Bitcoin (BTC) Morning Update: New Target $10,584; See the Full Analysis in this Blog!
SUMMARY
Bitcoin (BTC) overnight breached back up and above the upper triangle line as shown below. The destination remains unchange...UP!
I post multiple forward discernment scenarios to demonstrate how the confluence of Elliott Waves and Chart Patterns can provide a very powerful algorith to peak around the corner. Remember, Technical Analysis is nothing more than identifying as many possibilities and narrowing down the probable direction of price. It has little to do with how accurate your Elliott Wave count is or how superb your chart patterns are, it's all about getting the direction of price pathway. This is also why I often see Technical Analysts have technically good EW counts but consistently get the price direction wrong.
Below is a scenario of a continued a,b,c,d,e pattern with zero change to price direction....UP!
Chanelling is often indicative of an impulsing waves. The left channel exemplifies this. Therefore, if BTC price is channeling as shown on the right, the price direction has probable pathway to be UP!
Now, let's not forget about the huge Head & Shoulders pattern. This baby is projecting a minimum price travel of $10,376 (video says a slightly different value as I had to redo and re-edit).
Yet another chart pattern that indicates higher highs is this ascending right triangle. So, the preponderance of Elliott Waves and Chart Patterns give confidence in price pathway to >$10,000 or so.
Bitcoin Cash (BCH) is busy tracing out its impulse waves and no changes made to analysis. It's interesting how now BTC and BCH are BOTH moving on an uptrend! Where are all the rumors and news of BCH taking over BTC?
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
Follow me on Twitter for Real Time Alerts!!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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Legal Mumbo Jumbo: 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.**
I see you are writing much longer posts now @haejin
Good to see yourself always improving!
I remember your old posts with just a picture or 2 of a chart slapped on with few words. You are growing faster than your reputation.
Keep up the good work!
@haejin You're a legend! Thank you ever so much - greatly appreciated. What's happening with OMG? The kaboom has really not occured?!
the civil war of bch/btc was funny and everyone had an inside story lol
Its like the putting on of "boxers or panties" in the Am....not so much matter what you are wearing....but more your intent with what comes forth from what you are wearing written and spoken...... However.......commandos.....they the wild Cards always tho eh
Thank You Kindly
Thank you!
thanks for info nice analytic
Thanks Haejin, you helped me turn 0.29 btc into 1.5 and it's still growing this very minute!
Thanks for this Haejin, have dipped into Bitcoin yet again after having booked a little profit earlier. This rise should help. Bitcoin Cash has been phenomenal too, but think it will see bit a correction before it rises back to the expected 2000+ USD levels?
well said , haejin. thanks
bitcoin increase day by day, have dipped into Bitcoin yet again after having booked a little profit earlier.
One of the pictures looked like an ascending flag to me? Would that not be bearish?