Bitcoin (BTC) Mid-Day Update: Supports are Holding!

SUMMARY

Bitcoin (BTC) is holding its supports in both the MACD and the price. The below chart shows that the MACD si curling upwards and thus the next likely stop is to rise towards the upper blue resistance trend line (yellow circle).

The price chart has been relabled with white ABCDE Elliott Waves. It follows and jives with the MACD pattern quite well. So, today, perhaps we saw the completion of white wave C and overnight white wave D be initiated. The blue arrow shows the probable MACD pathway to enable the completion of price waves D and E; each of which subdivides to a three wave abc (red).

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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?

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