SUMMARY
Bitcoin (BTC) brokeout of the upper resistance line of the second wedge pattern as shown in below chart. The MACD also supports. The first wedge breakout was supported by an MACD breakout and that is repeating for the second wedge pattern.
So what's next? The larger, overarching pattern is shown in blue contracting lines. Price needs to breach the upper blue line. It might take a couple more hits but pattern, Elliott Waves and Indicators lean towards an upside breach.
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Hey are you shorting EOS now? It seems to be eeeeeasy money :)
Shorting EOS?! Are you nuts?!
every coin dumps before an airdrop and after too :) Easy money!
It will be interesting to see. I think EOS could be a different acting animal.
You think it will just keep going up forever?
Thanx for Information
To the moon is next! :) lol
A lot of shortsellers are now heavily in the red given they traded on the margins to "short" - the net result should mean more bulls left in the market to push us up through the resistance levels
Hopefully we can get through it then the biggest resistance at about $11k
Bitcoin has touched the sensitive point at $6,700 and rebounded. Pending buy orders scattered from $6,900 to $7,500 might be one of contributing factors that accelerated this rally.
I agree we are looking a lot more bullish now as I have discussed in my analysis here: https://steemit.com/bitcoin/@investingtips/big-money-accumulation-and-distribution-tutorial-plus-bitcoin-long-term-support-held
The buyers have finally taken out the sellers at $8000. The next battle will be the buyers vs the sellers at $8500.
Haejin...If the buyers can win the battle at $8500, I agree with your comment in your previous post, the next target is the sellers/resistance at $12k.
NOTE: pretty cool how we can look at the charts differently and draw the same conclusion.
PS - Keep bring the fire.
Its lookong like as the regulatory fears subside and the doors open to institutional investors the correction may be reversing.
I would wait until a full trading cycle passes to make any decisions.
Excellent analysis!
Bitcoin and the top ten market cap all went bullish today. We are heading UP - that's my opinion.
Verry nice post big thumbs up and a resteem from my side for hard work and dedication.
Bitcoin is still having problems holding to growth above $7800, not much can be said until $8000 is crossed.
I guess we will just have to wait it out.
True that... but let's hope for the best! It's moving in the right direction for once.
It has to come down in order to stay within the confines of the blue triangle. So, be prepared for it, in case it happens.
Can you do an analysis on Ravencoin (RVN)? CEO of overstock invested millions into supporting it. Sounds cool.
Good analysis Haejin. What do you think about TA using LOG scale? I address it some in my latest bitcoin update:
https://steemit.com/cryptocurrency/@workin2005/bitcoin-confirms-bullish-breakout-small-correction-before-next-wave-up
The game is slowly taken over by The Buyer. The sellers seem to have exhausted.
I sincerely hope for the appreciation from you and we want also our reputation goes up so please please help me
Hi I'm new user steem... Please upvote and follow....
https://steemit.com/bitcoin/@najmul4/about-bitcoin
Looks like you were right today
woohoo!
Thanks for the update Mr Lee!
You are always on point. Screw the haters. Been following you since you had less than 1000 followers. Bought XVG below half a penny thanks to this guy. Couldn't be more grateful.
ps can you take a look at APPC when you get a chance?
Not sure if it's starting a new impulse series or if it's just movement within the 'bowl'.
I'm figuring a lot of these Altcoins will have some premature parabolic action whilst BTC makes it's way to 12K.
Are you still keeping BTC on an ABC correction pathway for now?
Thanks again boss!
Haejin what time frame are you using for the MACD? its 4 hours?
From yesterday it is showing bullish . Lets hope continue same way
https://www.tradingview.com/chart/BTCUSD/zjKCzhvM-More-bearish-movement/
This is my view. Hopefully i am wrong.
Could you do a XVG update, looks like its putting together a nice cup & handle, although to me looks like its about to for the handle, so that would mean a small pullback for that, do you see that Haejin?
Thanks kindly!! :)
Coins mentioned in post:
beware of big money buying in at this price OTC. No volume shows on exchanges
I'm cautious of the big rise in such a short period of time. It needs to break the next resistance line before I decide to buy. I don't think it will break will happen, though. I would rather buy the dips, instead.
If Bitcoin can successfully hold it at $7800 then go beyond #8000 then it's now or never. The next reistance should be around #11.
It's been holding for the past 5.45 hours. It's looking good, so far. However, It has to come down in order to stay within the confines of the blue triangle. So, be prepared for it, in case it happens.
I like your approach.
Thank you.