Bitcoin (BTC) Morning Update: ZigZag (5,3,5)
SUMMARY
Bitcoin (BTC) is likely putting in an ABC ZigZag correction after putting in the white five wave impulse. Elliott Waves states that after a five wave motive, there is a requisite correction. The chart below shows that the first wave decline was in five wave steps (red). Whenever there are five waves at the onset of a corection, it's likely an indication for a ZigZag ABC correction type. The blue abc als show the three wave retrace for red B and since C waves always have five subwaves; the decline has already started. IF this is correct, then a potential bullish wedge could also be patterned out by the corrective retracement and a breakout would provide the onset of wave 3 up.
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Can you update trx please
Agreed. Pleas do a TRX update. Thanks!!!
Thank you! I can't wait to see $10k BTC again. Any chance for a XVG/BTC update?
I second that request!
Thanx for Information :-)
Agree, we need to just stay patient..price out the sellers at $8000 and pulled back from the next stack of sell orders at $8500. However, what was key in the move is price closed above the daily trendline and now the $8000 serves as support. Thus, the probability of pricing higher has increased which supports the potential bullish wedge as well.
The whales are controlling and manipulating the price whenever they feel like it. They will most likely pump up the price again when it stalls below $7600. Check out this article that sheds light on how influential they are......https://www.marketwatch.com/story/bitcoin-whales-dump-100-million-of-digital-currency-in-24-hours-2018-04-17
Btc failed to moved above the 50 day SMA today. So I expect it to move down tonight.
Be prepared for the drop. Buy the discount!
thanks a lot @haejin. I think price will next go up to $8200 then again fall back to $7600 range before starting next set of impulse waves.
It's happening as you stated.
Where did the berniesanders and haejin drama go?
HODL to 20K :D trust for it! 😜👍😂
Thank you very much, I follow you and vote for you is a technical analysis close to the market that I know. Thanks a lot
Hopefully we can get that bullish wedge soon to cause a breakout!