Bitcoin (BTC) Evening Update: Inverted Head & Shoulders On Track

SUMMARY

Bitcoin (BTC) has been tracking the below Inverted H&S pattern quite well thus far. At this rate, the $11,800 should be the major resistance it'l run into in a couple weeks or so. The volume also has been confirmatory and as long as the volume for the Right Shoulder, RS, remains less than that of the Head, H, then I still maintain the $16,758 minimum target run for the IHS pattern. Looks very nice, so far.

On a shorter term, wave 1 and 2 seem complete and 3 should be in progress. IF this is correct, then price needs to put in a higher high; e.g.; higher than prior circled white wave 3 which was at around $9,761. So, the $10,429 is looking attractive.

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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--