SUMMARY
The criteria for further upward price progression was shown to be the decisive breach of the upper line of the wedge. As shown below; the second impulse would need to take price higher. Price is now attempting once more to breach the wedge line and it has a very good likelihood of succeeding.
I've updated the Elliott Waves to show that the five impulse is complete as before and that the second impulse could be starting its wave 3 which would be the wave with enough mojo to take the price across the breach. The flag fractals aboun abound as well and if prior upward price strength is any indication, the current rise should be able to rise above the upper white line of the wedge.
As patterns are quite common for Bitcoin, the below chart shows a probable pathway for an a,b,c,d,e trajectory and the completion of the final e wave would allow the price to explode breach the resistance. Not that this pattern would call for yet a third attempt to the breach which is fine and common.
The daily MACD is looking more and more bullish everyday! The 9 day red histogram is showing a trend of higher highs and soon the white histograms which I drew in will appear!
Legal Disclaimer: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Uncertainty in the stock market is causing money to migrate from stocks back into cryptos.
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Thanks for the update. Hoping to see bitcoin regain some of it's lost ground.
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Great post. I'm an Elliot Wave analyst and I think this post shares some real good wave count. I think we're on your third scenario, where intermediate wave 1 has already finish and we're experienced a complex correction. With a B wave above Wave 5. That usually means a strong underlying bull sentiment which could send us above 10k very quickly.
My targets for wave 3 are around 13'5k-14'5k. Followed by the way and reestemed.
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My medium-term belief for BTC. Maybe another pennant!
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While the short-term shows bullish trends, I think we'll probably test the lows again before it starts going towards new ATHs.
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This is what I had mapped out this morning, - I like this because it brings us sideways a bit closer to the apex. (I still have the original wedge position drawn)
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Thanks for the post.. I hope something better happens about this
First
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Hi haejin! I'm new here.
First I want to say thank you for your posts, videos and tutorials.
There is one thing I can't understand. When BTC was falling from 19k to 6k you marked 1,2,3,4,5 waves down. But 4 was overlapping the 1. I read in Elliott book that this is very rare situation.
So my question is - when and why do you decide to make such exception to the general rules?
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This is more like the news we were after. Fingers crossed for a breakout soon.
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I remembered to bring everything to work except the little slip of paper with the bitcoin chart url endings on it
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/chart/jAxEDy50/
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So we are now, in the wave iii of the wave 3 rebound.
Thank you haeijin !
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Thank you for your TA analysis, it is much appreciated. There are many other good TA analysis who strongly believe in another down wave after BTC breaches and goes up to $8,900 - $ 9,400. What are your thoughts on this scenario?
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2h RSI Showing Higher highs !
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Thank you for your daily analysis.
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While we waiting for decisive move is good time to collect some free coins via airdrops. Check my blog youll find few options :)
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Thanks for the TA.
We appreciate it.
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Thank you for your kind explanation! :D
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나는 스팀에 목마르다...
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His arrival at his highest value, depends on the support of his global banks, the recognition of countries with huge economies and his support, this will help to reach the values of his highest values
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ha bajado de precio el bitcoin!
crees que subira de nuevo?
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Hey guys, for those of you that haven't listened to this, it is one of the best explanations for the current market environment..make sure to listen to the whole thing...it's stunning to hear about the difficulties large investors are having getting into crypto...we haven't seen nothing yet...cheers
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I like the top that you post ... you are the motivation for me .. i slalu follow you
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BCH/BTC
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BCH/USD
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I guess I need to do some research, because it doesnt make a ton of sense to me to be able to predict this based on math. Wouldn't environmental factors play the biggest role in any currency changes?
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I still think we will go lower...but since I believe that it will go up because such is life :l
Thanks @haejin !
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You think we will go lower... but...you believe that it will go up..... What does it mean????
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He wants it to go lower but knows that his desires are destined to be unfulfilled, whatever they may be ;D
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A lot of people dreaming of a second chance to buy BTC cheap. It a love hate thing but I doubt there will be a second chance. Blessings
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Thanks for Haejin's update. I like to ignore other charts as it clouds my own judgement. They might have a good intention but doesn't help.
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@haejin have you tried opening tradingview.com in an incognito window? That should tell you whether it's a problem with your browser configuration. I'm guessing the issue isn't happening in firefox. I'd love to sit down and actually debug and hopefully fix that issue sometime. I doubt it has anything to do with tradingview itself. Just let me know, I'm happy to lend my skillset as a developer to help you knock that out.
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