Bitcoin (BTC) Mid-Day Update: The Upper White Trend Line Needs to Hold as Support
SUMMARY
Bitcoin (BTC) price action today has been declining after breaking down from the upward pointing wedge pattern. Thus far, it is and will likely remain a minor correction that coudl follow either the blue or white arrow pathway as shown in below chart:
I've updated the Elliott subwaves to count a full impulse with the new price data. I believe blue corrective wave (a) will probably reach the 0.5 Fib zone while and following the (b) wave bounce; the blue (c) could decline towards the 0.618 Fib zone. This correction still has the indicators for a ZigZag (5,3,5) correction. Let's see when the blue (a) completes and the onset of (b) takes place during ovenight price moves.
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We're still stuck in this range. So much for the Network Effect.
Thanks
Thank you ^^ as always
Waiting for it to reach 10.000$ dollar to invest some ;)
I share graph and analysis
Taking the height of the triangle as a wavelength parameter that we already see that it was exactly fulfilled in the first cycle of correction waves
A correction of 5,3,5,3,5 could take us to 9,200 dollars again.
What you think?
Your graph shows a 3 3 5, it's a flat correction in EW theory. It's a really probable option, time will tell.
Great!!
Much appreciated Haejin!
Thanks again for all your posts. I will be watching the 50 DMA closely. Below that and Look Out Below!
Really informative update. Thanks
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Thank you