Bitcoin (BTC) Evening Update: A Triangle Before Wave 5
SUMMARY
Bitcoin (BTC) has been consolidating for most of the day. The below chart posted in the mid-day update shows the prior labeling of blue wave 4 and 5. Time has elapsed since then and I blieve a pattern is being printed.
While there are multiple ways of labeling the waves; the conslidation seems to best fit the abcde triangle pattern. This is often what wave 4 usually shows prior to placing the very last wave 5. In Cryptos, almost always, a triangle pattern is either a wave 4 or 2.
Once the five waves are complete, Elliott Waves states that there is a requisite retracement. In this chart, the red abc show where the retracement could go....towards the prior wave 4. Let's see how the overnight price action plays out.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Looks like we broke through the trend line! Hip Hip HOoooooorraaaaaay!!!
Don't use the "hour" chart to see if a trend line is broken. Use the "day" chart. Once it is above the trend line for a few days, than the resistance line has become the support line!
Please look at this video. It is very neutral about support lines, trendlines and resistance lines. It also show you that, and why we are still in a bearish market!
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Hey @haejin , great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)
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Hey guys, did you see the comical set of articles that have graced our inner consciousness today???? Goldman-Backed Circle Agrees to Buy Crypto Exchange Poloniex-then next article...."Most cryptocurrencies are likely to fail with their value falling to zero, Goldman Sachs said in a note"....if you don't know what market manipulation is, there you have it...they are ruthless and calculated..don't listen to this horseshit...we already know many will fail and that proper risk management is recommended, but this is so obvious that it's discussing...welcome to the big boys and girls show everyone...liquor in the front, poker in the rear
FACT: It is illegal to climb trees in Oshawa, a town in Ontario, Canada.
Well spotted Shawn ! Surely more evidence for people to love to DEX such as Bitshares ! Once quint is up and running they can do whatever they want to price of BTC, because on Bitshares all coins could be pegged against Quints which would be very stable !
yeah brother...Quint is going to be interesting for sure!
Wow, this "cryptocurrency" puzzle is getting more and more complicated.
We have a long, long way to go!
https://medium.com/@michaelx777/quint-innovating-the-future-of-cryptocurrency-with-the-past-fa6ea6acaa14
https://quintric.com/
I'd gladly pay 11 satoshi for a cup of coffee, if I drank coffee.
That's kind of like saying "who would pay $0.08 dollars for a stick of gum?" But actually it's just 8 cents. No new currency needed, just a new way of representing value in an existing currency
You're totally right Winnie...so much information to absorb for new people coming in...it makes it that much more exciting...but one thing this really highlights...we all need to help others to learn and use this new technology..instead of bashing them on twitter or youtube, we need to work together to make it mainstream...not have individual tribes throughout the sphere...they are not the enemy...centralized -fiat based--fractional reserve banking is the enemy, and we need people to realize that this breaks the shackles...it is up to us to help each other
I missed my entry by 5520 entry last drop. I still have a pending there.
What you talking bout Willis?
This is a very nice post. Thanks for sharing
Follow me @thunderland if you like my posts
@haejin seems a promising progress... Hope to see more and better soon...keep posting such info sir
Are you FRENCH?
Thanks for ur information @haejin
We have learn more about BITCOIN from ur post
:)
Hello @haejin, very good karua! I enjoy k
Your posts Keep working well! I always read your nice content in Steemit! :)
bitcoin going 12.000$ and down
Why is this last fractal not considered 5 as a abc flat?