Bitcoin (BTC) Morning Update: Wedge Pattern Fractal at Work

haejin (88) in bitcoin • 7 years ago (edited)

SUMMARY

Bitcoin (BTC) overnight price action has decided to follow through with the wedge fractal. The white one shows the potential price pathway for the blue wedge.

Zooming in to as high as 15 minute chart, the abc divides well into a ZigZag (5,3,5). The subwaves show that waves a,c both subdivide well into fives. It's important to be aware that the abc red could likely be subwaves to a higher degree white abc as shown in below chart. IF this is correct, then $8,200 or so could be reached; but not required.

From a larger picture and patter perspective, the inverted Head & Shoulders pattern is still progress of trying to be confirmed. As price has not yet decisively breached the upper white line, the $8,995 remains to be taken down.

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.

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bitcoin money cryptocurrency blockchain altcoins

7 years ago by haejin (88)

$302.70

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[-]

solisrex (67) · 7 years ago

BTC/USD

$23.45

8 votes

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scorer (58) · 7 years ago

If we see it as a zoomed in version of that BTC Vs. Nasdaq dotcom chart, then it is possible scenario.

$2.13

1 vote

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bluedog1 (23) · 7 years ago

Hey Solis, can you tell me for the bearish scenario at what points you have put your fib trend? I can't quite make it out o the chart posted. Thank you:)

$0.00

[-]

solisrex (67) · 7 years ago

Trend-Based Fib Extension of waves 1 & 2

$21.38

3 votes

[-]

abusereports (72) · 7 years ago

Hi @solisrex,

It seems you got a $21.9924 upvote from @solisrex at the last minute before the payout. (19.38h) and this comment is to make everyone aware.

Please follow @abusereports for additional reports of reward pool abuse. Thank you.

$0.23

1 vote

[-]

bluedog1 (23) · 7 years ago

Got it, thanks!

$0.00

[-]

solisrex (67) · 7 years ago

BCH/BTC

$22.92

4 votes

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sirstacksalot (63) · 7 years ago

Bitcoin and the alts seem to be stuck in a narrow range. Looking for the news to cause the next breakout....either way.

$2.66

1 vote

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dbrdbr (45) · 7 years ago

Annnd the bearish neck line.... :)

$0.14

6 votes

[-]

scorer (58) · 7 years ago

Lets see who wins.

$2.16

1 vote

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dbrdbr (45) · 7 years ago (edited)

lol
i m 60% bullish myself.
i expected a bigger more violent drop
it's somewhat indecided.
although i m in USDT right now :))

$0.00

[-]

scorer (58) · 7 years ago

I'm 80% bullish for tomorrows run. So, it means that this neck line is not going to complete. 😅

$2.13

1 vote

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jrcrypto (25) · 7 years ago

Breaking 7500-7800 will certainly bring the price lower.

JRcrypto

Price Analysistt.png

$0.00

2 votes

[-]

investingtips (3) · 7 years ago (edited)

Bitcoin to $10k!? https://steemit.com/bitcoin/@investingtips/i-m-now-bullish-on-bitcoin

$0.00

5 votes

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e5000 (25) · 7 years ago (edited)

Thanks for the summary - good balance with the bullish and bearish perspectives. Could the two peaks at the apex of your wedge fractals possibly be a double top?

$0.04

1 vote

[-]

retrotech (25) · 7 years ago

Dear Heajin please make Bitshare update....

$0.02

4 votes

[-]

scorer (58) · 7 years ago

It is following BTC path. What else to update?

$2.21

1 vote

[-]

bitshareboy (41) · 7 years ago

Yes please :)

$0.00

[-]

originaljack (25) · 7 years ago (edited)

Im sure the bts will still be the same projection as haejins last. It was on a number of scales. We have dipped nice. Buy the dip hold atleast a few months

$0.00

[-]

lifecrawler (25) · 7 years ago

BTS/BTC formed a huge head and shoulders pattern. I think it's going down more if it breaks. I own some and its quite depressing...

$0.00

[-]

niconico (35) · 7 years ago

please!

