Bitcoin (BTC) Evening Update: Bull Flag Fractals Everywhere!!
The daytime price action has contributed to forming a third consecutive bull flag pattern that can be seen in below chart. The Fractal #1, #2 and #3 have uncanny similarities. What is a fractal? It's a pattern that is not exact but very similar. Just like your right and left hands. In price charts, the fractals provide support and clues in the direction of price. Since the first two fractals lifted prices higher, the third should also do the same. I've laid out the Elliott Waves that could take down the $23,743 target and then the $26,440 target.
I'm also showing the below Head & Shoulders Top formation as potential. Forward discernment shows that the Left Shoulder and Head can be complete with the Right Shoulder in progress. Now, this is ONLY an alternate and so NOT my primary count. But still, something to keep a close eye one. The implication is a healthy bearish correction. The MACD is also indicating that they will likely turn UP so again, not exactly supportive of a Head and Shoulders decline. Let's see what happens during the overnight price action.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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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.**