Bitcoin (BTC) Morning Update: Wave 4 Likely Now in Progress
SUMMARY
Overnight, Bitcoin (BTC) took a corrective action which was a bit overdue on a short term basis. I've updated the Elliott Wave count showing that the $9,752 was probably the top of wave 3 and the ABC correction for wave 4 is about 1/3 complete. Since wave 2 took about 3 days, this corrective action could take another 2 days or so. The rule of Alternation states that if Wave 2 was simple then Wave 4 is likely to be complex. However, Cryptos don't adhere to that rule so well as it is a bit "autistic" compared to the equities. I believe wave 4 will also probably be simple also. IF this is correct for wave 4 label; then it probably won't retrace more than 0.38 Fib level of wave 3 as shown in below chart. Once complete, wave 5 remains and its current target is at $10,429 or so.
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Great analysis I see a small pullback and another leg up.
Small?
https://steemit.com/bitcoin/@goldmine2018/bitcoin-down-from-usd9700-to-usd8800
Please review a newer coin, APX.
jpiper20 forget newer coins focus on coins like TRX :D
Yes, correction is overdue!
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There is 2 scenario for that your or second scenario,i think wave 5 is done and now incoming correction.
You get one chance if youre wrong dont ever share again jk serious though if you are correct I will subscribe to you.
We will see :)
I agree with where we are but please for your followers' sake when you do a fib retracement of wave 3 just do it of wave 3 and not from the bottom of wave 1, please.
It makes a drastic difference for those who rely on your numbers as guidance.
https://www.tradingview.com/x/oM9Im5rW/
I like the analysis. It helps me to form a strategy.
The flaggers are not gonna stop us from replying. We will continue to reply.
Well done is a peace of advice boss, more from you boss..
Many thanks again haejin for you work