Bitcoin (BTC) Evening Update: Symmetrical Triangle Pattern Near Completing C wave; Leaving Waves D and E Next
With today's price decline, Bitcoin (BTC) is now closer to completing blue wave C. The below chart shows the proximity of price to the lower white trend line of the triangle. IF correct, price should bounce off the support to put in blue wave d. The bottom support line needs to hold against a decisive breach. The bounce would also allow the white MACD line to start curving up.
The wedge pattern could be almost complete given that the blue a,b,c,d are placed and e is at the terminal end. The red abc show that C's subwaves have probably one wave 5 to go. IF the bottom line of the wedge hold as support, a reversal or bounce should take place.
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?