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