Bitcoin (BTC) Morning Update: A Primary & An Alternate

in #bitcoin6 years ago

SUMMARY

Could the below scenario be probable for Bitcoin (BTC)? Where the current degree of decline marked by the red ABC be the correction? IF the reversal occurs in a clear five wave impulse (blue) and not a three wave, overlapping corrective sequence, yes. However, what bothers me on this correction scenario is that it occurred too fast and hasn't eaten not enough time. Crypto corrections are almost never fast. So, this scenario would be the alternate.

The primary still stands as shown below whe the current price bounce for the blue B which should traverse in the red ABC manner. Blue B should be able to tag the $9,200 or so area before declining in blue C wave down to make a lower low. Yes, there is the likelihood of mid $7,500 or so for the C completion point.

The Cup & Handle pattern still progresses, unphased. This is why I much prefer the longer term be it normalizes out all the wiggles an squiggles that seem big but rarely are when viewed with a big picture perspective. The white parallel lines show the alternate scenario for the handle formation and the blue parallel lines show the primary count. Let's see what happens in the next few days.

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Will go up :-)

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Once again, BTC (and all the other alts) are taking a beating!

Is it true @haejin? You leaving Steemit?

I think he is stopping the TA posts, but will still have his Steemit account. So what will you post about @haejin? I love your TA.

I'm not sure Haejin, I think this might have been the bottom, with 12K as the target of these next 5 waves up.

Looks like it bounced off the 50MA and fib level. Looks like a fib spiral (very bullish).
We might not be going down here, but for similar reasons to you, I hope we do have a slightly longer, appropriate correction.
But perhaps the biggest bag holders feel that 3 months is enough already :)
Thankyou for everything you do.
The education and skills you spread are changing the world for the better and enabling financial freedom for thousands, like me.
Thanks again, From Australia :)

Yes, it could be the bottom of the minor correction. It's just too quick and shallow in retrace. Let's see.

Do you think the price of Bitcoin will rise? Anyway for cryptocurrency news follow @jyotirmay , Thank you

Oh yes, by lat Fall, BTC should be in all time new highs and higher.

I have 3-4 scenarios for btc so you can see on my profile
1btcscenario.jpg
btc6k1.jpgBTC6K.jpgbtc7400-6400.jpg

Lets leave this correction behind us and moon

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It will be rise again.

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