Bitcoin (BTC) Evening Update: Short IHS Pattern Invalidate but Medium to Longer Terms Remain Unchanged

in #bitcoin6 years ago

SUMMARY

The very short term IHS pattern for Bitcoin (BTC) has been invalidated with the decline towards $8,466 but as the next charts will show, the bigger picture remains unchanged. The below chart shows that the decline is patterning out to be yet another wedge (blue). Price being so close to the apex should rise out.

The wedge fits into the larger IHS pattern and a riseout would allow the completiong of the Right Shoulder (RS). For this pattern, the $9,700 remains a critical juncture as the the Neckline resides at that price level.

The below chart still shows that the primary pathway is likely to be the white arrow. The long term support line has held and is expected to repell upwards another touch if it occurs.

The blue D wave option also is still valid and the subwaves of the abc is still in progress. Let's see how the overnight price action plays out. Zooming in and out from short term to longer term allows much better perspective than a single segment myopia.

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Am I reading this right @haejin ? Looks like what we're seeing is the end of a few days correction flat ABC correction.

Looks like we need one more 5-way rise up to complete D wave in large triangle. I wouldn't be surprised if there is a bear wick at the top (I didn't put it in chart), followed by a decline that will create E wave.

As for trading - not to be late with my buys, I assume E wave will be short and won't touch long term trendline support. Why? It's just how I read sentiment now - market is fed up with this correction and wants to go up. I think I see it in lower degree symmetrical triangles, both in BTC (one triangle is marked on my chart) and alts. More often than before, E waves end up short or even very short.

I'd love to hear Your comment on this one.

Cheers and keep up the good work. All I know at this point is thanks to You. You made me want to start learning TA :-)

Yes, the E wave is often the shortest and that is the primary count. The below chart also shows that the E wave is NOT always required but breakouts can occur at the D:

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So, it proved to be zigzag after all with deeper retracement toward previous wave 2 rather than 4. Other than that, nothing really changed yet and primary count (C of ABC up, creating D, probably followed by E down to the level of longterm trend) isn't invalidated.

Getting really angry seeing so many comments of people panicking BTC decided to take a slightly different route to the same point. Thanks for Your reply.

@haejin i am very fan of your prediction and believe that bitcoin will be fine again we just have to have patience so that truely the price will be changed.

Hell yes...

Great analysis Haejin. Keep up the good work.

Im liking these charts, it would be awesome if we got a bull run soon, Something to lift our spirits lol

Is the bear period over and bull started

Yes, Bear period over and doneky period started.
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your a donkey

we should be serious many people are worried

LOOLLLZZZZZZ😂😂😂😂

Your consistency never seizes to amaze me. You make updates on a regular basis.
Nice analysis. Nice update.
Very useful, informative, educational and we'll detailed.
Thanks for sharing @haejin ✌ ✌

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Hey @gmrbotswana,

Don't waste your vp. You can't do nothing. You are a fuckin kid😂.

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This is an one of the importance post.

This market sucks so bad thats why you should have money on the sidelines and only arbitrage when you can...get arbitrage alerts to your email as they occur 1.png

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