Bitcoin (BTC) Evening Update: Wave 4 Could Be Near Complete
SUMMARY
So day time price had been mostly overlapping and so corrective. This confirms that likely the currently wave is wave 4 as shown in below chart. Price has not yet touched the bottom channel line but perhaps that'll happen overnight.
The micro closeup counts show the red abc corrective waves. The blue down impulse should allow price to touch and perhaps even briefly pierce the bottom white trend line. If the temporary piercing occurs, that'll actually be a bullish wick.
The key is for the bottom white trend line to hold as support. Should that happen, then blue wave 5 can be expected to bring Bitcoin to $12,500 or so. IF the bottom trend line supporte decisively breaks, then we have a different wave count which will be reviewed at a later time.
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 shoud 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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Bitcoin has recovered well, but @haejin what is your oppinion on the future value? Has Bitcoin done its bit or can we see it being more stable than before? That major pump of nearly $1 Billion made the price rise sharpely.
Great, bitcoin recovering value, thanks @haejin for sharing your analysis
Thank's for the post,i always follow your post.Your post is very informative and the way you shows the market scenario its quite brilliant.@upvoted and resteemed
Hey @haejin, thanks for your hard work...if you can please take a look at LBRY Credits...thanks!
The way I see it is that wave 4 is comprised of a corrective ABC with a 5-3-5 zig-zag. It seems that the C wave only has2 of it's 5 waves complete with wave 3 almost there. I thought it was complete in a different scenario but that would have had wave 4 cross into the price threshold of wave 1. Please let me know what you think.
I am now beginning to think that wave 3 has a truncated 5th and it is about to shoot up to test new ground.
hey Yogi, any thoughts on APPC? Haejin's (and mine) counts seems to invalidated when wave 4 entered wave 1's territory. Bit puzzling. Maybe it's just a rare occurrence in a subwave?
ps I know my wave C should reach much lower (subwave C is generally longer than A?)
I am very impressed with your post, i like your post 👍 @haejin
Amazing thanks for the updates!
Bitcoin seems to be in major Wave B as explained by haejin, with peak around 17500 - 18000. That looks like the most probable path and confirmation of which we will get once bitcoin crosses 12500.
Awesome analysis ! Learning a lot from you ! Thank you haejin !
Wow....i celebrate your honesty of post..interesting..thanks for being sincere