SUMMARY
The very short term IHS pattern for Bitcoin (BTC) has been invalidated with the decline towards $8,466 but as the next charts will show, the bigger picture remains unchanged. The below chart shows that the decline is patterning out to be yet another wedge (blue). Price being so close to the apex should rise out.
The wedge fits into the larger IHS pattern and a riseout would allow the completiong of the Right Shoulder (RS). For this pattern, the $9,700 remains a critical juncture as the the Neckline resides at that price level.
The below chart still shows that the primary pathway is likely to be the white arrow. The long term support line has held and is expected to repell upwards another touch if it occurs.
The blue D wave option also is still valid and the subwaves of the abc is still in progress. Let's see how the overnight price action plays out. Zooming in and out from short term to longer term allows much better perspective than a single segment myopia.
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!!
--
--
