead of where it goes next. So when we come back into the chart here, we can see some pretty good growth coming some new all time highs and do expect us to kind of push up really strongly in the end of november, beginning of december and where you know maybe well eventually even Hit that 80k level, which i think ultimately will actually trigger a lot of fomo coming into btc um, so im not really going to spend too much time here on the hourly show hourly chart here, because we are still following very similar right. We are oversold and we are looking to bottom out on this area here, um for for bitcoin. So right now we are just hovering at that 60k level um. Theoretically, we can pull back down a little bit to 59 and a half to complete the c wave. If it were to marry the length of our a wave um again, you know it. Doesnt always have to have have to happen that way, but it is pretty typical that you would normally see that um and then obviously, i think were off back up again to some fantastic heights with an abc at least to the upside. But we think its more than likely actually going to be impulsive, and so once a wave comes in and we start to see that pull back for b.

This is the opportunity to get in ahead of wave c or potentially wave three um and then obviously endure. Four and five okay, so i think theres a lot of fantastic things to occur here with bitcoin. Obviously, the entire crypto market has been pulling back in line with what is going on here with bitcoin, but again do expect a reversal across the board uh. Once we start to see this abc kind of come in this old abc get completed out again, you know. A lot of retail investors are probably getting shaking out the market lots of liquidations, probably going on um, but this is not anything unusual. We are pushing up in a really strong way, so guys thats really what is going on when it comes to the crypto market. Today, ultimately, we are just following an abc correction with bitcoin. It is absolutely standard, stuff, theres, nothing to worry about there. I am expecting a big push to the upside um to kind of come in towards the end of the uh month, beginning of december and again were going to be looking at some pretty interesting high numbers for bitcoin, which will lead the pack and obviously start some Fomo activity, as we kind of keep this ball, run up and really start to just kind of see. Some of these old coins really pop to the upside as well guys im going to leave the video there.