Bitcoin (BTC) Morning Update: Revised Target $10,600; Bitcoin Cash to become Phasic with Bitcoin? Check it out in this analysis!

SUMMARY

Having trouble with video saving. Will post video later.

In Elliott Wave correction, there are about 36 possible corrective combinations. That means there is less than 3% chance to get the corrective count right. For this reason, I never trade a correction and always stand aside. Here are my probable corrective price pathways for Bitcoin:

Bitcoin overnight action shows the below chart and I've labeled the a,b,c as being complete with wave c having a contracting a,b,c,d,e pattern. (the blue wave iv should be right under the red c wave).

This chart shows a price pathway where the waves a,b are complete and c has just started and is likely to put in five subwaves.

This is my primary count, where price is patterning out an a,b,c,d,e Elliott Wave triangle. This triangle is pointing downwards, so portends a bullish outcome. Note how both blue wave ii and iv are displaying pretty much the same pattern. Some might criticize this count as lacking the rule of alternation between waves ii and iv. I don't believe so, because that rule is equities derived and to me, Cryptos have their own personalities as we've seen with extended fifths, expanded flats and other Elliott Wave attributes that differe from equities. IF this count is correct amongst the less than 3% statistical chance; it would be interesteing.

This chart now shows the forward discerned price pathway once the triangle is breached to the upside. If correct, we could project blue wave v to complete. I've extended the wave (v) target to $10,600.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Laddering Example with EOS
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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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.**

@haejin tells it, like I like to hear it!...Give me more!

Thanks! when you say you step aside on corrections... do you get rid of the BTC? or just hold for the correction? if you sell it, do you . sell into alts? or just cash?
Thanks again! great article

either or...if short term trade, I sell; if longer term, i hold.

Hi Haejin, I think your last chart in this post answers a question that I have been wondering about recently, but I'd like to make sure I have it right. You have said frequently that after 5 waves up, the abc correction will go down to the level of the previous wave 4 ( I take that to mean a range of the top of 3 and the low of 4).

BUT, what happens when it is wave 5 of 5? Do you expect the correction to go down to the higher order or lower order 4? In this case, you have white circled 5 of blue v of white (iii) completing. You then have the white (iv) wave correction to the range of blue iii-iv, that is the higher order, rather than white circled 3-4 (the lower order).

Is that the general rule? Would really appreciate confirmation (or correction!). Thanks as always for your time!

goodpoint @cryptosuf, the last btc correccions have happened in minutes, price suddeenly went down and suddenly it went up, which mean that if your luckly infront your comp, logged in a "decent" exchange probably you can catch the wave. going fiat is safer, going into alt is a lotery if you pretend to go back in minuts to btc, hold with a beer watching TWD is the best :)

I saw the same thing 5 minutes before you posted this. I'm new to this but I've been striving to get it down.

Haejin, your guidance is golden. I now see that in an up-trending market, there will always be corrections along the way. No need to panic as long as the corrections show attributes of a continuing up trend (in this case, a descending triangle).

Always enjoy your analysis. So what do you mean by "Bitcoin Cash to become Phasic with Bitcoin?" I didn't see any additional mention in your write up. Are you suggesting they move in sync, or opposite?

Phasic=in sync
Non-phasic=out of sync

Thanks for quick response. That was my assumption, but as a casual observer of TA, I wanted clarification.

Just started following you but I am loving your analyses and insights. Thank you

Welcome and stick around. There is much to learn, make sure you watch tutorials and back videos to catch details that you might miss when you try and apply the techniques yourself. There is a library of information and situations if you go through the back videos.