Bitcoin (BTC) Evening Update: Could the Bottom be IN? Check out this Analysis!
SUMMARY
It's quite good to see price adhere so closely to the wave lines I had drawn. The chart below shows that the blue colored five waves down are complete. The current bounce looks three wave like and is expected to put in the white wave iv. The red C?? marks a potential bottom, especially if price start impulsing and put in five waves up. The recent low is also a respectable degree lower than the low of red wave A. So, the key is if there will be an impulse set of waves up. The video analysis reviews the details of this potential scenario better than what can be summarized here.
The daily chart perspective shows that if the recent low was the bottom, it fits well into form of an expanded flat. Declining to $6,100 or so would have the red c wave of the expanded flat a bit too low.
The 4 hour MACD charts shows a deeply oversold condition. This also adds credence to a potential bottom as the bounce should be no insignificant.
The most bearish case is if an impulse downard is completed. Though, I'm only adding this scenario so as to put in on the table of possibility and not yet probability.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
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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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.**
@haejin - what do your charts show long term for Bitcoincash, I am thinking there could be a flip on with legacy Bitcoin and bitcoincash
Hey man, I know your big on the Technical side, but I would love to hear your thoughts on what is going on with the many forks of Bitcoin.
just followed the elliot wave rules, added some pattern and fibonnacci. not really meant to be that accurate, but this look really bullish. CLOAK!
i'm adding some using fiat. hoping to get it cheaper when btc is lower (6.1k?).
PS I bought the book!
May you be blessed with profits, wealth and health!
Hey @haejin, Can you please check out my blog? ive done an analysis on ETC/USD using Elliot Waves and Chart Patterns to the best of my abilities...
https://steemit.com/bitcoin/@cryptosuf/etherium-classic-etc-price-pathway-using-elliot-wave-counting-chart-patterns-blog-2
Also can you please follow me and up-vote everyone? Im going to try to get better at analyzing charts and I would love to document it the way @haejin does.
Well done! Was already following. Upvoted your post.
thanks! anything else i can do better?
Here’s hoping! What’s your take on the BCH movement?
Hello Haejin! BITCOINPLUS has painted an excellent picture but what can You say about the prospects? thanks in advance.
Good call on the $6600 price
Hey @haejin, you might want to take a look at Bitcoin Cash, I predicted the 921$ high, but even then my counts didn't show my 1050$
Even now it seems to be poised to go to 1350$ rather than taking rest before impulsing, what do you think...
I'm thinking the same.
You know you've "made it" in life when @haejin Compliments your T.A.
:) Thanks Haejin, the book helped, but your vids are the main course here.
it looks like BTC is doing a 5 wave now, rather than a 3 wave... is it time to be taking buying actions?
Haejin many thanks for this update. Can you please review charts of NTRN, MSP, UBQ, LINX, RNS, SCORE, and TAJ?