Bitcoin (BTC) Morning Update: MACD Approaches the Apex
SUMMARY
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Here is the MACD indicator for Bitcoin (BTC). When viewing the price action in terms of this chart, nothing really has changed. It's still moving well within the contracting lines of the symmetrical triangle. It can and likely will but probably temporarily pierce the lower bottom trend line as shown by the white arrow. However, each day brings the MACD more and more proximal to the apex. I believe the bias is to the upside breakout (white arrow).
When viewing it with the price chart, you can see how the MACD movements are translated. Let's see what's changed. The Cup & Handle pattern remains valid. The current decline is a healthy correction from the recent five wave up move. Is it possible to have this pattern become invaldiated but still have the MACD within its pattern? Yes. However, the pattern doesn't become invalidated until the handle price goes lower than the lowest point in the cup formation. Discipline & Patience attract profits while Fear & Greed repel it.
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Bitcoin really pissed me off today. Im gunna go get drunk now bye
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See you soon $7,000 If we don't hold at this level expecting a drop towards $3,000.
Hope you're wrong about $3,000
Me too ;/
one thing we clearly forgot is as Haeijin Says " hurry up and wait syndrome". The 5 impulse waves up took almost a month and so correction must be equal or more to that time frame. it's another mistake that we made to assume correction was over but oh well we learn from our mistakes, next time keeping " time -factor" in prospective will help ease the pressure. Anyhow despite of Haejin labelling this correction as ABCDE i think we can also view it as a ABC correction shown below and C wave to end somewhere around $7050-$7190
That's what I'm seeing too. Just a deeper retracement. Hopefully, BTC bounces off the lower trend line.
Cant wait for it to explode :)
ABCDE correction on the way !
Then you think it's going down further after the ABCDE correction. Correct?
Because your corrective symmetrical triangle is labeled as if it's in a Bear market.
Bitcoin is in a bear market. It has been since it topped at $19,891 and has been grinding down ever since. Or has nobody noticed after all this time?
It seems like bitcoin is coming down again
Not panicking, ready for the next buy, 786ish.......thanx for the update!!
It's always best to prepare for the worst. Isn't it?
Just like you predicted. I see BTC hitting 0.786 before making impulse up. Your thoughts, Mr. Lee??
I agree, definitely a possibility.
Unfortunately, I think we saw a wave failure last night and are in a Triple Zig Zag and we will see a deeper retracement of the white wave 1 which has been characteristic of Bitcoin as of late.
