SUMMARY
When Bitcoin (BTC) hit $5,900 bottom, price had surged with montstrous daily volume. This surge can be seen inside the purple box as Fractal #1. Following the surge, Bitcoin made three smaller peaks before declining towards the lower line of the channel. The price inside the blue box could be a potential Fractal #2 with price about to form the second and third peaks. The third peak could mark the top of wave 3 and the subsequent decline towards the lower line mark wave 4.
To further consider and have in full awareness is the below pattern. The upper white line connects the first two declining peaks. Price rising to $12k level would represent a crucial unction. IF this pattern plays out, the final wave E could define a lower low. We would need an ipulsive natured set of actionary waves that decisively breaches the upper white line. However, with the coincidence of the larger Head & Shoulders occuring at this level as well; the breach might not occur without first a minor pullback.
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 shoud not be considered financial or investment advice of any kind. One should consult with a financil 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
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
