Bitcoin (BTC) Morning Update: White W Bottom Still in Progress
SUMMARY
Overnight price action for Bitcoin (BTC) could have completed wave 5 of yellow (3). IF this is the case, then a minor correction is in progress. Be aware of a potential Head & Shoulders pattern (blue arrow for RS). This could jive well with the minor correction for yellow wave 4.
The longer term perspective of the white W bottom process is still wel intact. The waves and lables have been shifted slightly to the right given the passage of time. These lables are not meant to provide exactness but landmarks and guides.
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.
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Good update news . Its help all bitcoin user .
Great analysis Haejin. I think we need to keep an eye on the 4hr RSI. A clear ascending support line has formed. As long as it holds, I believe an uptrend will continue. Should it break, prepare for a drop:
I have a little different count than you. Check it out here if you're interested:
https://steemit.com/cryptocurrency/@workin2005/bitcoin-drops-wave-2-failure-critical-test-coming
Great article and very informative, thanks for sharing. I've smashed the upvote button for you!
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@haejin did i miss the big announcement???
and question: in log schale we still didn't breach the upperline of big triangle, according to you we did breach it, right? if i'm not mistaken... how can one know when it's best to use log scale? thanks for your advice!
I'm hoping for a full stomatal pattern. It may be of interest to me but I would like to make the discount bitcoins more progressive..
I am hoping for a head-and-shoulders pattern to be complete. It may be selfish of me but I want to buy bitcoin at a discount, so to speak. So, drop baby drop. Then rise to the raptors.
Those of you who can check volume levels, should do so. If those levels are low, expect a completion of the head and shoulders. After all, if there are not enough buyers to push prices higher, the shorts and selling increase. We could be on the verge of seeing prices drop below $7000 again. I don't expect prices to reach $12000 again until institutional monies are injected into the system.
head and shoulders might be complete soon on medium time frame.
W = Winning...we about to go to ATH!!!
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