Bitcoin (BTC) Morning Update: Price is Still Above the Support
SUMMARY
Note: I'm traveling today so no video updates until evening.
My primary count remains as shown below. A leading diagonal counted as 1,2,3,4,5. I believe that price could have bottomed with the recent Bull Wick spike below the lower wedge line which was promptly retraced back inside. Since then, price has breached the upper wedge line and remains above it. The second above white line connects the highest two peaks and represents a resistance, should price continue rising to higher highs.
The below close up shows that overnight price action briefly pierced downward through the upper wedge line but was quickly retraced. These kind of price actions are quite common where price hops around a major support/resistance line. Similar to the Bull Wick, this is another way of depleting the weak hands. My primary count remains that price should see higher highs; lest the wedge support line be broken decisively.
The Head & Shoulders pattern remains and with the current developing bounce, the Right Shoulder could complete. I've slanted the Neck Line (blue) downwards to the right. This thus changes the upper high target from $9,451 to $8,895. No significant difference.
Legal Disclaimer: 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.
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BCH/USD
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BTC/USD Coinbase
That is still the primary count
are you using the fib extension to see how low they will go?
what are those first two fib tools? Extension or retracement?
it looks like you clicked the top of wave 0 then bottom of wave 1 then top of wave 2... you can use the extension on a 1-2-3-4-5 going down?
Why not use retracemnt tool?
I got a lot to learn lol
Trend-Based Fib Extension
wave 3 is 1.27 x wave 1
wave 5 is 1.27 x wave 3
Can you explain this?
Start here
https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-1-by-haejin
https://steemit.com/bitcoin/@haejin/tutorial-on-the-use-of-fibonacci-ratio-and-elliott-waves
BCH/USD
thank you
BCH/BTC
Good to see it trending up. As long as we see volatility in the stock markets, that should be great for cryptos.
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I think this is not Leading diagonal.
Leading diagonal rules:
Diagonals are always 5 wave structures.
Structure = 3-3-3-3-3 or 5-3-3-3-3
Leading Diagonals happen in Wave 1 of an Impulse or Wave A of a ZigZag.
Wave 2 & 4 always subdivide in ZigZag corrections.
Wave 2 Never moves beyond origin of Wave 1.
Wave 3 must go beyond Wave 1.
Wave 4 must move into wave 1 range but not beyond Wave 2.
Wave 5 must go beyond Wave 3, there should be no "Truncation".
In Contracting Diagonals, Wave 3 is always shorter than Wave 1, Wave 4 Shorter than Wave 2, and Wave 5 shorter than Wave 3.
In Expanding Diagonals, Wave 3 is always longer than Wave 1, Wave 4 longer than Wave 2, and Wave 5 longer than Wave 3.
Your wave 5 has 5 waves. and the rule is that should have 3.
We can maybe mark it other way to make a case for ABC in the 5th wave.
Also wave 3 is longer than wave 1. (for 3%) :)
Also, the rule is that it can only happen in wave 1 of an impulse or A of ABC that we will still have waves B and C, and that can take a long time to finish.
I think it's Zig Zag with one more lower low to make and that we are done with correction.
Solid. Got charts?
https://www.tradingview.com/x/87JwVwmV/
BTC/USD
Out of steam
BCH/BTC
I think that that's a possibility. It would then look like the 2001-2002 dot com correction.
First
Thoughts on this Haejin? the books are great by the way champ. Keep up the great work.
Yes, the H&S inverted would be bullis finish off to this correction!
Thanks, really appreciate it.
As I said before if someone read my comments on heijin post,
In Feb 10 it will rise... It rised now I day on march 15 it will touch 12+ btc.... Trust my words wait and watch
Love it!
Thanks
Can I get a up vote?
lol, how about 3? I got you brotha!