Riding Bitcoin Wave E in Triangle

in #trading • 5 years ago (edited)

Since its peak around last week of June 2019, Bitcoin has been in consolidation period since today.

But I believe Bitcoin will soon break into consolidation and will probably resume its rally again leading to the 12k range and possibly more to the upside.

24-08-2019 post1.PNG

I have come into this conclusion that Bitcoin might exit into this 3-month consolidation period because as a believer in the Wave Analysis (and quick refresher of the Elliott Wave principle to those new to the concept), we have 5 core patterns to observe namely, the Impulse waves, the Ending Diagonals, the Zigzags, the Flats and the Triangles.

These 5 core patterns are broken down into 2 distinct waves namely the Motive waves and the Corrective waves.

Now 2 of the core patterns belongs to the Motive waves namely the Impulse waves and the Ending Diagonals.

And 3 of the core patterns belongs to the Corrective waves namely the Zigzags, the Flats and the Triangles.

So referring to the daily chart above, Bitcoin is already trading near the Triangle wave support which is part of the Corrective waves.

Now if price will respect the trendline support, then it might go up very soon.

TRIANGLE PATTERN.PNG

Btw, Figure 1.14 is a typical structure of a Triangle pattern so you'll know what it looks like both in the Bull and Bear market for our information and reference.

I will keep editing this post for more information later.

I just want to post this live updates so you can quickly see what my post is all about...

to be continued...

#bitcoin #cryptocurrency #technicalanalysis #elliottwaveprinciple
5 years ago in #trading by
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     5 years ago  

    Thank you boss for sharing. This is very helpful for us especially for the beginners in the trading business. God bless..

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     5 years ago  

    Sure @jojoestac0731! hope this post and all of my future posts can be of help you become a more informed trader. So keep following! :)

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     5 years ago  

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     5 years ago  

    Thank you boss... more wave analysis and prediction to come..

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     5 years ago  

    thank you for sharing sir this will be of great help for us trying to learn... :)

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     5 years ago  

    Informative! Thank you for this analysis!

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     5 years ago  

    thanks for the info bossMag..I will be following this..

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     5 years ago  

    Thank you for this master Mag, esti Master Wavetrader. ;) god bless

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     5 years ago  

    Sir thewavetrader salamat s information..

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     5 years ago  

    always looking forward to the imparted knowledge
    as always, I am following the Master's path
    path to understand the wave
    path no to be greedy
    and
    path to be freed from "RAT RACE"

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     5 years ago  

    Thanks a lot , this will help and guide us. More power thewavetrader.

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       5 years ago  

      Bitcoin dropped, but I still like your attitude and analysis! Do you publish anywhere else than Steemit?

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