Bitcoin (BTC) Evening Update: A Triangle Before Wave 5

haejin (88)in #bitcoin • 7 years ago

SUMMARY

Bitcoin (BTC) has been consolidating for most of the day. The below chart posted in the mid-day update shows the prior labeling of blue wave 4 and 5. Time has elapsed since then and I blieve a pattern is being printed.

While there are multiple ways of labeling the waves; the conslidation seems to best fit the abcde triangle pattern. This is often what wave 4 usually shows prior to placing the very last wave 5. In Cryptos, almost always, a triangle pattern is either a wave 4 or 2.

Once the five waves are complete, Elliott Waves states that there is a requisite retracement. In this chart, the red abc show where the retracement could go....towards the prior wave 4. Let's see how the overnight price action plays out.

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!!
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#money #cryptocurrency #blockchain #altcoins

7 years ago in #bitcoin by haejin (88)

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tokyoin (49) 7 years ago

Looks like we broke through the trend line! Hip Hip HOoooooorraaaaaay!!!

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2 votes

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winnieoriana (-2)(1) 7 years ago

Don't use the "hour" chart to see if a trend line is broken. Use the "day" chart. Once it is above the trend line for a few days, than the resistance line has become the support line!
Please look at this video. It is very neutral about support lines, trendlines and resistance lines. It also show you that, and why we are still in a bearish market!

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2 votes

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minnowboosted (-1)(1) 7 years ago

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exxodus (60) 7 years ago

Hey @haejin , great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)

$0.18

3 votes

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minnowboosted (-1)(1) 7 years ago

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shawnster (47) 7 years ago

Hey guys, did you see the comical set of articles that have graced our inner consciousness today???? Goldman-Backed Circle Agrees to Buy Crypto Exchange Poloniex-then next article...."Most cryptocurrencies are likely to fail with their value falling to zero, Goldman Sachs said in a note"....if you don't know what market manipulation is, there you have it...they are ruthless and calculated..don't listen to this horseshit...we already know many will fail and that proper risk management is recommended, but this is so obvious that it's discussing...welcome to the big boys and girls show everyone...liquor in the front, poker in the rear

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3 votes

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minnowboosted (-1)(1) 7 years ago

FACT: It is illegal to climb trees in Oshawa, a town in Ontario, Canada.

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batfinkler (40) 7 years ago

Well spotted Shawn ! Surely more evidence for people to love to DEX such as Bitshares ! Once quint is up and running they can do whatever they want to price of BTC, because on Bitshares all coins could be pegged against Quints which would be very stable !

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shawnster (47) 7 years ago

yeah brother...Quint is going to be interesting for sure!

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winnieoriana (-2)(1) 7 years ago (edited)

Wow, this "cryptocurrency" puzzle is getting more and more complicated.

Only 4% of the worldpopulation is into crypto
30% of them are from the U.S.
a lot of people that are into crypto don't have English as their native language
70% of people think they are more intelligent than avarage
Most people only found out 3 months ago what MILF means (So using DEX becomes more complicated to use than Decentralized Exchange)
Most people reading this don't even know what Quint is (I had to find out myself too: (see links)
To compare alt-coins with BTC doesn't mean shit (the dollar price will be different if the BTC price is different)
To compare all coins with U.S. Dollar is nice but hé, I'm into Euro's and somebody else is into Canadian Dollars
Story's are told that 95% of all coins will never be able to launch a valueable product and will not be around within 5 years from now
An exchange like Coinexchange should never had accepted a coin like Monero Gold. Their wishdom should have protect their customers. It is a fucking ERC20 coin that should have let off all the alarmbells!
Accept for cryptocurrency all currency are working before the ",". Meaning a piza cost $ 5,45 or € 4,95. Who is gonna pay 0,00000000354 for a piza and 0,0000000011 for a cup of coffee?
If we ever want to get into the 20K zone with Bitcoin we do need "new money" from the outside.

We have a long, long way to go!

https://medium.com/@michaelx777/quint-innovating-the-future-of-cryptocurrency-with-the-past-fa6ea6acaa14

https://quintric.com/

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1 vote

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trmnl-cmdr (32) 7 years ago

I'd gladly pay 11 satoshi for a cup of coffee, if I drank coffee.

That's kind of like saying "who would pay $0.08 dollars for a stick of gum?" But actually it's just 8 cents. No new currency needed, just a new way of representing value in an existing currency

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shawnster (47) 7 years ago

You're totally right Winnie...so much information to absorb for new people coming in...it makes it that much more exciting...but one thing this really highlights...we all need to help others to learn and use this new technology..instead of bashing them on twitter or youtube, we need to work together to make it mainstream...not have individual tribes throughout the sphere...they are not the enemy...centralized -fiat based--fractional reserve banking is the enemy, and we need people to realize that this breaks the shackles...it is up to us to help each other

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