Bitcoin (BTC) Morning Update: Upper Resistance Line Reclaimed, Impulse Waves Up...What Could Go Wrong?

SUMMARY

Note: Still Traveling. Poor Wifi is preventing video uploads. Videos will again return tomorrow.

Overnight, Bitcoin (BTC) marched higher and even as an impulse. As noted in the evening update, the subwave blue 1 is likely in progress. However, an analyst never wrests on one primary count, lest he fall prey to myopia. Alternate scenarios are constanly assessed and as result primary counts do get shifted between them. At times the shift represents minor changes and at times very large differences. Cynics and the uninformed call this process tea leaf reading but the informed see it at a higher level. While the below chart is the current primary, an alternate that's being considered will be shown at the end of this blog.

The closeup shows the purple subwaves of blue 1 which could have one more higher high towards $10,133 or so. As that'll likely cap the first five wave up run; a small abc correction in the form of blue wave 2 is expected to follow.

This chart is an alternate that has been in consideration for a while. The current rise could be a simple bounce to relieve a short term oversold state. The outline of bear flag fractals show a lower low towards $6,548 can be targeted. While this is not the primary count, it would be good to keep into awareness. Why? Awareness keeps the panic away! Being aware prevents being broadsided by surprises.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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