Bitcoin (BTC) Evening Update: Correction Target $6,730, This blog analysis takes you through the details!
SUMMARY
The price action throughout the day has been corrective. The a,b,c correction shows that waves a and b are complete and wave c is ensuing. I've labeled the below as a zig zag within a zig zag for wave c. The purple waves outline the remaining correctional waves and the retrace could target around $6,730 or so.
Here is a daily chart and the correction could touch the upper white line support and that price region is $6,750. Price is expected to bounce off this support and tack in a new high near $8,000; prior to the Segwit2x fork. The longer term price pathway is currently very tentative but it shows what might be potentially left. More details in the video!
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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.**
You are a technical analysis machine! Thanks for the share. BTC needs a correction. $6800 and under is a good buying opportunity in my opinion.
Sounds good!
Healthy correction and getting ready for a new all-time high. Thanks for the analysis Haejin
Hopefully the altcoins will get some much needed love while BTC corrects. Thank you Haejin.
Another excellent TA sir haejin. Indeed it is hard to determine as to what will be the price movement of BTC after the forking event We don't even know what will be the main chain after.
The Bitcoin Cash was not a calamity, The Bitcoin Gold fork wasn't the end of Bitcoin....Segwit 2x probably won't be either.
It is true we won't know. I do know one thing that's interesting: BCH is tending towards movement alongside Bitcoin. It appears money that could go into bitcoin is going into cash instead. This is very exciting. My prediction is that ALL the bitcoins will be profitable and have longevity in the long term. I surmise that moving towards mass adoption will contain many who do not care about crypto tech but what is easiest/accessible/pragmatic; and thus great sentiment for any bitcoin that is merchant friendly.
I thought that about time bitcoin retraced down.
Welcome to my blog!
Yes, the correction is healthy.
This blog's aim is to help and do no harm. I provide free, on demand technical analysis to help others augment their due diligence.
Please feel free to request analysis of any crypto.
1.618 c wave extension 6753.95
nice solisrex..have you ever tried motive wave?? it's awesome...barcharts is supposed to be offering crypto feeds soon and you can run motive wave..if you're an EW lover you will never go back...it puts TradingView and Coinigy to shame...cheers friend
So, barcharts will chart $500 also? Auto Elliott Waves too?
http://www.motivewave.com/support/elliott_wave_auto_analyze_pattern_recognition.htm
Very cool. I have to get it.
Yes. Prices don't always hit those with precision, so I just eye ball it.
I have been measuring the fib levels these past weeks, and they are hitting with shocking accuracy. I think I must be dreaming, or someone is running a giant crypto fib bot, or simply, you are, indeed, The Master.
Dancing the Fibonacci
is it likely that the correction is done??
what do you think about this daily chart?
as there is no support till 6100, can't we expect it to go till fibb level 1.618?
Another excellent analysis!
Do you trade all the coins you analyse and post on Steemit? Or a few/none?
Cheers!
You've posted a lot of beautiful ones.
I liked your post.
Please upvote and comment in my post. And I will replay my comment.