Bitcoin (BTC) Morning Update: Basing Price Action?
SUMMARY
In prior price turns, Bitcoin (BTC) did not have any basing actions but rather were all near V-neck turns. However, that is different from teh current price action. The white symmetrical triangle is about to breach out and represents a clear basing price activity. IF this is correct, it further evidences the sapping of the Seller population's overall strength. As the day progresses, volume will reduce to a trickle. The breakout will however be accompanied by a surge in both price and volume.
Here is how the rounded bottom, introduced yesterday, can fit into the longer term perspective. The blue rectangle denotes the basin phase and once price exits this, price should climb in a five wave rally towards teh $11,800 resistance level. This level has to be taken out and anything short of that is only a bounce. Likely, price will be again repelled. For those who had been buyers are the high $6k levels...would you take buying or profit selling actions should price reach $11,800?
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You have a minor misspelling in the following sentence:
It should be the instead of teh.But what if that's how he wants to pronounce it ;-)
I think that the technicals don't mattere as of now. The fireworks will begin once institutional money starts flowing in.
nice work bro..
is great !!!....brother
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Thank you for the update! Looks like a test up to 7100? Looks like Bitcoin needs break out above 7250 with volume to take on a bull run.
Cheers,
Darcy, @fieldsofgold
Professional Writer & Photographer living in Hawaii
Horses for Everyone!
I think that is is more than Obvious Crypto is about to Bounce....but ALL roads lead to lower...
https://steemit.com/bitcoin/@heyimsnuffles/usdbtc-chart-crypto-market-looking-bouncy-fyi-this-isn-t-the-bottom
Thank you! I believe we are now in an correction on XVG/BTC. I am not seeing the price drop as much as I like. It almost looks like another bull triangle but hard to tell for sure but I believe the micro 5th wave was truncated. Can you validate this for me?
BTS PLEASE!
Terrific graph summary of what is happening and what is yet to come inside of the #freeenterprice#community and the #bitcoin#culture