Bitcoin (BTC) Mid-Day Update: MACD is Crossing to Signal a Potential Buy Signal
Bitcoin (BTC) has thus far completed and now confirmed the blue downward wedge pattern. The ABC is complete as well as the five subewaves of the final C. Price has decisively breached the upper blue line and has started impulsing upwards. This could be a good, early sign of a trend reversal.
Longer term perspective is always most valuable. The wave 1 and 2 are still quite valid. Of significance, note the MACD where once the 12 day moving average line (white) solidly crossess the 26 day moving average (red); then a buy signal would be generated. Let's see how the next few hours carry the price in this early reversal stage.
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?