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 yet 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 i want to go ahead and check it out. Today, if youre looking for a little bit more from the crypto space, why not check out the patreon services as well uh, we cover everything from you know: project reviews uh, you know, bear market strategies and trading. So why not go ahead and check that out? If thats, your back, okay, guys lets get into this right, bitcoin paired up with usdt theyre on the hourly chart and binance is the data source. As usual. Now, as we can see here, we were tracking this abc structure going up uh. We had a pretty good wave coming up here after this fifth wave low um. You know this was approximately one thousand dollars. Then we pull back down. We actually hit this low range just down here on this fib level as well, but uh. This basically comes in at twenty eight thousand six hundred and then were starting to see a little bit of progression back to the upside.

I still expect a little bit more of a pull back down and we probably wont be heading straight to this high uh c wave. If anything, i think were probably going to find ourselves with a double top right across here and then well pull on back down. Okay, so were looking to kind of complete this fourth wave on a macro. So if i come up into a four hourly chart, you can see its a fourth wave um push up here and so were looking to finish this fourth wave, um, yeah and essentially yeah. We would like it to go to about thirty. Three thousand nine hundred thatd be a one to one. I just cannot see it based on the momentum behind the price. Not many people are actually actively involved in this one right now and come monday. I would expect this to kind of pull back down into the fifth wave lows where of course, we are targeting twenty two thousand nine hundred and sixty seven. Not a lot has really changed um over the course of the weekend. So far, this kind of has to be expected kind of just trading sideways kind of wasting a lot of time ahead of whats to come. Now, when we take a look at the stochastic rsi here, you can see, of course, that were up in the overbought area, and so we could be tracking songs on a small abc here then well probably track some kind of abc upwards and you know.

Essentially, we could be looking at either a double top right up here, approximately 31 000, or we can break through that and move up slightly higher, maybe well hit the 33 900 theres gon na be quite a bit of resistance up in this area. As you can see from this area just over here, right, essentially anything kind of thirty one and a half thousand dollars its kind of a lot of resistance, and we were failing to close above that we had all the wicks up there. So it could be possible that we just have one wick and then bam straight down. We go okay, but i would expect ultimately over the course of today uh that we arent going to see too much in the way of um. You know price recovery here, im not expecting too much. I would just expect more that monday will come around and will start to pull back down. I could be wrong, of course it could go up. I dont think thats likely considering the stochastic rsi and the four hourly is overbought. The stochastic rsi on the eight hourly is overbought. Now the daily uh is actually in a reasonably good spot. Okay, so pulling back down into these low ranges, uh should put us firmly into the oversold area, and that should put us in a really good spot as well, along with this weekly. It should finally be completely oversold by the time we come down to that.

22. 900 range uh, the monthly again – is actually in a really good spot, already its already ready to kind of be moving up so uh. We arent too worried about that were not too worried about the weekly uh. The daily were not too worried about, but the eight hour the four hour definitely need corrections. Now the the hourly chart. This is where it gets interesting. We could be looking at some kind of small push upwards um, as indicated here on the hourly chart today. So itll be interesting to see where the weekly closes and all of that kind of good stuff um. So you know, i think, essentially bitcoin here has a little bit more room to grow, but essentially that should be it and then we should be thinking about that. Pull back down to finishing that fifth wave low, as i come up into our daily here and just uh, get that back on the cross there and bring this back down, get rid of the stock. And here we can see. Obviously, where were trying to track – and we are looking to come back down into this lower range – and essentially this is actually a larger, abc structure now we can obviously take a look at this in multiple different ways. Essentially, youd have this as a series of um wxys. Essentially now what we have got here is we havent got a real, clear path: its a five wave move um, so you can look at it in multiple different waves.

I i think personally, though, uh and it really depends on your personal preference right. I think weve got this kind of five wave structure going on here and i think essentially, what this means is that we end up with. If i grab hold of my wxy here, weve got w x y, okay and then, of course, weve got another w x and y and all of this uh, depending on how you want to do your elliott waves and some people say that its an abc, if Its got a five wave move in it, so wed have an abc structure like this uh or you can just mark it up as a wxy its entirely up to you, but essentially, if we go into the subway counts, you can see here its a 335 corrective Pattern, and so that would actually mark the completion of all of that as a 335, this one would put the 22 900 low as the bottom of this corrective phase, in the same way that thirty two thousand dollars was the bottom of this phase and the forty Eight thousand dollars was the bottom of that upper phase. Right um so were saying we can see, and we can articulate this in a very clear way, but we can kind of know exactly what is going on, essentially all the way through uh. This would actually then just be a giant um wxy in my opinion, here again being classed as a corrective pattern from the 65 000 high.

The issue that we do have is you wouldnt necessarily. I mean i know. I call this an expanding flat um, but there are several different ways of looking at this. An expanding flat would end in with five waves. We dont have a five wave structure here at the end, and so an expanding flight is probably not the right terminology for this one, and so you know lots of different ways. We can kind of take a look at it. The safest way, probably considering the where the alt coins are, is probably to say that this is actually our fifth wave, an incredibly rare fifth wave that hasnt reached 1.236. This happens from time to time when you dont have these right structures afterwards within the dow jones and whatnot, but essentially it yeah its one of those im, still confident that we are likely to see you know a hundred thousand dollars uh in terms of btc after Uh, this kind of low has been completed and the next kind of push up. If this is the pattern that were talking about – and we do actually have here – the fifth wave thats, an incredibly rare type, where it doesnt go up as high as the 1.236. Then essentially, a 335 corrective pattern coming down here would put us into our end of our corrective phase and it would be significantly lower than weve ever seen. Bitcoin uh sorry higher than we had seen bitcoins previous kind of bear market lows right, and so we should be.

I guess cautious right if we take that um high point from sixty five thousand uh, sixty nine thousand dollars down to twenty three and a half uh or twenty two thousand nine hundred is a sixty six percent pull back um and again it could be that we Bounce here and still pull back down lower, if we do that now, obviously it goes into new history. Thats never been done before going higher than the previous all time high and all that kind of good stuff or lower than the previous all time high and all that, and so i think, theres a lot of things to kind of consider here. But a natural bounce and natural kind of relief bounce should be seen about 22 uh 900, in my opinion, and obviously well be able to do the count of the waves from there. Alternatively, we can believe that this is some kind of odd uh corrective pattern with maybe this actually being our fourth wave low, and this up here is actually our fifth wave high, okay and thats, actually a fourth and a fifth wave with inside our third wave, and We still have that fifth wave to come, theres lots of different ways of looking at it and so, as i said its too early to be 100 certain on any one, directional move. And but what we do know is that 22 900 is most probably going to be. The reversal point for btc in line with a five wave drop here, is a three three five corrective move overall, guys im going to leave the video there.

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