SUMMARY
Bitcoin (BTC) did not complete the proejcted a,b,c,d,e triangle. But rather, price has morphed into a bear flag with a,b,c,d,e waves; as shown in the below chart. My primary count is still for an ensuing correction but have now lowered the target to around $6,600 or so. The circled white waves show the price pathway.
Here is the MACD for Bitcoin daily chart. We need to keep a close eye on this indicator, though it is a lagging indicator. The curvey lines are my projections of how MACD can flow from now to early 2018. The video has tons more details not able to be covered in this summary.
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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BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
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.**
Interesting how the cancellation of the HF has had very little impact on the btc price (ignore the initial spike and drop). We are pretty much back where we started.
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This time it looks hajein TA was not correct.
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News don't drive the price. Sentiment does. News is a reflection of sentiment just like price.
To say news drives price is like saying a dime is greater than ten pennies. A Technical Analyst sees this as Non-Sense.
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this is really fascinating. i wonder why this is so... perhaps it does measure things well beyond people's perception.
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Read my blog on the basis of Technical analysis
https://steemit.com/bitcoin/@haejin/essay-what-is-technical-analysis
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First
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I had to do it.
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Thanks Haejin, Could you please do analysis of Voxel (Vox) and ETP
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Yes, later today.
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Hey Haejin. I've been dying to know what you think of NXS. I am in GRS but I really believe in NXS, so I'm hoping it's growth is on par so I can make the switch early and not worry! Thanks so much!
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many are looking to buy discounted altcoins with fiat. that's what the charts are saying probably
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Elliott Waves states that news or events shall arrive to justify the forecast and never the reverse.
Your statement seems to want to go reverse.
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i find elliot waves fascinating. it takes out all the noise (news) and stuff -- it's saying, "the charts say it all so people need to stop adding explanations"
but if it measures sentiment, then perhaps a valid explanation would be one i shared above. i'm not saying this is true, just something i thought about. after all, i did bought some cheap altcoins
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What do you think about this fractal: https://www.tradingview.com/x/OiLPKkge?
In my opinion it indicates this running flat might be done.
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