Bitcoin (BTC) Mid-Day Update: A Triangle Pattern is Most Usually a Wave 2 or 4

in #bitcoin7 years ago (edited)

SUMMARY

Bitcoin (BTC) is going sideways and often this means it's either a WXY or WXYXZ or a triangle. Patterning out the price moves shows that Bitcoin is likey carving out the final waves of the abcde symmetrical triangle formation. The below 30 minute chart shows that waves a,b,c,d are complete and IF this is the selected pathway; then e wave would likely complete at around $8,921. For Cryptos, when a triangle pattern is discerned, it's most usually a wave 2 or 4. In this case, it's blue wave 2.

Encompassing the symmetrical pattern could be another overarching downward wedge as shown in the below 4 hour chart. The wedge waves a,b,c,d are complete and e is left to go.

For further consideration is that the fractal degree of similarity between the larger wedge from which Bitcoin breacheed out of and the current smaller fractal. Recall that wedges are quite common for Cryptos as corrective and consolidation phases and thus can consecutively repeat. In effect, this is yet another way of having price go sideways to consume time. So, if the blue wave 1 is complete, then the smaller wedge is likely being designed to fill the role of blue wave 2 and once complete, allow the onset of blue wave 3. Please always remember, I'm an ardent Bitcoin Bull! These corrections represent nothing more than additional opportunities to deploy cash.

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.

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!!
--
--

Sort:  

Hello Mr. Haejin,

I would like to know if you want to have a civilized discussion about why you and @starjuno flagged my latest posts.

Is it because i am tracking the performance of your advice?

I would like to say that i started to do it because i don't see you providing the results of your advices anywhere else, and i got curious of how good Technical Analyst you are, and started tracking your performance myself.

So far, on 4 days fell 19,16% of the invested value, while the same amount on BTC only fell 14,88%.

Doesn't look good so far. But it seems that you know that already, since you only downvoted the posts and didn't provided any insightful comment.

Don't worry. I will keep tracking your portfolio in real time, and also do some backtracking on past months as soon as i have some extra time.

Aren't you curious of how is your performance?

Have a good day.

Still stuck in this range. Let's see an upswing so I can cash out more!

bullseye!!!

if you already upvote only your own comments, what about contributing some information instead of just spamming?

Let's make you a billionaire

Confused. If wave three increased passed wave 1, wouldn't that invalidate target E and the small continuing wedge as it would break out?

no, since this is a lower degree corrective wave, it can surpass the subwaves of the higher degree.

He tries hard to confuse you. That's why you dumbfucks upvote him over & over.
If you wasn't confused. You would be flagging this bitch!!!

This kind of back and forth movement hurts me in my Tether regions

Those regions are very sensitive. 😂

hey haejin! i invite you to vote my post!

Thanks for your analysis! but after some time bitcoin going up thank for good post

Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
BTCBitcoin9201.370$0.63%-15.43%
EOSEOS5.946$2.54%-19.56%
QAUQuantum0.164$0.93%-15.76%
WAVESWaves5.565$0.85%-10.82%

bitshares ..... just testing

Flagged, disagree with your potential rewards.