Bitcoin (BTC) Morning: The Bigger Picture in Waves
Bitcoin (BTC) has been patterning out a small upward pointing wedge (blue) and this usually indicates a terminal impulse stage. The blue wave 1 has been positioned at the apex and blue 2 decline should be about 0.618 of the start of wedge. Waves 3,4,5 should allow the break of $10k.
On the bigger picture, the Elliott Waves jive quite well. Not the white waves and how its 1 and 2 are comprised of the parts of the Inverted H&S. The subwaves of 3 (purple) also fit well as its 2 should produce the RS. Most importantly, the MACD remains VERY bullish of an explosive move to come! More details in the video.
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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
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