SUMMARY
On this morning's Bitcoin (BTC) update, I had projected the below price pathway with a potential symmetrical a,b,c,d,e pattern.
However, I've updated the pattern and Elliott Waves to reflect a downward pointing bull flag pattern and count. If this is correct, there could be one more low for the final e wave of the a,b,c,d,e channel. This would complete blue wave 4.
Now, view the Bitcoin Cash (BCH) chart which is completing a downward pointing symmetrical triangle pattern. This formation started on November 17th and is about to comlete. Now, look at the above chart of Bitcoin (BTC). The downward pointing flag started on late November 16th. So, overall, both BTC and BCH have been declining in their respective patterns. If so, their non-phasic relationship could now be becoming more phasic.
Bitcoin Cash is expected to breach out and above its triangle pattern. If Bitcoin does the same from its bull flag pattern, this phasic stage could progress.
It was interesting how when Bitcoin was correcting recently and Bitcoin Cash was skyrocketing rumors, news and events were being conjured to justify the forecast. I'd be keen to see if the phasic cycle progresses, what news, rumor or events might be put forth to justify the forecast.
In the video, I also have a special coverage of BitShares...don't miss it!
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.**