Bitcoin (BTC) Morning Update: What Would a Breakout Look Like?
SUMMARY
Bitcoin (BTC) overnight correction continues to put in the final touches of the second symmetrical triangl fractal. Several have asked if a breakout is potential at the blue wave d instead of waiting for the e completion. Yes, and so it means that not every triangle needs to display the five abcde waves. We've actually shown in prior posts, traingles doing such breakouts at wave d in Cryptos. However, the white arrow scenario is preferrable because it provides closer proximity to the apex and time duration.
Several have also asked if the blue e wave of the smaller fractal could be complete since price did touch the lower blue trend line. Yes! Here is the microwave counts to show that scenario. The blue wave shows the projected direction. Elliott Waves (1) has impulse subwaves and wave (2) could complete a triangle as wave 2. So, wave (3 )could breach the upper blue line.
The logarithmic support line projects a touch point at around $7,622 and if there is to be a reversal, I don't think it's likely before this support line is touched. That's why I don't place the above breakout scenario as primary. Again, this support needs to hold against any decisive breach; though, pokes are desired able as bullish wicks.
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
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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I see youtubers callinf 3k bitcoin. A signal the correction is over.
this time BTC will have breakout, finger crossed
When we were prepared for the next lower low, it does the opposite and goes up. 😀
You've got it spot on . Thanks for sharing
@haejin as usual love your TA!
Question sir....is the below possible where instead of E being where it is it could maybe be the bottom of C instead where we have one more wave down? From my study, wave C is usually the longest in a triangle. This would also support what appears to be a consensus that we may be heading to $7200?
https://www.coinigy.com/s/i/5aac1d0f4ece6/
I think there will be another wave down, many others doing TA think so as well. At least a good chance of it to around 7500 or 7200. I only see 4 waves down from the large bear flag in the middle of the wedge. Your labeled E would make wave 5. Breakout is always possible to negate that count though. Full length 5th would put us at the 7250 or so and truncated 5th would likely create a double bottom.
Thanks for the TA, gives me something to think about.
Thank you for the explanations and projections @haejin. If I may ask, are you a professional trader of crypto? Do you just trade for yourself or do you trade on behalf of others? I am asking not because I want you to trade for me (won't be able to afford you probably!) but because I want to know more about working as a trader from home trading for clients. Even to start small, like friends and family, and then build that up to get a good profile and have good experience and references.
Enjoyed your TA.. Thank you for your time and Energy Haejin!
Thanks for the overview.
needs to break 10,500.00 to be on a real bull run back to 20K . Hopefully we will be there by July
what an amazing TA!