Bitcoin (BTC) Evening Update; Overnight short term target $7,167
SUMMARY
Today's mid-day update showed the below chart with a symmetrical triangle forming for circled blue wave 4. It was apparent that price would likely breach out of the triangle and start heading up.
Currently, the chart below shows that price did breach above the triangle and is progressing upwards. If this EW count is correct, overnight price could target $7,167 or higher.
Let's not forget about the Head & Shoulders Bottom pattern. It's beautiful and picture perfect. Price needs to breach the blue neck line and if successful, higher highs can be expected. Thus far Elliott Waves and Chart Pattern are indicating that a trend reversal is in progress. This reversal can be confirmed once the Head & Shoulders pattern is confirmed with neck line breach.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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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.**
Can PLEASE update BCH. THANKS.
Hi @haejin, did you notice yet how insanely high the trading volume is for the entire crypto market? And how altcoins excl. bitcoin are about to set new all-time-highs (already did briefly actually)? I posted about it here, thought you may be interested since you are a chart-guy!
yeah, he's been calling for some CRAZY ATH's in soo many coins. or at least huge increases. he was saying sentiment is the very similar across the whole market and many coins are taking the form of very bullish patterns
Goodluck BTC
Now I understand why you are able to sleep like a baby, Haejin! The Power of TA. Btw, EOS had a good jump!
Thank you!
Has anyone noticed, @haejin , that there appears to be a head and shoulders developing on the half hour and hour charts for xmr??
Not really
Doesn't appear to have breached the $6,760 resistance over night...
thank you so much!
@haejin do you ever analyze ICOs? Wondering about bankex....
when u say overnight, what timezone do you reference ? Thanks !