Bitcoin (BTC) Evening Update: A Monster Volume is Needed

in bitcoin •  6 months ago

SUMMARY

The MACD histogram is an early scout showing how the 12 day (white) and the 26 day (red) lines will move and in which direction. The two layers of higher lows shown by the histogram is uncanny. This means that there is strong probability that the white/red lines will also generate a higher low. That occurrence is my primary count.

The fractal nature of the current pattern to it's prior brother seems to only differ in size. However, the overall price moves and Elliott Waves are quite similar. Just as a monster volume had moved Bitcoin (BTC) out of the confines of the contracting lines; the second fractal needs the same monster type of volume move (green vertical rectangle). The current fractal also is a bit distant from the apex just as it had been for the first fractal.

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
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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
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people need news for gaining confidence , only then volume will come.

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It's going to be hard too do... too many people who fueled the liquidity up to 18,000 got burned - hard
I think it will be a long winter before public sentiment recuperates or institutional money decides to flow in.

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On the other hand, a lower Bitcoin price gives an opportunity for new investors to get in. Where some people see a problem, others will see an opportunity.

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yes you got the point....

I think we will see the same as 2014

I think we will see the same as 2014

Huge Green Dildo in 3...2...1...

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Did you mean candle?

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So, in other words, this is an interesting time for Bitcoin and for crypto.

These next hours and days will be exciting!

yep I hope it doesn't touch 4k but looks like it could. no matter what the bull is coming and mostly start in my favorite month.. May!! lol

Exciting times ahead.. Thanks for sharing

Master volume or master node? I think we need a master node too. Great post though!

excellent publication friend. Greetings from Venezuela

Bence bitcoin artık bir yatırım olmaktan ziyade kumar niteliğinde

Wait for reverse and then start trading.

check my posts iam promot bitcoin

Please check in on EOS :)

Nice predictions

I would love to see your count on OMG, I am not finding a clear pathway and need a little help finding a way out of this current correction, Thanks!

These are the best thing and encouraging the people for doing something

don't be the guy to buy the bottom thinking it will reverse. Safer to wait for a clear uptrend. Even with an upside break out it could fizzle out and continue with the larger downtrend.

This chart has been in play and valid for over a month..

btc up.jpg

After tax season and when price gets to $6000.

Thank you

The bright side is : if there's no volume, we're likely to go to 4000$ or so... Would be the end of the krack and the best opportunity to go long !

Great update, thanks for sharing. I've hit the upvote button for you!

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When MOON vs Fuzzy Math :-D

I'm concerned. I'm a neophyte so don't take this as criticism but inquiry. There is no volume or news to start a massive volume spike. I know TA is quantum so news follows price. Still, I'm not getting the feel of a trend reversal right now. Maybe that is how they start low and slow. But I kept looking at your second chart above of the daily and your count is not what I am seeing. In the 1st Fractal I agree with your red abcde. This would be the start of a zig zag. Then don't you get an abc? I see an abc, but it would end at what you have labeled the blue b in the 2nd Fractal, at least as I see it. (also, with your labeling of the 2nd Fractal the blue b is above the end of the abc middle leg - is this right?). So to carry on my analysis, I see what you have labeled a blue b in the 2nd Fractal as the starting point of the third leg of the zig zag which should have another abcde down. I see your blue c as the point that should be labeled my a on this third leg of the zig zag, which means your blue d is my b and we are presently on my leg c, which cannot be the shortest section of the abcde down. All this means that we have a ways more to go to the bottom from my perspective. Your thoughts? What am I missing?