Bitcoin is following the plan.

Added: 2026-05-17

[00:00:00]Hello guys, welcome back to another update here. Uh, it's currently Sunday and we're going to look at the week ahead of us here. We have some very interesting updates. Also, a quick thing here. For some reason, I cannot get my mic to work. So, I'm currently using a different mic, so it might be a bit of echo here. Let me know in the comments how the audio is at the moment. So, we have a few charts I want to take a look at here today. I think it's been like around two days since our latest update.

[00:00:26]And since then, Bitcoin has been pulling back here. uh basically creating some kind of fourth wave here that we've been speculating that most likely Bitcoin is going to follow this path here as we've been discussing for the past week. We posted this back on the May 12th here 5 days ago. Basically what I said, I'm looking for something like this on Bitcoin. I said if we get a pullback, I'll be longing. So this was basically the chart we've been discussing here in our videos and on X as well. We're looking for a fourth wave pullback and then completing a fifth wave possibly up to 90K. And looking at the price action right now, it looks uh like the market is going according to plan. Currently, I'm seeing some things that makes me think that Bitcoin could even go lower than 90 76.9K and I I want to discuss that in this video. So, this is not the exact target like if we break a bit below that. Uh I'll completely open-minded to that because something we've been discussed in the past is we have another pivot as well. So, we're using the pivot here from March, but I also like really like the pivot here from February. So, basically the yearly lows if you use the yearly lows and then you use the highs here on Bitcoin. And we can see here we have another 0.31 here at 74.9K.

[00:01:38]So, I I'm also very open-minded to Bitcoin going down here because technically you want to use the first wave into the third wave here. So, this is a bigger time frame wave count. The reason what why I was using this pivot here was because it also correlates with a nice demand zone here and because the market looked relatively strong. But at the moment I'm seeing some things that makes me think as I mentioned earlier that the market could probably go slightly lower here. So let me just remove this account. So these are basically the two zones I'm looking at.

[00:02:07]And then we have another pivot here as well from the second wave here. So you get a lot of different levels here. So here here's basically three different levels I'm looking at. and then we're going to discuss which one I I prefer personally most myself. But one of the things that have changed here is the open interest. So you guys remember since we've been talking about this entire move up here, the entire uptrend that basically started here in April. In April, Bitcoin started trending up here.

[00:02:33]We started from around 67K and we trend all the way up to 87K. And looking at the open interest during this time, we could see the open interest was really nicely pulling back here. So you can see Bitcoin trending higher. Open interesters were also trending up then having this uh big red candles. If you zoom in here you can see here openers coming up down up down openers started to spike huge red candles again another spike in the open a lot of followed by a lot of red candles and during that time bitcoin was more or less consolidating little bit down and then continued uh to go higher. So it was a very healthy market and something that we've uncovered a few days ago that the openers looked relatively healthy. At the moment we can see bitcoin starting to pull back here. We are seeing also open interest pulling back especially back here beginning of the month we have this a lot of red candles recently open interest seems to be kind of flat here.

[00:03:20]So basically what it's showing us is not a lot of leverage is currently exiting the market even though Bitcoin has a not a not a huge pullback but a substantial pullback I would say here. So I would still like to see this openers come a bit lower here for my liking before I'm really gonna pull the trigger and enter any long trades here at the moment. So I think Bitcoin is probably want to head slightly lower here to basically one of these targets which I'm going to share with you in a second.

[00:03:48]Looking at the liquidation heat map as well as we'll be speaking about. There was a lot of liquidity below us here.

[00:03:53]Bitcoin finally came up and slurped up all this liquidity. There's still some liquidity here down to around 77K.

[00:04:00]And there's also a decent amount of liquidity from starting from 82K all the way up to 83K. There's also a liquidation cluster there. Zooming out on the one month chart, we can see the same thing here. Lot of liquidity just above the the yearly highs here, but we can see all the way up there. There's basically no liquidity here. So on the short time frame, it looks like I mean the path of least resistance according to the liquidation heat map is towards the downside. Then we also have decent amount of liquidity at at 74 uh just below 75k. Let's call it you can see during below these lows here. So there's a quite a lot of liquidity below something that we don't want to ignore.

[00:04:36]So coming back into our Bitcoin chart here, let's zoom in here on the 8 hour chart and let's try to clean up the chart here a bit. Just going to remove these ones. We can also remove the demand zone so we can see the 0.31s. And what I look at here basically these two fib. So as I said the first fib we have around 76.9K and then we also have one right below 74.9K. And I'm willing to say that I think Bitcoin could easily go down to 74.9K. So basically we either going to bounce from 76 point to Nike.

[00:05:07]Probably going to have some kind of bounce. But I would like to see Bitcoin come down here. This would also correlate with sweeping the previous fourth wave lows here. So this would correlate as you can see here sweeping these lows here. H bitcoin does something like this here coming down.

[00:05:20]Sweep the lows and then maybe we can put a larger fourth wave. I do think the market needs to come slightly lower here. Um and that for me would really like to be a nice area of support. But you have here I mapped out for you guys the two key areas of support.

