Bitcoin (BTC) Morning Update: Patterns, Patterns, Patterns!!
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SUMMARY
Chart Patterns are invaluable when combined with Elliott waves. They often supplement the EW counts such that you gain greater confidence. On instances when the two contradict, it gives you extra cautionary indications you would otherwise not have if using EW only or vice versa. So, learn to identify the following patterns and become expert at it: Triangles and Flags. Cryptos just love these pattterns!
Overnight price action for Bitcoin (BTC) shows that price breached to the upside above the top line of the bull flag pattern. The MACD also curled up and the red leading indicator crossed the yellow lagging indicator. These have bullish implications and so an impulse should continue towards $23,000 target.
This chart shows a proable symmetrical triangle pattern as well and should price break to the upside on this, then additional confidence can be gained for the $23,000 target.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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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.**
Thanks for the update. :)
@haejin Thank you so much!
You should do a PPT update, then cover PLR and KICK when you get a chance.
Primary: BTC correction not complete.
Target $15,525
Thanks for heads up! 👊
I feel the same
23k would be awesome. Let’s hope you are correct!!
A week back Haejin had predicted "Something massive is approaching the cryptosphere. Never before seen profits". I guess this is what he meant.
Reading your advice and having confidence in it has completely upturned my wallet. From the silly mistakes I made as a newbie (I still keep making those, but fewer), to gaining substantial profits.
A Good Investor is a Bad Investor who forgives himself for his mistake not to follow @haejin, learns his lessons and tries again!
And a bad investor is not a good investor who does not forgives himself for his mistakes not to follow.
Thanks @Haejin!
Applying your tuts for XVG, really astonishing how elliot can be a millimeter accurate ; Thx so much to share your knowledge...
Good on you my friend! This stuff is amazing when you understand it!
Hi @haejin always follow your post though I have no money to trade yet as I am currently building a mining rig.
But would it be possible for you to also add negative post or coins you think will be bearish for educational puposes and as well as warn us to exit on our current position
Very good suggestion. Not loosing money is more important than making money. I'd also like to see how a total failure coin would look like on TA. There are so many terrible coins in the market and many will become near worthless. I'm very curious to know how a bad investment can be recognized without fundamental analysis. (Maybe @haejin could analyze TSLA, TWTR or SNAP for a change and educational amusement.)
He does post bear posts when the coin requested calls for it.....right now.....almost the whole market is a bull market overall. Yes some up and some down, but the overall trend is bull bull bull currently.
I just read your comment @haejin that Prechter has been calling a top for a while now.....I didn't realize that. You've out mastered the master.
MASTER HAEJIN, can you please do a IOTA analysis and prediction? Thank you!