Bitcoin (BTC) Morning Update: Wedge Pattern Could be Complete

in #bitcoin7 years ago

SUMMARY

Bitcoin (BTC) overnight price action has touched and slightly pierced the bottom line of the wedge pattern. The piercing is ofteen bullish if price returns back inside the pattern. It's the easiest way to divest "weak" hands, the would be sellers at the slightest hints of a decline. IF this pattern is complete, then blue wave e would be complete and a reversal would be expected.

Higher resolution shows a count pathway where all five waves of c of e could be complete. IF so, then price needs to do some serious upmoves and breach the upper white wedge trend line. It might already be in that progress.

Closer examination shows that wave 5 of c of e remains likely inocomplete. This could mean one more lower low might be required. Form and fit often is the decision maker when selecting between multiple Elliott Wave count possibilities. The count that looks more impulsive is selected as the primary. In this case, the current bounce being wave 4 fits better into a five wave impulse trajectory.

The bigger picture picture shows how the wedge fits into a larger symmetrical triangle. Blue wave c should be, if not already, nearing completion and that likely will lead to the start of next wave d and then e. The bottom line of the triangle needs to hold as support.

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.

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Reposted due to being flagged.

If @haejin's blog posts have been helpful to you, please remember to upvote, resteem, and leave comments.

Additionally it is very helpful if you upvote the best comments of other people, and downvote the spam comments from the detractors.

If we want haejin to keep posting on steemit, we need to show our community strength and stick with him and with each other!

We are clearly in a bear market and your still bullish, hats off to you my friend.

I agree..... it is potentially very misleading to many

Thanks for the update. To be honest I am holding all of my bitcoin long term. I believe now is a good time to get in on Bitcoin at a bargain level

pump and dump is a favourite game of bitcoin :P dont worry, it will go up soon.

Great article my friend. You're one of the best at this for sure.

Double bottom on the way. Lots of sales in the alt coins incoming.

the current position of btc is very unstable. investing on it is without understanding is not wise

Thank haejin !!!

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You missed a few things in your analysis @haejin, I fixed it for ya:

Your welcome.

no way

Funny how you changed from an ass-kisser to an stupid spammer

He just changed the ass. 😉

Thank you for the update. Would be really great to see bitcoin bounce back from the blow that has been inflicted on it by Google. Must say that some of the advertisements that are shown to myself on Google about crypto feel a little like clickbait/bad actors. So even though the lower price might drive these people away it would be great to not go back to €1000- €3000 levels

Useful! I subscribed, I hope for reciprocity. Offer for everyone! Checking subscriptions every other day

Are you aware of the G20 meeting in the end of March, which is expected to influence the prices negatively?

Need to close above the candle pointed out by the pink arrow. If not, look for price to find buyers at $7200, then potential bounce higher.

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