Bitcoin (BTC) Morning Update: Lower Low Would be Preferred. Why?
SUMMARY
Overnight Bitcoin (BTC) price action put in a vertical blue wave 4 and and vertical blue wave 5. Technically, they meet the Elliott Wave requirements so for now, these waves have been labeled accordingly. This means that price needs to breach the upper whilte yellow wedge pattern line and start impulsing up to put in the wave C of blue D.
The ABC of blue D is still fitting in pretty well within the wider scoped view. The B wave looks complete and so C wave should start putting in the impulse subwaves.
The larger degree of trend (bigger picture) shows that there still remains a likelihood of a wave D breakout; though, I prefer the lower low of blue wave E as it is closer to the apex which usually generates a more sustainable breakout.
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BTC is going down to $4600
@haejin
How about a situation with the ABCDE complete and it will start going up now?
How does my blue triangle look? are they hitting the points correctly?
This suggests that the Red A has done a bullish wick and Red B has done a bearish wick.
what are your thoughts?
Also, what do you think is more likely for XVG?
I'll post an update on verge later today.
Will wait for it. Thanks
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when will btc hit $100000
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Thank you for your post haejin!
There is one thing I can't understand...
If 19k was a big degree wave 1.
It took 5 years to get there.
How can we finish wave 2 in just 4 months?
A very short wave lol. Also coin maturity would change that. Think of Bitcoin 5 years ago and compare to where it is today. The start is always the longest and slowest period. The coin is fairly mature so time frames will speed up. Hope that makes sense.
It does seem like things are moving rapidly however I don't believe we will trend upward until there is a change in sentiment. The trend is bearish but it seems that hopefully we are approaching the end to the downward pressure. Regardless unless sentiment changes there will be no sustainable action upward in my opinion.
Because Haejin TA Charts are something like this.
No matter what you always go to the MOON!
Thanks for the persistence and the good work, @haejin
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This person known on Steemit as @Haejin is WANTED by the SOUTH KOREAN GOVERNMENT for TAX ENVASION!!! They are coming after him. He has been reported to them & they know where he is. If you upvote this person & contribute money to him you could be charged in the matter of the court case. It is best to UNFOLLOW this person now. Do not UPVOTE or TRANSFER any FUNDS to his account. Any money you send to this criminal can be traced back to you.
I already posted this in Your previous BTC analysis, but I'll put it here again.
I agree that one lower low (on bitfinex data) before breakout is preferable and counting the waves in lesser degree of trend shows it's quite probable. I know charting on 30m makes little sense, but still, it's what I came up with.
I feel 5th wave of C is still ahead of us and we're working on finishing wave 4 at this moment. The decline could go a bit lower, around 7200-7300, then impulse should take us up, but IMO only to about 8500-8600.
Let's see.
Cheers and thanks for all Your hard work.
Thanks for taking your time to share your TA.
My analysis is way better than his!!!
Good analysis. Come to my blog and check out my opinions too! Let's think about various possibilities.
https://steemit.com/bitcoin/@goyapro/bitcoin-btc-update-possible-low-and-high-from-a-short-term-perspective-two-possibilities