Bitcoin (BTC) Morning Update: New Patterns Introduced Through a Process of Forward Discernment
SUMMARY
Bitcoin (BTC) has been able to breach the Neckline and remain above it as shown within the blue circle. There are occasions when price dips again below the Necline and resurfaces. The minimum target for this remains at $10,387. A pattern has two stages, completion and confirmation. By breaching above the neckline, price confirmation has been attained. The chart below also shows the volume confirmation where the Head volume is the highest.
One pattern to consider is the below, where an upward pointing wedge could be in development. This is not the primary count, but keeping into awareness is key. The resulting abc correction would be expected if the five wave count is correct.
Forward discernment allows one to incorporate current evidence of price performance and project future pathway probabilities. The below chart shows how that upward wedge could fit into how the Right Shouler (RS) of a larger degree of trend Inverted Head & Shoulders could be formed. IF this pattern also completes and confirms, the the minimum target would be $12,218. This would allow the breaching of that $11,800 resitance zone that had repelled the price now twice.
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
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Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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Great analysis Haejin, I like reading bullish news, keeps the mood up.
Sorry to be be the bearer of bad news but... here is my analysis/ perspective on Bitcoin right now: Why I Believe The Bull Move For Bitcoin Failed, and We Will Continue Down!
Click Here To Find out Why @berniesanders Supporters are Idiots...
Steemit is set out so posts can be monetized. I reward posts that have value to me. Simple as that. Doesn't matter as you said Haejin is just like Sanders, abusing the reward pool. If Sanders posts have value, I would reward him too. I don't reward every Haejin's posts, some cryptos he posted I don't trade. But it's right to me to reward his posts that have valued to me. I stick to the basics.
Yup that's all good, I am not against that at all!
DGB seems to have broken out... @haejin , can you take a look?
Just a quick thought - it is possible that alts can help BTC to strengthen the bulls run. More activities in alts, more BTC needed, more sales in BTC and so on.
hello fellow digibyter :) moon soon, fret not my friend ;)
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Thanks for the excellent analysis on bitcoin. Any recent analysis
on XVG with its nasty correction?
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Nice post and agree. Price is on the verge of testing sellers at $9250. If the seller orders are absorb look for a slight pull back before price moves to the next stack of sell orders at $10000.
My target 2 still remains $12000.
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Thanks for nice information
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You timid little dude.
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You noticed that you started talking like Haejin? If you don't like him, don't talk like him, even you think you are being sarcastic. That's very timid. I called you a timid little dude for a reason. Enough talking to you now, don't want to talk to you anymore.
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nice post
To the Moooooon!