Bitcoin (BTC) Morning Update: Revised Impulse to $9,700
SUMMARY
The wedge pattern seems to be completing with Bitcoin (BTC) trying to move up and out of it as shown in below chart. The overall larger Inverted Head & Shoulders remain in progress and the Right Shoulder (RS) is not yet complete and so price must reach towards the Neckline (white horizontal) to complete the pattern and then breach it to confirm.
I've updated the Elliott Waves. While earlier updates showed the current A wave position to be yellow wave 2; the correction has taken a wider scope but still well within an ABC flat. The blue five subwaves of C show that the correction could now be complete for yellow wave 2. This would have retraced >0.78 Fibonacci but IF the correction is complete; then the purple impulse waves should kick in and take a few days for that all important and critical juncture level of $9,700 to be reached.
The daily chart MACD shows the red circle area because the current white line can turn downwards. So, one has to be fully aware of this.
IF the MACD reverts back down, then the second yellow line support could be a new target with the blue arrow pathway becoming primary. However, we're NOT there so, just be aware of it for now.
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Bitcoin prices still stuck in the mud between buyers at $8400 and sellers at $9200. Anybody who trades mins or hourly charts could of made money playing this range the last couple of days. I'm a swing / position trader and want to see price break the range. But the fact that price broke the daily trend line on 3/8 is an indication that price once to move higher...as you are pointing out as well.
Great analysis.
Appreciated.
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waiting for a rise
I think the lighting network will save the bitcoin. The two biggest problems the speed of transactions and the transaction costs will be so small that the bitcoin will raise again.
In my opinion with the Lightning network we can reach 60.000 USD this year.
Nice Content Men!!!
Thanks!
Thank you for this analysis and information! I'm still betting that I get to 9700 and get my profit. Patience and less anxiety! @haejin These analyzes teach me how to analyze ..
I think also that breakout might be very close. Like u said we can hit ~7500$ and bounce from there. U posting same thoughts or am I, argh!
But I keep this on close eye for a few days..
Great one man. It's better than haejin.
Yet another complete fail. What happened to NEO having "new all time highs" written all over it? Oh yeah, that tanked too, as expected and within my target range. ANY decent analyst could have called this.
He has been making brutal calls for months now. He can't hide behind a bull market anymore. Even then, people who followed his TA made less than people who did just basic research during the run. Yet people defend him when he gets flagged for posting bad TA orthe same TA over and over again and has his whale friends regardless of what he posts. He complains about bernie, they are both bad for the platform.
Just wait until a coin he has been predicting to explode again like BTS. He will act like some prophet yet he missed the timing about a dozens times.
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