Bitcoin (BTC) Morning: Short Term & Long Term All Jive & Point to Higher Highs
Note: Video has much more details than this summary is able to provide. If you only rely on this summary, much can be missed.
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Bitcoin (BTC) overnight has likely completed the first five wave sequence up and has corrected in an abc (red) fashion. It has probably also initiated the second sequence of impulse waves as shown by the blue. The first five are labeled as subwaves to the higher degree of trend yellow 1 and 2 has also completed. The blue waves represent the subwaves to yellow wave 3. IF this is correct, we can target $9,700 or so area.
The bigger picture still stands where the white wave 2 has completed and given the MACD buy signal, the subwaves of white wave 3 coulds tart stacking in. IF white wave 3 has started, then we're in for some fireworks and vertical price movements upward. IF the buy signal remains valid, then the upcoming price actions of white wave 3 could be jaw dropping. The condition for this is that the blue waves MUST be placed as shown. Again, the video puts into much better context the shorter to longer term and how all Elliott Wave counts and patterns jive at all degrees of trend. It's important to conceptually understand this.
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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?