Bitcoin (BTC) Morning Update: A Primary & An Alternate
SUMMARY
Could the below scenario be probable for Bitcoin (BTC)? Where the current degree of decline marked by the red ABC be the correction? IF the reversal occurs in a clear five wave impulse (blue) and not a three wave, overlapping corrective sequence, yes. However, what bothers me on this correction scenario is that it occurred too fast and hasn't eaten not enough time. Crypto corrections are almost never fast. So, this scenario would be the alternate.
The primary still stands as shown below whe the current price bounce for the blue B which should traverse in the red ABC manner. Blue B should be able to tag the $9,200 or so area before declining in blue C wave down to make a lower low. Yes, there is the likelihood of mid $7,500 or so for the C completion point.
The Cup & Handle pattern still progresses, unphased. This is why I much prefer the longer term be it normalizes out all the wiggles an squiggles that seem big but rarely are when viewed with a big picture perspective. The white parallel lines show the alternate scenario for the handle formation and the blue parallel lines show the primary count. Let's see what happens in the next few days.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
Will go up :-)
Once again, BTC (and all the other alts) are taking a beating!
Is it true @haejin? You leaving Steemit?
I think he is stopping the TA posts, but will still have his Steemit account. So what will you post about @haejin? I love your TA.
Thank you
I'm not sure Haejin, I think this might have been the bottom, with 12K as the target of these next 5 waves up.
Looks like it bounced off the 50MA and fib level. Looks like a fib spiral (very bullish).
We might not be going down here, but for similar reasons to you, I hope we do have a slightly longer, appropriate correction.
But perhaps the biggest bag holders feel that 3 months is enough already :)
Thankyou for everything you do.
The education and skills you spread are changing the world for the better and enabling financial freedom for thousands, like me.
Thanks again, From Australia :)
Yes, it could be the bottom of the minor correction. It's just too quick and shallow in retrace. Let's see.
Do you think the price of Bitcoin will rise? Anyway for cryptocurrency news follow @jyotirmay , Thank you
Oh yes, by lat Fall, BTC should be in all time new highs and higher.
I have 3-4 scenarios for btc so you can see on my profile
Lets leave this correction behind us and moon
It will be rise again.