Bitcoin (BTC) Evening Update: A Wedge Embedded Within an Inverted Head & Shoulders

SUMMARY

Current price action shows an upward pointing wedge that could signal a minor correction. The key question is how much of a retracement? The blue Elliot Waves show a modified count different from prior posts. It shows a 1,2,3,4 and 5 about to complete and it would jive well with the upward pointing wedge. Now, I've seen a good number of wedges go against the trend and bust our of the pattern to set a new trend. However, whether that will occur with current situation is a bit up in the air....in a word; I don't know.

If there is a breakdown of the upward pointing wedge, then it is not necessarily a call for alarm. Why? Corrections will always be part of an uptrend. Every impulse has two retracements; waves 2 and 4. While there is the undertone of fear from the bears; let's see if the minor correction can be worked into the overall uptrend.

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!!
--
--