BITCOIN (BTC) Morning Update: $6,200 Next Target

in bitcoin •  7 years ago  (edited)

SUMMARY
Bitcoin (BTC) is not done going up. The 1.618 Fibonacci area is at around $6197 or so and as the below chart shows, prices have broken out of a nice consolidation symmetrical triangle.

The longer term outlook still shows an apparent negative divergence between the price which is making higher highs but the MACD is making lower low. This is a negative divergence. The video analysis also discusses the Bearish Wick and new trend possibilities.

--

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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.**

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7 years ago by

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    • [-]
      ·  7 years ago (edited)

    Does any one know the reason for huge drop of btc?

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    1 vote
    [-]
      ·  7 years ago 

    so your saying its gonna go down to whatever that bullish wick is, than pop back up to another high? better start buying at that low

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      [-]
        ·  7 years ago 

      Yes, but, subject to change. There could be a new trend line as discussed in the video analysis.

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        1 vote
        [-]
          ·  7 years ago 

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          [-]
            ·  7 years ago 

          Update Stratis and Verge please.

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            [-]
              ·  7 years ago (edited)

            No change in Stratis:

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            3 votes
            [-]
              ·  7 years ago 

            Here is XVG update, please use only to augment your due diligence.
            https://steemit.com/bitcoin/@haejin/verge-xvg-short-term-target-usd0-039-bullish

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            2 votes
            [-]
              ·  7 years ago 

            At 1:00 minute, how did u get the top point of the fibonaccie retrace. bottom = $4984.5. please suggest.

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              [-]
                ·  7 years ago 

              I used the Trading view trend Fib retrace tool. I click the bottom and top of the range.

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                1 vote
                [-]
                  ·  7 years ago (edited)

                What about rule Wave (3) cannot be the shortest wave!! from this count its the shortest in price but not in length ... please clarify . This rule apply for the price, length or both .. Thanks

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                  [-]
                    ·  7 years ago 

                  Please show a snapshot of the count you refer to. Thanks!

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                    1 vote
                    [-]
                      ·  7 years ago 

                    The count shown in start of this video

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                      [-]
                        ·  7 years ago (edited)

                      Wave iii can't be shortest in price height and time has nothing to do with it. Wave iii is NOT the shortest in my labels...wave IV is the shortest.

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                        1 vote
                        [-]
                          ·  7 years ago 

                        Thanks for clarification but i read that Wave 3 can never be the shortest of the three impulse waves. Is that wrong and it can't be the shortest among complete 5 waves?

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                          [-]
                            ·  7 years ago 

                          I now see your point! YES! You are absolutely correct! I stand corrected. Thank you.
                          Here is the correct label:

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                            1 vote
                            [-]
                              ·  7 years ago 

                            That would push price more higher .. Great work sir

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                              [-]
                                ·  7 years ago 

                              As for price wave1= 890 .... wave3= 700 .... wave5= +1000 so far!! I'm really confused about that anyway thanks for your help

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                                [-]
                                  ·  7 years ago 

                                I wish I have your brain, buddy...

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                                  [-]
                                    ·  7 years ago 

                                  If there is a crypto I can analyze for you, please let me know!

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                                  2 votes
                                  [-]
                                    ·  7 years ago 

                                  How about Neo or OMG?

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                                    [-]
                                      ·  7 years ago 

                                    Here is the NEO update, please use only to augment your due diligence.
                                    https://steemit.com/bitcoin/@haejin/neo-loses-support-line-short-term-down-target-of-usd22-03

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                                    2 votes
                                    [-]
                                      ·  7 years ago 

                                    Here is the update for OMG, please use only to augment your due diligence.
                                    https://steemit.com/omg/@haejin/omisego-omg-needs-to-resolve-price-direction-symmetrical-triangle-pattern

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                                    2 votes
                                    [-]
                                      ·  7 years ago (edited)

                                    Thanks @haejin, so if BTC were to bounce off the new trend, then is that where the C of the ABC correction would be placed?

                                    Going to check my book for what type of ABC that is (with such a short C wave)

                                    Thanks

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                                      [-]
                                        ·  7 years ago 

                                      Hi @haejin it looks to me on this moment that on the big picture, there is not divergence anymore on the volume and demand, the two picks are align flat. Is that changing anything? Thanks a lot!

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                                        1 vote
                                        [-]
                                          ·  7 years ago (edited)

                                        I'm awaiting to see for bearish wick and a retrace. The volume/demand are very good. My MACD and prices remain at negative divergence and using those for now. Target $6,200.

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                                          2 votes
                                          [-]
                                            ·  7 years ago 

                                          Good to know! thanks for the answer!

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                                            1 vote