Bitcoin (BTC) Evening Update: A Triangle Before Wave 5

in #bitcoin4 years ago

SUMMARY

Bitcoin (BTC) has been consolidating for most of the day. The below chart posted in the mid-day update shows the prior labeling of blue wave 4 and 5. Time has elapsed since then and I blieve a pattern is being printed.

While there are multiple ways of labeling the waves; the conslidation seems to best fit the abcde triangle pattern. This is often what wave 4 usually shows prior to placing the very last wave 5. In Cryptos, almost always, a triangle pattern is either a wave 4 or 2.

Once the five waves are complete, Elliott Waves states that there is a requisite retracement. In this chart, the red abc show where the retracement could go....towards the prior wave 4. Let's see how the overnight price action plays out.

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!!
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Looks like we broke through the trend line! Hip Hip HOoooooorraaaaaay!!!

Don't use the "hour" chart to see if a trend line is broken. Use the "day" chart. Once it is above the trend line for a few days, than the resistance line has become the support line!
Please look at this video. It is very neutral about support lines, trendlines and resistance lines. It also show you that, and why we are still in a bearish market!

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Hey @haejin , great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)

Hip Hip HOoooooorraaaaaay!!! Hip Hip HOoooooorraaaaaay!!!

Hey guys, did you see the comical set of articles that have graced our inner consciousness today???? Goldman-Backed Circle Agrees to Buy Crypto Exchange Poloniex-then next article...."Most cryptocurrencies are likely to fail with their value falling to zero, Goldman Sachs said in a note"....if you don't know what market manipulation is, there you have it...they are ruthless and calculated..don't listen to this horseshit...we already know many will fail and that proper risk management is recommended, but this is so obvious that it's discussing...welcome to the big boys and girls show everyone...liquor in the front, poker in the rear

FACT: It is illegal to climb trees in Oshawa, a town in Ontario, Canada.

Well spotted Shawn ! Surely more evidence for people to love to DEX such as Bitshares ! Once quint is up and running they can do whatever they want to price of BTC, because on Bitshares all coins could be pegged against Quints which would be very stable !

yeah brother...Quint is going to be interesting for sure!

Wow, this "cryptocurrency" puzzle is getting more and more complicated.

  • Only 4% of the worldpopulation is into crypto
  • 30% of them are from the U.S.
  • a lot of people that are into crypto don't have English as their native language
  • 70% of people think they are more intelligent than avarage
  • Most people only found out 3 months ago what MILF means (So using DEX becomes more complicated to use than Decentralized Exchange)
  • Most people reading this don't even know what Quint is (I had to find out myself too: (see links)
  • To compare alt-coins with BTC doesn't mean shit (the dollar price will be different if the BTC price is different)
  • To compare all coins with U.S. Dollar is nice but hé, I'm into Euro's and somebody else is into Canadian Dollars
  • Story's are told that 95% of all coins will never be able to launch a valueable product and will not be around within 5 years from now
  • An exchange like Coinexchange should never had accepted a coin like Monero Gold. Their wishdom should have protect their customers. It is a fucking ERC20 coin that should have let off all the alarmbells!
  • Accept for cryptocurrency all currency are working before the ",". Meaning a piza cost $ 5,45 or € 4,95. Who is gonna pay 0,00000000354 for a piza and 0,0000000011 for a cup of coffee?
  • If we ever want to get into the 20K zone with Bitcoin we do need "new money" from the outside.

We have a long, long way to go!

https://medium.com/@michaelx777/quint-innovating-the-future-of-cryptocurrency-with-the-past-fa6ea6acaa14

https://quintric.com/

I'd gladly pay 11 satoshi for a cup of coffee, if I drank coffee.

That's kind of like saying "who would pay $0.08 dollars for a stick of gum?" But actually it's just 8 cents. No new currency needed, just a new way of representing value in an existing currency

You're totally right Winnie...so much information to absorb for new people coming in...it makes it that much more exciting...but one thing this really highlights...we all need to help others to learn and use this new technology..instead of bashing them on twitter or youtube, we need to work together to make it mainstream...not have individual tribes throughout the sphere...they are not the enemy...centralized -fiat based--fractional reserve banking is the enemy, and we need people to realize that this breaks the shackles...it is up to us to help each other

I missed my entry by 5520 entry last drop. I still have a pending there. Capture.PNG

What you talking bout Willis?

This is a very nice post. Thanks for sharing

Follow me @thunderland if you like my posts

@haejin seems a promising progress... Hope to see more and better soon...keep posting such info sir

Are you FRENCH?

Thanks for ur information @haejin
We have learn more about BITCOIN from ur post
:)

Hello @haejin, very good karua! I enjoy k
Your posts Keep working well! I always read your nice content in Steemit! :)

bitcoin going 12.000$ and down

Why is this last fractal not considered 5 as a abc flat?

Thank you for informations and tip,
I'm enjoyed your post and konten. I'm undestending
Good working.

Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin11143.500$6.87%11.76%
EOSEOS8.574$2.02%4.32%
QAUQuantum0.233$6.24%7.61%
WAVESWaves6.626$6.85%1.31%

It is always intriguing, your analyses, but I am curious as to how to learn more about the what, and how, you are doing it.

Right when bitcoin private snapshot is taken and people move back to other coins afterward. Beautiful.

I'm keeping track of this movement. Thanks for the updates. Critical moments here.

Creo más bien en un HCH formado.

good post brother, I invite you to know my blog

I think you are a genius because coins are difficult to me.

LMFAO genius?????? More like SCAMMERRRRRRRRRRRRRRRR

Thank you,for the tip,and information,I’ll try learn something from your blog

Thanks for you effort and putting all this together.

Is the inverted head and shoulders still in play?

NO I deleted it.

Congratulations @haejin, this post is the sixth most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 40 and the total pending payments to posts in these categories was $2917.15. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

Bitfinex shows its a expanded flat.

Well done, Haejin. I do believe you are spot on.

For those interested in an in-depth analysis of Bitcoin's current (and past) price action, I have made a blog per request of commenters on this blog.

https://steemit.com/bitcoin/@puppycoins/28-02-extremely-in-depth-view-of-current-bitcoin-price-action-as-well-as-bigger-time-frame-look

Thank so much...I had the same! A step in the right direction of understanding 😄

good post buddy. Love you

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