Bitcoin (BTC) Evening Update: Fractal #4 Potential???
SUMMARY
Bitcoin (BTC) currently has three consecutive rounds of downward wedge patterns placed. Each also much smaller than the prior. The below chart depicts a scenario for a Fractal #4. This would bring the price quite proximal to the apex of the blue overarching symmetrical triangle. The sequential decrease in the size of the wedge formation likely reflects the depletion of the seller population. IF the seller population was increasing, I assure you, the Wedge pattern size would be increasing and not decreasing!
Fractal #4 would also jive quite well with the MACD likely to repeat one more cycle of up/down as shown by the blue arrow line. The gist is that both would lean towards a pending breakout. Price would breach the upper blue resistance trend line while the MACD breaches the upper white line. In BOTH, the lower support lien must hold in order for this scenario to remain valid.
The bigger picture still holds the white W bottoming pathway as the primary count. For this, again, the first long term support line needs to hold against any decisive breaching.
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When will we see SBD go up again?
Right around the time BTC goes up.
Thanks for the great TA haejin..have a great night
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Thanks as usual @haejin! I don't know how you continue to put up with the BS on this blog but I for one am glad you do.
Question: Previously at the $5900 bottom, we were thinking perhaps it was the beginning of wave #3. However, in light of recent history, it appears that perhaps we are still working on the final stages of Wave #2. What are your thoughts?
The Wave 1 and 2 scenario has not been invalidated. It's still work in progress. If the white brook road plays out as per below chart, then the wave 3 up should start. IF the blue brook road takes place, then the correction is not yet bottomed.
This is my second alternate where the whole thing is a wide scoped correction of ABC.
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Thank you sir! So, if the blue plays out then you think we are in a bigger ABC correction and if the white plays out we are starting wave 3?
I remember you brining up this alternative a while back.......
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how long will the bearish trend continue many people are now getting worried
This bear market will test the most patient investor. All i can say is that this bear market shall pass and whoever stick to the very last will be reward big!
thank you very much for you encouraging statement and word we all needed it at this hour
Bitcoin moving as expected to new lows. Bearish outlook remains the same although a short term retrace can't be overlooked. Bitcoin has closed the quarter, month and week lower now. On the daily its showing the beginning Death Cross. Atm I don't see anything bullish here. Watching the wedge for a small short term bounce. Before the drop continues
Bitcoin is making low lows on the hour now.
Thanks for sharing bitcoin
I like your bitcoin
I appreciate your cryptocurrency news
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Buying or selling actions? What I see is bearish pressure across the board, and not enough buyers. This is a changed market since Dec 2017 when the CME futures were put on Bitcoin. As long as Bitcoin is under pressure, these charts of altcoins can extend sideways until and unless we get some strong buyers coming into the picture. I am going to use WAITING actions. Love your charts, and the interpretation lately with questions and analogies. Very entertaining whilst we suffer the unknown.
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classy.feeling awesome, i really love haejin...
Thanks for sharing you
In addition to the technical analysis you might want to consider other aspects. Many investors might have to pay their taxes in the next few weeks, the reduced trade-volume reduces prices for those who need to get rid of their positions and people are still not optimistic after the Q1 bloodbath.... etc.
Thanks for sharing. Ethereum is really going down. Rhis brings me ti asking "how high can ethereum still get before the end of first half of the year?" I will be so glad to get response to this question. Thanks
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On what exactly do we place the great fall of Eth
It's only the beginning, wait until EOS sells remaining ether :) ... they have billions USD worth of it.
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