Bitcoin (BTC) Morning Update: Is the Current Correction deja vu of September Correction?
SUMMARY
Note: Still on the road with very slow WiFi and so no videos which should return this weekend or next week.
The below chart shows a snapshot of the September 2017 correction which has pretty good fractal similarity to current correction. From the bottom, price had moved in what looked like a three wave counter trend (white arrow) and naturally many thought it was an abc and that lower lows were dead ahead. I had disagreed and labeled the first peak as blue wave 1 and the decline as blue wave 2. Price then started impulsing upwards again with steady volume.
The primary reason I had disagreed with the crowd was because of the monstrous volume that usually marks the bottom of corrections. When there is a downtrend that literally turns on the dime with ferocity of panic buying that drives volume levels to jaw dropping levels....it signals that it's NOT just a passing milestone for lower lows.
This chart shows the current correction. It too shows what looks like a three wave bounce from the $5,900 level. I've labeled the peak as blue wave 1 and the minor correction which I had called to start in the weekend posts is labeled with blue 2. The white Elliott Waves are tentative for now but IF blue 2 is complete or near so; then we need to see an impulse motive.
The current correction too turned on the dime with monstrous panic buying volume. As it was in September, today also, the same volume indicator is keeping me from going full bearish.
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Dipping below $9,000 for a while last night. Still looking for that bottom.
A bottom is not an event, it’s a process.
Could you please elaborate?
omg i was just looking at this exact same thing lol shhhhh dont tell ppl
Well Said...Also @haejin can you analyze DCR?
Thanks!
Let's see if we get enough volume to turn this thing around for good.
bootay
Probably going to disagree with this post. We just broke support pretty bad to a much lower low. In addition the large volumes lately still haven’t been enough to form a higher high, so I don’t see the trend reversing...especially with all the negative FUD from the media. With that said, you’ve been right more than me so I guess we will wait and see! :)
If he has been more right than you, that makes you wrong 99% of the time.
Bitcoin will either go up or go down. I see it in my dreams!
Agree. Buyers were found at $8400, ceating a bullish hammer on the daily chart...lets see if we can get to $10500.
Nice chart here! Jam packed with some great info...thanks! Very appropriate analysis. Respect.
Get out of here. That is nothing more than a potentional bullish hammer in the make. To make it a bullish hammer it has to be confirmed with two green bars behind it!
Agree on all points! I think we are CLOSE to done with wave 2 but not quite there yet. I hope to see that wave three impulse today.
Nice post thanks for sharing