SUMMARY
I hope you've all had an enjoyable and memorable holidays! While we were merrying; the cryptos never slept!
NOTE: If this Blog post gets downvoted; @ranchorelaxo has our backs!!
Below is the chart of Bitshares (BTS) and the pattern is that of an a,b,c,d,e ascending right triangle. As of now, if the slight piercing of the bottom triangle represents a bull wick; then price should see higher highs.
However, the daily chart with the MACD indicator looks a bit toppy. BTS has had a near vertical run since $0.19 cents and MACD is showing that it could require some rest. The blue circle highlights the area of MACD to indicate a level of overbought state. If so, a correction could occur to alleviate this overbought state in the MACD.
Below shows the BTS/BTC pair and little has changed since the last update. IF Bitcoin (BTC) still contiues to correct or if the demand for BTS/BTC outstrips the rate of rise in BTC; then the very large cup portion should finish at around the 12,290 Satoshi level.
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?
Follow me on Twitter for Real Time Alerts!!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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.**