Bitcoin (BTC) Morning Update: Breach Attempt #2
SUMMARY
The criteria for further upward price progression was shown to be the decisive breach of the upper line of the wedge. As shown below; the second impulse would need to take price higher. Price is now attempting once more to breach the wedge line and it has a very good likelihood of succeeding.
I've updated the Elliott Waves to show that the five impulse is complete as before and that the second impulse could be starting its wave 3 which would be the wave with enough mojo to take the price across the breach. The flag fractals aboun abound as well and if prior upward price strength is any indication, the current rise should be able to rise above the upper white line of the wedge.
As patterns are quite common for Bitcoin, the below chart shows a probable pathway for an a,b,c,d,e trajectory and the completion of the final e wave would allow the price to explode breach the resistance. Not that this pattern would call for yet a third attempt to the breach which is fine and common.
The daily MACD is looking more and more bullish everyday! The 9 day red histogram is showing a trend of higher highs and soon the white histograms which I drew in will appear!
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Uncertainty in the stock market is causing money to migrate from stocks back into cryptos.
Thanks for the update. Hoping to see bitcoin regain some of it's lost ground.
Great post. I'm an Elliot Wave analyst and I think this post shares some real good wave count. I think we're on your third scenario, where intermediate wave 1 has already finish and we're experienced a complex correction. With a B wave above Wave 5. That usually means a strong underlying bull sentiment which could send us above 10k very quickly.
My targets for wave 3 are around 13'5k-14'5k. Followed by the way and reestemed.
Top 63 coins.Have you own any of them
https://steemit.com/dtube/@salahuddin2004/top-63-cryptocurrencies-will-run-rampant-through-blockchain
I have found a Bitcoin BULLISH Continuation Pattern forming! https://steemit.com/bitcoin/@investingtips/bullish-confirmation-pattern-bitcoin-back-to-usd10k-already
My medium-term belief for BTC. Maybe another pennant!
While the short-term shows bullish trends, I think we'll probably test the lows again before it starts going towards new ATHs.
This is what I had mapped out this morning, - I like this because it brings us sideways a bit closer to the apex. (I still have the original wedge position drawn)
Thanks for the post.. I hope something better happens about this
First
Hi haejin! I'm new here.
First I want to say thank you for your posts, videos and tutorials.
There is one thing I can't understand. When BTC was falling from 19k to 6k you marked 1,2,3,4,5 waves down. But 4 was overlapping the 1. I read in Elliott book that this is very rare situation.
So my question is - when and why do you decide to make such exception to the general rules?
This is more like the news we were after. Fingers crossed for a breakout soon.