Bitcoin (BTC) Morning Update: Wave 3 Nearly Complete
SUMMARY
Overnight Bitcoin (BTC) price action was quite active in generating higher highs. We're seeing a bit more gusto into this uptrend. I believe wave 3 is nearly done, perhaps already. Though, wave 3 should touch the upper white trend line at around $11,170 or so, as shown in below chart. Then the subsequent wave will be white wave 4 that resides at the bottom of the channel. As long as price stays in the channel, we have an impulse in the works!
It's still likely for price breach the upper white line of the channel as shown below. IF that happens we coudl have white wave 5 reach towards $14k; however, that is pending the breach. Should the breach transpire decisively, then the abc would briefly breach the upper channel line priro to onset of wave 5.
However, even the subwave count of blue wave 5 of 3 shows that five waves are nearly complete; so most likely, price stays within the channel.
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Possible fractal in play that matches Haejin's thoughts.
Bitcoin Breakout IMMINENT! Where will it go?! https://steemit.com/bitcoin/@investingtips/imminent-long-term-break-out-up-or-down-for-bitcoin-this-is-a-pivotal-moment
Thx & great WE to you too
Watching and following with pleasure..
Any views on a possible lower low. I am not sure whether the latest impulse we have seen is 3 wave-ish or not...
Also is there enough impulse right now to breach the upper line of the descending wedge?
Sorry for looking at it from a bearish angle, but as you say: "awareness keeps the panic away" !!
i like this scenary
or that is a truncated 5th and it's already done....
not a very good risk reward ratio....
Truncated 5ths are VERY rare in cryptos. In fact, since 2011; I haven't seen one at a daily scale. Remember cryptos are not the same as equities so the equity based EW guidelines can't be cooky cutter paid over Cryptos.
event the small one ? i m refering to the 5th of the 5th of the 3rd....
You said that you took your profits at wave 3 but towards the end of the video, you said that there will be vertical rises and also a probability of it staying above the breached line. So why would you clear out your position when this is a time to HODL the uncertainty?!
No, I said day traders might want to consider that. I haven't sold anything.
yay! it's going up!!
Thanks @haejin for the update, good post
Thanks for the update.