Bitcoin (BTC) Morning Update: ABC Zig Zag (5,3,5)

in #bitcoin7 years ago

SUMMARY

Bitcoin (BTC) overnight action has worked diligently to pattern out the ABC (red) corrective waves as shown in the below chart. The question is as to whether this is the end of the correction. It's possible. However, possible is not the same as probable. IF the full wave 5 (circled white) impulse is complete, having a correction only to the 0.5 Fib level is a bit short. I believe there will be a good bounce and that'll probably be blue wave B. Then a decline towards the 0.618 Fib level for blue wave C. So, the red ABC so far has generated a ZigZag; but the bule ABC will also be a Flat (3,3,5). Now, the circled white impulse waves are actually themselves subwaves to a higher degree of trend wave 1 (blue). The blue ABC are then likely to be subwaves to the higher degree of trend wave 2...what comes after 2? Wave 3 which should move in a very violent manner.

The longer term shows that the above short term jives. However, the overall bullish Cup & Handle pattern is still intact. The handle formation is still in progress and it's likley to be mature at the 0.618 level. Could it be already done at the red A level? Yes and it would be very pleasant to see prices skyrocket from here; but for Cryptos, corrections are almost never quick.

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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Once again, BTC (and all the other alts) are taking a beating!

hope so

I would love another opportunity to buy BTC under 8k...fingers crossed!!! Thanks @haejin...can you cover LBC?

patience is a virtue, but i sure am ready to see this turn around. i know crypto corrections take time, and maybe i was being overly optimistic, but i was hoping to see BTC a bit higher as we approach the mid-year mark.

To me it looks like BTC is loosing its presitge status. Last year most new people coming into crypto knew only about BTC, this year much more investors are looking into other projects. I think BTC will loose its 1st m. cap place this year. Wouldn't be surprise to see ETH (and/or EOS) push to the top and BTC going to 2 or 3rd place.

no and you should be surprised dude cause thats not gonna happen

To buy alts, most people first buy bitcoin. To trade alts, most people trade against the BTC pair. Until this changes its place as crypto king cannot be challenged.

Hello @haejin
How are you?
Why do you work for me Downvote?
What I did to you?
I'm still a beginner
I need support, and assistance

Patience is the key.. Good times are ahead..
As suggested trend reversal usually take some time, but will happen for sure soon..

Did haejin ever upvoted anyone?

Good to know about the downward trend or movement, and not only about the upward hopes or probabilities.

@haejin you upvoted, after 30 minutes. Are you giving us the opportunity to have some curation reward?

I never saw haejin upvoting someone...

I mean, his own post. LOL

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