Bitcoin BTC Feb 21 is going thru a bit of a correction. We recently hit the month high price of around $11,800 before it dropped around $1000 in just matter of hours. As of this moment, going by Elliot wave pattern, we are in sub-wave 4 of wave A in the corrective pattern. I am waiting for the completion of wave 4 and for the ending wave 5 of the "A" wave to begins. Who knows how fast this last wave 5 will be, it could just be a quick ending diagonal pattern that will play out in the next few hours.
My chart is pretty messy looking, I am very new to charting so this is my way of making sense of things.
As a Cryptocurrency enthusiast/investor/trader, the purpose of this blog is just for me to track the progression of Bitcoin and also document my journey in becoming a better trader. I have only been in cryptocurrency for the last 6 months, my knowledge is still very limited when it comes to the technology and trading this new currency asset.
If you like the quick update on the state of bitcoin price actions, please upvote and follow for more post in the future. feel free to comment or if you want to share your own version of Bitcoin technical analysis.
DISCLAIMER:
I'm not a financial advisor nor is this article is presented to be used as financial advice. This is just my own opinion for entertainment and information only.
I think your analysis was decent when it comes to EW! Aside from that, I think Bitcoin will also drop to 9000 support, but in a head and shoulders pattern. Followed you since I just did a Bitcoin TA update earlier today!
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I appreciate the feedback, I took a 1:1 of wave 3 for the fifth wave, felt like a lot of support around the 9700-9600 range. I gave you a follow, going to start checking your TA out as well. We all should support each other and grow this community.
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Thanks! And yes I agree we all should support each other!
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