Bitcoin (BTC) Morning Update: A Bullish Reversal in Progress!! Target $8,084 and higher!

in #bitcoin • 7 years ago (edited)

SUMMARY

Good morning! Bitcoin (BTC) overnight action has put in a badly needed and expected higher high to further confirm that a reversal is taking place! I had stated last night that the fact that yesterday's price action had not put in a lower low was significant and that a higher high was needed.

The below chart shows my subwaves of an impulse of a higher degree (white waves (i),(ii),(iii),(iv),(v). The first white wave (i) and (ii) are complete as confirmed by the blue subwaves and the red a,b,c markings. Bticoin is now well into placing the white wave (iii) and once (iv) and (v) are also complete, we should be close, if not in excess of $8,000.

Combining Chart Pattern Recognition is vital to my algorithm. Below shows a continuation, but with an update, of yesterday's bullish Head & Shoulders pattern and its minimum target travel marks at $8,084. Note also how the smaller H&S is embedded within a larger H&S and if so, the minimum price travel up could be much higher.

I believe too many people have been freakin out given such a healthy, controlled correction of Bitcoin. Still, Elliott Waves states that news or events or reasons shall arrive to justify the forecast. And these rumors of collusion, news of massive Bitcoin dumping by Roger Ver, etc....clearly met that Elliott Wave justification requirement.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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Legal Mumbo Jumbo: 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.**

#litecoin #cryptocurrency #blockchain #altcoin
7 years ago in #bitcoin by
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     7 years ago 

    Good call on the bottom. Let’s hope you are correct about $8k plus. If so I’ll definitely owe you some beer tokens!

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     7 years ago 

    Thanks this is good news for many. Blockfolio is looking nice and green today for many alts as well

    [-]
     7 years ago 

    Is it possible to update LTC? Thanks for all your help!

    [-]
     7 years ago 

    ❤️🐾🐈Good morning earlybird… Please update BCH. Made a nice correction downward... do you foresee it going back up as mentioned in your last BCH post?

    [-]
     7 years ago 

    I'm glad to see there is a little pullback now and then. We need to remember that BTC is up about 10x since this time last year, so sooner or later it needs to slow down

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       7 years ago 

      @minnowpond has voted on behalf of @minnowpond.
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         7 years ago 

        Thanks for the update. Does this mean BCH will go down as it move in opposite direction?

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          [-]
           7 years ago 

          Great job!

          Just noticed on the EOS chart: 10 days in the $1.10 price zone.
          Accumulation fase?

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