Bitcoin (BTC) Morning Update: Shallow Retrace Can be Bullish

in #bitcoin6 years ago

Bitcoin (BTC) overnight activity has breached out of the upper wedge line and the key now is for it to make it decisive and stay above it. As had been mentioned, not all triangles require an abcde and thus breaches can occur on wave d types. We've seen this occur before, so nothing new. IF the breach is decisive, then price needs to impulse towards white wave 1. The blue subwaves could target towards $10,601.
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Bitcoin (BTC) Morning Update: Shallow Retrace Can be Bullish
haejin (76) in bitcoin • 12 hours ago

SUMMARY

Bitcoin (BTC) overnight activity has breached out of the upper wedge line and the key now is for it to make it decisive and stay above it. As had been mentioned, not all triangles require an abcde and thus breaches can occur on wave d types. We've seen this occur before, so nothing new. IF the breach is decisive, then price needs to impulse towards white wave 1. The blue subwaves could target towards $10,601.

Bitcoin needs to put in a higher high. I had written that the first sign of a trend reversal is a full set of impulse; we are now correcting after that and if a second round of impulse start and enable a higher high; that would be ideal. The shallowness of the current retrace as shown by the Fibonacci chart is more towards the 0.38 level. This shallowness is quite acceptable because given the major depletion of sellers when price went as low as $5,944 in the prior low; there just might not be enough sellers to induce a deeper retracement. So, shallow retraces often have bullish indications in that the buyers can outperform.