SUMMARY
Bitcoin (BTC) overnight price action has run into the upper white line of the descending bullish wedge pattern. IF the bull scenario is to continue, then a breakout is needed. Should this breakout happen, the MACD would increase as shown by the blue line drawing. The breakout is needed because then it would allow price to continue higher and put in the impulse five waves which would signal the turn and give confidence to an abc correction likely being complete.
However, if this is a bullish downward pointing wedge, the market might be better served with a one more lower low. I'm not a masochist but rather understand that a completed bullish wedge would allow the next leg up to be carried so much farther and higher. I've added the blue circle buy zones I've set for myself as attractive areas to ladder in for more Bitcoins!
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.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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