Bitcoin (BTC) Morning Update: Head & Shoulders Bottom Complete!

in bitcoin •  7 years ago 

SUMMARY

Bitcoin (BTC) breached out and above the upper, redrawn, wedge resistance! This is pretty much completed the Inverted Head & Shoulders pattern. Recall that there are two stages, completion and confirmation for the patterns. The next step is confirmation in that price needs to breach the $8,995 and as you can see, BTC has bounced off this blue Neck Line.

The video as much more details on how the below chart was drawn. Basically, IF the Neck Line is also breached, price is then likely to race up for the wave iii. I've drawn the wave iii target (yellow) and the wave 5 target. I've also tried to have these waves to the best approximation of timeline as well. Once wave v completes, $14,690 should be tagged. Again, these targets are conditioned on the Neck Line being decisively breached!

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
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

BTC/USD

  ·  7 years ago (edited)Reveal Comment

Full of Shite
Go away

Blessings

I find these blue diagonal support lines from last summer/fall price action to be interesting because they seem to be helping contain the current price movement. Perhaps they will contribute to resistance or support moving forward.

Thank you for your daily BTC update! :)

Awesome thanks! I strive to become as good as you in terms of TA. What are some of your favorite TA books? I already have Elliot Wave Principle and TECHNICAL ANALYSIS OF STOCK TRENDS. Are there any other books you can recommend too?
Thanks for your teachings.

  ·  7 years ago (edited)

Secrets For Profiting in Bull and Bear Markets by Stan Weinstein's is a good read. Also, The Art and Science of Technical Analysis by Adam Grimes

Price Analysisttt.png

Those are the two books and that’s it for me. You need lots of practice and mistakes to learn from. It’ll be a couple years or so but you’ll get a lot of improvement.

Lol. If you consider calling for ATHs as the market was topping good. And not being able to foresee a bear reversal where many other analysts could.

Hey, nice reputation you got there @kevitos!

I'm looking for some great updates this week.

Nice

  ·  7 years ago (edited)

@haejin Is this taking into account the Chinese New Year? These analysis are great, but are you also taking into accounts news? I'd love to know sometimes a bit more about other elements affecting the market! :)

I purely use price only because it’s the earliest reflection of sentiment. Price therefore moves the news and events and never the reverse.

This is also why RN Elliott states that news or events will later arrive to justify the forecast.

Haejin, I was trying to buy your recorded training sessions which i saw on your website yesterday, I am looking to buy in today and i don't see them. Could you please help me here. Thanks

Please try again in an hour.

I am agree with your opinion because you have ability to understand in your articles. Step by step, point to point.... just awesome.

Thank you for sharing your post with us...

Great post. Any idea what the heck Verge is doing?

sir @haejin please check my comment list

CREATE content in your blog. All you do is RE-STEEM other people’s work.
Do your best to create good content please

audio was horrible btw something wrong with the mic?

Thank you for your analysis!
Next milestone to reach$8995.00!
Here we go, it won't be long before that happens.

I hope your right!

Video broke

Sorry about the audio. My Cat must have chewed the mic line again.

Might see 7k$ again before climbing up.

Don't get used to that mouse pointer! :-)

I have just published a similar analysis. I am glad a pro like you also shares my view ;)

I think you're calling this a little prematurely. The neck line certainly hasn't broken on my charts yet. If it had, I'm sure we would see a surge of volume.

I’ve placed my IF conditions.

  ·  7 years ago (edited)

Is it just me or do these waves just not look very "impulsive"

You’re right. That’s why we need the higher highs.

Finally I can see pic

Was hoping for one more lower low. But I guess our blockfolios will be looking healthier! Every cloud, lol 😃 Thanks Haejin.

Try and see it in a three year timeframe.

Looks like the single bottom pattern has been formed for BTC, it will only be a matter of time before the rebound kicks in.

Hello Haejin :)

Advertise on https://cryptopiece.com/Crypto Piece compact.png

Please vote me

Keep posting and don’t BEG for votes please. There is no dignity in BEGGING

hahahahahaha

  ·  7 years ago (edited)

http://ethinvites.com is shit don't bother sorry for posting
you can also try faucets, they give you free crypto for being exposed to their advertising
http://moonliteco.in/?ref=bbaa905f4c40 for free litecoin
http://moonbit.co.in/?ref=ec26b62a7342 for free bitcoin
http://moondoge.co.in/?ref=2d45566546b8 for free doge coin

the faucets are not going to make you rich but are a risk free way to get some crypto.
good luck.

This is great news! More great news from Gifto too:

For those interested in $gto, this is a great way to get some free $gto from Binance.

http://referral.gifto.io/gifto2/#/?invi
Remember my invite code: 3216