SHOULD I BUY BITCOIN AT BTC SUPPORT? $23K BITCOIN COMING SOON? CRYPTO MARKET ANALYSIS & UPDATE
I really do appreciate that, if you happen to be new to the channel, then why not go ahead and subscribe tap the bell select all notifications, and in doing so you will be kept up to date with everything that we do here at cheeky crypto. If you have not already joined us in discord, links in the description down below its a fantastic community talking crypto 24 7., its completely free and i dont think youll – be disappointed by what you find down there. So why not go ahead and check it out if youre looking for a little bit more from the crypto space, everything from bear market strategies through to project reviews and trading, then why not go ahead and check out the patreon services as well, just in the description Below okay, guys lets get into this, so as i was talking about in the last few days, we were basically talking about several different levels. Right 36k, we lose 36, we go to 34 lose 34. We go to 28, lose 28 were going to 23. weve, obviously lost 28, so 23. Is this next expected area to come down to this? Is our low c wave now im going to walk through a little bit of the structure of this first and then go and kind of go through some of the the other kind of data that you must absolutely see? Okay, so im just going to scroll up probably to the eight hour just to make this a little bit easier to see, but basically we have this corrective pattern here.
Taking us down this now, corrective phase is now an expanding flat, okay, and so what we actually end up with is a large pullback here, and this has been our a wave. This is basically from 65k down to our low point of about 28k. We then move on up to the 69 000 high and then were going to pull back down lower than the a wave, basically a big expanding flat. Now, if we take a look at the subway of uh, the c wave coming down, we actually have an a b and c, and you can see that this is pretty straightforward. If were going for a one to one ratio. What were looking for is to come down to 23k now what i was hoping for this would be a running flat, which would have ended down here at 32. We did call the 48, but obviously losing these areas on the way down does mean that were coming down, much much lower okay, so lets go ahead and measure this out. Let me actually just zoom in ever so slightly. What im going to do is im going to put a fib from this low level to this high level. Okay, so were just going to grab that were just going to take the low and then were going to go ahead and take the high. If i can get that there, we go and then im going to move it over to our high point just here.
Okay, this then shows us moving down to twenty two thousand nine hundred and sixty seven uh twenty three thousand dollars: okay, um, and that is the area that we are targeting. So what i will do is im gon na go ahead and put a horizontal line right in here and at the same time, im actually now going to remove some of these old lines, because i dont think they are relevant right now. So well just get rid of those perfect uh. Well just get if i can yeah again perfect, okay, and so we end up with this one down here now. What im going to do is im also going to just put a price label on this, so you can kind of see exactly what im looking at here and its basically 22 967, so ill just go ahead and change that to 967. just grab that 67. So we have that on the dollar, perfect. Okay, so we have this little yellow box area down here this symbolizes this gap that was left behind. This is why many people in the space have been calling for 20 000 bitcoin, essentially basically in traditional finance, these gaps. Historically, get filled now they dont always get filled and so theres a high probability when it comes to the stock market that these gaps get filled. However, in the crypto space you know its kind of the world wide west anything goes if you expect something to happen.
It probably wont happen. The opposite would normally happen. So just be aware that, although this is the gap, this is the reason that many people talk about twenty thousand dollars its all to do with this little gap right here. Um – and it really doesnt mean terribly too much um, but just be aware that in traditional finance, these gaps could get filled and its possible here that we pull back down into that low gap there. It will completely break the history of bitcoin, though, because its never happened before um. But again you know history, isnt, always going to repeat itself. Okay, so just keep that in the back of your heads – or this is a corrective phase um. However, we can of course articulate this as a bearish phase. If you want or a bear market, however, you feel most comfortable um, but essentially this is corrective pattern, and after this i would expect a pretty swing. Good swing up going high. Now this would mark a 66 uh pullback and obviously bear markets historically go down for bitcoin an average of 85. So if we were to drop down 85 youre talking about 10 000 btc now, ten thousand dollar btc would completely destroy bitcoins history, because it would basically mean that wed be doing things. That havent happened before in the entirety of bitcoin history right and so just kind of keep that in the back of your head um. This might not be pulling down that low, okay and the market i dont think, is going to allow you to to go down as low as what we had done previously um much more mature than it was previously, although still immature on the grand scale of things And so just keep this in the back of your head.
You know when we were pulling down 86 or 84 percent um in 2013 and 2017 retrospectively, those um those pullbacks. We were a very, very small amount of money in the space right and that has bloomed up quite a bit. It is still small on the grand scheme um. However, it is going to be hard to see those levels of pullbacks with this much more adoption year or bull run on ball run. If you will okay, so just kind of keep that in the back of your head, um history will not always repeat itself. I think we have got different variables this time around and ive spoken about this before as well and right now, 23 000 is the most probable area, as you can see, this abc structure coming down now. What else is in here? Well, this is looking like if we come up to here. We have some kind of three wave three wave, and i reckon this is going to be a five wave move, so that basically makes the entire correction a three three five, okay, so pretty standard stuff, nothing! Uh too um unusual right and if we go ahead and grab the five wave move here, uh what we can do is we can now say that heres, probably wave one weve got five subways there. We have our three subway wave two. This is going to be our wave three, we should bounce up and then we should come down into the final fifth wave.
