Bitcoin (BTC) Morning Update: Basing Price Action?

SUMMARY

In prior price turns, Bitcoin (BTC) did not have any basing actions but rather were all near V-neck turns. However, that is different from teh current price action. The white symmetrical triangle is about to breach out and represents a clear basing price activity. IF this is correct, it further evidences the sapping of the Seller population's overall strength. As the day progresses, volume will reduce to a trickle. The breakout will however be accompanied by a surge in both price and volume.

Here is how the rounded bottom, introduced yesterday, can fit into the longer term perspective. The blue rectangle denotes the basin phase and once price exits this, price should climb in a five wave rally towards teh $11,800 resistance level. This level has to be taken out and anything short of that is only a bounce. Likely, price will be again repelled. For those who had been buyers are the high $6k levels...would you take buying or profit selling actions should price reach $11,800?

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.

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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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