Bitcoin (BTC) Morning Update: Upper Resistance Line Reclaimed, Impulse Waves Up...What Could Go Wrong?

in #bitcoin7 years ago

SUMMARY

Note: Still Traveling. Poor Wifi is preventing video uploads. Videos will again return tomorrow.

Overnight, Bitcoin (BTC) marched higher and even as an impulse. As noted in the evening update, the subwave blue 1 is likely in progress. However, an analyst never wrests on one primary count, lest he fall prey to myopia. Alternate scenarios are constanly assessed and as result primary counts do get shifted between them. At times the shift represents minor changes and at times very large differences. Cynics and the uninformed call this process tea leaf reading but the informed see it at a higher level. While the below chart is the current primary, an alternate that's being considered will be shown at the end of this blog.

The closeup shows the purple subwaves of blue 1 which could have one more higher high towards $10,133 or so. As that'll likely cap the first five wave up run; a small abc correction in the form of blue wave 2 is expected to follow.

This chart is an alternate that has been in consideration for a while. The current rise could be a simple bounce to relieve a short term oversold state. The outline of bear flag fractals show a lower low towards $6,548 can be targeted. While this is not the primary count, it would be good to keep into awareness. Why? Awareness keeps the panic away! Being aware prevents being broadsided by surprises.

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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Awareness is Key...

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sublimemes

Does this latest dip still fit your retrace profile? So we still look at all like a right symmetrical shoulder?

Thanks for the update!

It would be nice if the bitcoin was strong. For my Altcoins ~

Right now the market is very confused because it is not clear if we dealing with bearish market or bullish one. For me it's just better to wait and watch for break out to confirm an up or downtrend. Bullish scenario enter above 10000+ and target 10950$ next targets 11600-11800$, 12100-12200$, 12800-12900$, bearish scenario enter below 8750$ and target 8200-8000$, next targets 6K, 5K, 3K. This are major resistance and support levels for now!

Thanks for your update Haejin! Upvoted, and Resteemed! The Tea Leaf analogy is quite fitting; some people aren't able to understand the process of TA, they shouldn't be criticized to harshly despite their counter criticism. When you're enlightened in a sense you must also drop you ego. Which I believe you do quite eloquently.

Bitcoin is too weak to get up...

Or better two.

Market sentiment is kind of low. I don't see any bullish momentum until end of April or May.

Thanks @Haejin for your analysis!

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weekly waiting for the good statistical analysis of @haejin excellent contribution thanks for sharing I follow you and support