Okay, so you end up with that move there and of course you have your sub wave counts as well. You go one two, three four and five. Okay and again up here. You can go one! Oh! If i actually grab the right. I think there we go uh. You go one. Two three uh actually no thats a bit long. Let me just pull that back in and there we go one two, three, four: five right there: okay, so five, three five! We look for three well look for five: okay, so um wave fours are normally complex, uh, oh well, wave, two or wave four one of them is going to be simple. One of them is going to be complex now because we had a very simple wave two here. This should be a complex wave, four um and we dont really know where this is going to retrace up to. It can be uh reasonably big retracements, but you know its not normally as big as wave two, but considering how shallow wave 2 was here as it wasnt a deep retracement. It could be that wave 4 is actually quite deep. So its going to be a little bit cautious under these structures and but essentially, if i were to take the entirety of this um wave 3 move right here. Our retracement, for this is probably going to be up to about 31 – maybe 32 000, okay, and so just keep that in the back of our heads there as well.
And if we measure from the low down here, uh yeah. If i measure from the low here to approximately that point uh, then we are talking about maybe coming down to that 23 000 on that slightly higher. So it might have to come down here ever so slightly uh towards that 33 000, but well have to just keep a close eye on that see where it goes, where we find the resistance and how were going to see that measure out, but essentially yeah thats Kind of what im thinking here or it should be some kind of three wave bounce moving up now, if i just zoom in here for a sec, just uh bring back the stochastic rsi, you can see that we are looking for a bounce on our hourly chart. So we should be looking for some kind of movement to the upside. The four hour is still going to come down, though the eight hourly still has to come down. The daily is already oversold the weeklys oversold, the monthlies oversold, so the larger timeframes are oversold im ready for some kind of move to the upside. After this 23 000 move um, but weve got the four hour and the eight hour still looking for corrective plays. So it could be that actually we now move up a little bit and into a fourth wave high, and then we basically bring down the eights, the four and the hourly charts again in this last little fifth wave coming down lower towards twenty three thousand dollars.
Okay, so my expectation here is we: we basically want to be monitoring a kind of fourth wave, going up some kind of abc structure, and but again it could be complex in its in the way that it actually, you know, gets created. So we just want to be open to the idea that we end up with a reasonable amount of um of i guess, of a bounce, but nothing too major and then obviously finishing off. That final move to the low side here and taking us to twenty. Three thousand dollars: okay, once this is done, though i am, i would expect to see structures starting to form to the upside, and what i would like to see is uh. You know more ball signals at this point and considering the amounts that weve actually retraced down. Already, okay, obviously, if we dont see that then well probably push back up and we could potentially pull back down going down even lower okay. So we want to be very, very cautious at this point and specifically if we are not in the huddle mentality, because right now i do think that theres many altcoins in the space that are well below 80 of their all time. High and dollar cost averaging into those slowly over a period of time makes a lot of sense. If, however, weve got, you know some serious cash that we want to throw at the market, we dont want to necessarily just dollar cost average um from an 80 drop.
What we really want to do is we want to see confirmation of reversal and actually buy the upward swing, so theres different strategies, depending on the different types of investors right so and join us in discord. Chris is obviously doing uh. The dollar cost average approach to this. This is one that we talk about, often on a channel and im, taking a slightly different strategy where im actually looking for the point of reversal and trying to buy the upswing, and therefore we can actually be confident in the market reversal and the bottom being in Im not trying to get the bottom im trying to find the bottom. I want the bottom to come in. I want the bottom to disappear and i want confirmation that were out of it before you know we throw big money into the market, so different strategies and all that kind of stuff join us in discord. If you want to learn a little bit more about the strategies and things like that that we do uh, obviously via the patreon services, so um, you know for bitcoin here thats kind of what im looking at right now the wave counts are indicating 23 000. After losing the 28 000 low points, and again you can take a look at why this is the case theres a lot of support to be found in this area, even a little bit lower just about 21 7 um. So again, you could just over wick that its also fine um yeah its also possible that you come down and do things that have never been done in bitcoin history losing the previous twenty thousand dollar, for example.
Um would be very, very interesting, but the buying pressure down at these low areas is very, very high, and so we should be very aware that once it gets here it it isnt going to be around here for too long. In my opinion, theres a lot of buy orders um, you know anywhere between kind of 26, 000 and twenty thousand dollars. The buying pressure in this area is very, very high, so the likelihood of staying in this range is not going to be there for very long. In my opinion, and then we should start to see structure moving on out of here whether that structure is corrective uh or whether that structure is going to be impulsive. Uh is yet to be known, um, but thats. What were waiting for waiting for that kind of confirmation of reversal and, as i said at the beginning of the video you know, i dont think were going to see the same levels of retracement that we have seen previously and considering uh. How more mature the market is considering the structure that bitcoin is in right now, and the fact that we still have to have this fifth wave higher and the structure that comes up here next taking it into between this a higher zone is absolutely going to be Key in seeing this entire structure finish before we come down into a bear market: okay, so um! You know we can articulate this as a bear market absolutely, and but i still expect you to pull up and finish this fifth wave high, and it is possible, of course, that we that we have these other areas kind of chalking up as the fifth wave.
I just think thats incredibly unlikely and but it is possible some kind of leading uh or ending diagonal kind of pattern, and things like that, but anyway, nonetheless, im not going to ramble on if you found this useful, informative hit the like button.