SUMMARY
Overnight price action for Bitcoin (BTC) has shown that the yellow ABC, subwaves for red B of blue E are likely complete. The price wicks are almost always counted with Elliott Waves. For chart patterns, more liberty can be taken to cut them out or not. So, the yellow C was a price wick which came close to the upper blue trend line.
If price broke through the upper blue trend line today as shown by the white arrow...great! However, the primary count still calls for a lower low towards the mid $7,500 or so. IF this price channel pattern is correct, then blue wave E needs to complete. Let's see if white wave 3 down starts today.
The longer term shows little change. Once the handle formation completes, higher highs should be very likely. It all takes time, especially corrections. Wealth is preferred not to be made overnight because you often lose it just as fast. Patience and discipline!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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!!
--
--