$0.00

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dan21050 (41) · 7 years ago

if there isn't a breakout this will be a bulltrap

$0.00

2 votes

[-]

mrvkr (29) · 7 years ago

hope we breakout soon

$0.00

1 vote

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d1d1s (34) · 7 years ago

why is everyone ignoring LISK the rebranding is soon and they have so much potential !
Haejin any chance you could make an analysis PLEASE

$0.00

1 vote

[-]

jrcrypto (25) · 7 years ago (edited)

A good time to buy would have been in the 12-18$ range when it dipped hella. but most people were selling around this level. If I compare it to the chart from November when the original rebranding date was to be (nov 22nd). On the 16th, LSK hit it's peak of 12 dollars. 6 days prior to the rebranding date. What should we expect from this? If LSK gets 1 more leg up, BTC wise it might hit .004. I am still looking for that extra leg up, but dollar wise LSK follows BTC as every other crypto. BTC is still in uncertainy, which makes investing in lisk at this moment very risky. If you had gotten in early, you are lucky. A common rule of thumb is buy the rumor and sell the news. Selling before the rebranding date is something to consider. It's more likely to go down. However, If they announce some good news and things to look forward to in the short term, it could surge the price up more.

JRcrypto

Price Analysistt.png

$0.00

3 votes

[-]

xastunts (24) · 7 years ago

interesting buddy! well can we say that to sell his assets before wating for clear signals from BTC might not be the best he can do. after all BTC might make another good rally, if its not choosing the way down to the bottom.

$0.00

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thabiggdogg (56) · 7 years ago

$0.00

1 vote

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originaljack (25) · 7 years ago

Haejin your ta is exactly what the space needed. Someone not motivated by greed but by love for others prosperity. Your a legend . Im thinking of using anki flashcards for my learning of elliot waves with the books. What you reacon. Regards OJ

$0.00

[-]

originaljack (25) · 7 years ago

Upvoted brother

$0.00

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sparkyscove (33) · 7 years ago

I am still hoping that BTC crosses the neckline, and northward we go!

$0.00

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wellc (4) · 7 years ago

Post very good

$0.00

[-]

welfare26 (36) · 7 years ago

nice poss

$0.00

[-]

mrfox (32) · 7 years ago

Any thoughts to how long it'll stay under 10g? Any guesses peeps?

$0.00

[-]

yolo-sun (25) · 7 years ago

엘리엇관점으로 좋은 분석 하신것같아요 감사합니다

$0.00

[-]

haejin (88) · 7 years ago

Thank you.

$0.00

1 vote

[-]

jghowe393 (25) · 7 years ago

I always look forward to your daily analysis and perspective! I am fairly new and learning and you always do a nice job explaining EW and patterns. Keep up the great work and thanks for all you do.

$0.00

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sunnyshiny21 (25) · 7 years ago

Stop DOWNVOTING, guys!

$0.00

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dan21050 (41) · 7 years ago

It's still going on :(

$0.00

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zulfikrizal (35) · 7 years ago

Very good picture and your story

$0.00

[-]

dezolas1 (26) · 7 years ago

The suspense is killing me!

$0.00

[-]

akingdesigner (38) · 7 years ago

same :)

$0.26

1 vote

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digitalisbetter (32) · 7 years ago

why do you use BTC/Tether chart?? @Haejin

$0.00

[-]

shri2 (35) · 7 years ago

Very confusing pattern ...

$0.00

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zukethenuke (26) · 7 years ago (edited)

I think this is an interesting comparison. 1 day Bitcoin against the 1 week NASDAQ during the DotCom bubble. Thoughts..?! Here's a link to a better quality image: https://www.tradingview.com/x/3GmSwLQp/
Bitcoin-Nasdaq.png

$0.00

[-]

zukethenuke (26) · 7 years ago

$0.65

3 votes

[-]

scorer (58) · 7 years ago

The scary part is yet to come.

$2.16

1 vote

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batfinkler (40) · 7 years ago

For Bitcoin Nasdaq or both ?

$0.00

[-]

scorer (58) · 7 years ago

Bitcoin. Who cares about Nasdaq. 😀

$2.18

1 vote

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batfinkler (40) · 7 years ago

haha not me but still wouldnt want to see normal folk loose a ton of money ! Wouldnt be surprised if the big boys crashed crypto, took money out of NASDAQ and moved it into Crypto !