[00:05:34]that I'm looking at. And I I think the 74.9K is going to be a stronger area of support as well because a larger Fibonacci pulled from the the yearly lows towards the highs while the other fib here is on the short time frame from the recent lows towards the recent highs. And another thing to keep in mind as well, let me actually clear up the chart for you just to to demonstrate this in a more easy way. So we can see here this uptrend we had here recently.

[00:06:01]basically looking at at this part of Bitcoin at the moment. So pulling from the lows here towards the recent highs.

[00:06:10]I think I'm on the normal chart. Yeah, on the normal chart we can see it quite clearly here.

[00:06:16]We can see how this basically textbook what I keep on preaching. We see the 0.31 here. So we had this basically let me map out the alot wave. One, two, three, four, five. This was the Eliot wave that we're looking at here on the short time frame. So you guys know you usually expect the fourth f to form at the 0.31. This is something we posted in the chart in back in the telegram where we caught this move towards the upside here. And you can see the algorithms they tend to buy the 0.31 and where they tend to sell they tend to sell at the minus 0.236. That's why it's the only two Fibonacci I have currently on my chart here. So we can see that this wave is currently finished. You can see here where the fifth wave finished as well at the minus 0.236. Anyways, this is a short time frame price action. Nothing too much important. But you can see here live basically what I preach. They buy the lows and they sell the highs. Just so you can see the two fibs I have currently on my chart. But at the moment we uh I we made a higher high. So we basically use the same fib but we just adjusted from the third wave up to the fifth wave here. And this fib is sitting here at 77 normal chart slightly lower.

[00:07:18]Let's say 76k. In this case I prefer to use the the normal chart since previously we used the log chart. The normal chart gives you a slightly lower target. So this means that this Fibonacci that you can see on the chart has never been tested before. But in a sense, it has been tested because we tested it here and then made another high. So now we're coming down to it.

[00:07:38]There's a bigger risk that we break it if you guys understand what I mean.

[00:07:41]Because if you always use the same pivot, the market will basically look like this here. So this is how the market is going to look and it's going to go on forever, forever, forever just going to continue higher. So before you guys jump on me and say, "Oh, the 0.31 broke." It's very important you understand how to use the 0.31 retracement because yes, it is going to break. Uh good morning. This is a market. You're going to have periods where market chops when changes trade and so on. So the 0.31 is a fib that all the time gets broken. But if you know how to use it like back here, you could have caught the low towards the upside.

[00:08:13]So that's the reason why I'm leaning towards that 76.7K is probably not going to be the the strongest area of support and that's why I also prefer using the the yearly lows here towards the highs.

[00:08:23]So personally I'll probably wait and see how price is going to react once we reach it and once we start coming towards 74.9K that's probably where we're going to pull the trigger and start entering heavier into longs. Um just some thoughts here for you guys.

[00:08:37]Moving on to the uh two day two day time frame here. this chart or this pitchfork here uh still remains um it's still valid here just an update here guys I don't see anything wrong with it as I said this 90k is still on the table we are still inside this massive pitchfork doesn't mean once again price has to go straight to the median line we could easily do something like this even and then go to the median line I mean as long as we stay inside the pitchfork and we hold the lows here the median line remains the target no matter what happens on the short time frame but we're looking at from kind of one to three four and then a fifth wave followed by a larger ABC. So that has been our base case at the moment for Bitcoin. Another thing I was looking at here as well on the monthly chart, I thought it was interesting here on the monthly chart pulling from the all-time highs and to the yearly lows. We can see the monthly candle is rejecting from this 0.31 here, 80.6 80.7K depending on what exchange you're using. So this is also a small thing of concern here. Just some resistance. We have three green monthly uh candles in a row and we're rejecting from resistance. Zooming out on the weekly time frame, we can see on the weekly time frame we did break this resistance, but currently we're rejecting from it slightly. Just something to keep in mind here. Overall, I don't see any huge red warning signs at the moment, but just some cautious here because the monthly I don't really like how it looks like. So, I think that was kind of it for us today. We can quick look at the total crypto market cap as well. Total crypto market cap came very very close to our target here at 2.74 trillion. I mean super super close. I think we topped at 2.72.

[00:10:19]So one point we're actually like 0.02 trillion away here from the 0.31. So we're slightly rejected. So maybe the total still wants to have another move up before then forming a larger correction from the ABC. Something that I've been monitoring. But since we didn't hit the 0.31, I didn't see any major warning yet on the total. I think still think it can have one more push higher before hitting macro resistance.

[00:10:43]So otherwise that's it for from Cobra today guys. I really appreciate you tuning in here uh for the updates. Make sure to smash the likes, leave a comment, let me know what you think here as well. And uh I wish you all a great Sunday and I'll update you again guys tomorrow.

[00:10:59]Have a great weekend. You come for the king, then you best not miss. Only fools try to counter trade the cobra's hits.

[00:11:06]Going long from the bottom, short from the top with medium precision. He just don't stop. Going long from downtown from the 031. Target smash TP out and the cobra's done. Snake and bake. Snake and bake. King cobra. Snake and bake.

[00:11:21]Snake and bake. King Cobra. Cobra.

[00:11:27]King Cobra.

[00:11:31]Snake and bake. Snake and bake. King Cobra. Cobra. Bow down to the king.