Bitcoin (BTC) Morning Update: Is the Correction Over?

SUMMARY

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Yesterday, people got pretty nervous with the Cryptos declining to lower lows. However, those are the times when awareness keeps the panic away! The below chart shows that the ending diagonal was shorter than projected. The blue lines outline the last remaining five waves down as an ending diagonal; which is fitting for a wave 5 of C corrective sequence. The burst in price is taking an impulse sequence as shown by the white wave labels. Is the correction complete? Let's take a look at the longer term.

Price exceeded the 0.78 Fib level slightly as had been discussed over the past several days. The bull flag is also likely to be executed to the upside price action. I believe the correction is likely complete but the breakout needs to be confirmed. Confirmed how? The earliest steps that needs to be taken are the price needs to breach the upper white line of the bull flag (white arrow) and do it impulsively. So, let's follow the price action this week to see how that plays out.

What keeps me excited is the MACD pattern. As projected, the lower blue trendline was slightly pierced to make a bull wick event (yellow circle). I believe it's only a matter of time before the MACD breaks to the upside. With contracting blue lines, the MACD almost has zero mobility and that compression has to be released soon as it can't be contained for long. The price is also showing a massive bull wedge and now the bullish Cup & Handle is likely complete and soon to get confirmed. The 2018 boom is approaching and with patience and discipline; time is on our side. Remember, fear and greed repel profits while patience & discipline attract it!

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.

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