Bitcoin (BTC) Morning Upate: The W Bottom Cycle is Still in Progress

in #bitcoin4 years ago

SUMMARY

Overnight Bitcoin (BTC) price action went as low as $6,557 which briefly pierced the lower long term support line. Price then came right back into the triangle pattern. I believe that price could go a few price bars below the lower support line and then come back above it. The below chart shows the green arrowed line that shows a potential scenario. The MACD in this 4 hour chart has not touched the bottom yellow line and is likely to do so. The green arrow shows the potential pathway. The yellow bottom line had been touched at all prior occasions and is probable to do this time around as well. This will jive well with the price dipping a few bars below the blue long term support line and then rise above it.

This daily chart is used to show the W cycle bottoming which was discussed in a coupled posts during last week. Recall that the W represents the trough of cycles while the M represents the peak to peak. The while W pathway scenario calls for the first long term support line to provide the base impetus to rise up to potentially new highs. The blue W pathway takes into consideration the possibility that the first support could be breached and thus the second support line is used as the base to provide the slingshot rise. To the Hodler who has a multi-year timeframe and cash available to dollar cost average on this buying opportunities; it matters none which W pathway this correction takes. The video has more details!

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.

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Goddammit, this correction started to hurt. Gonna store my hard wallet in a safe deposit box, and give the key to someone else.

1 week profit $9,054,

I found something special than cryptocurrency,

Any suggestion please ?

Anyone opinion would be awesome.

https://steemit.com/forex/@salahuddin2004/total-weekly-profit-in-forex-usd9-054

You lose money if you invest in what HAEJIN promotes!!! Check out @TruthTrader. It tracks Haejin's TRADES!!!

Make sure you downvote all of @Haejin's scammy post!!!

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i feel like we've been waiting for the W (double bottom) for two months. really excited it's almost here. i'm so ready to flip directions!

Thanks Haejin. Any chance of an update for EOS/BTC?
Thankyou :)

The important support levels to be monitored on the downside are $ 7850, $ 7285 and $ 6075. On the upside, resistance levels to look for are at $ 8912 (20-day exponential moving average) and $ 9412.41

If the first support breaches, mid $5k probable

What $$ support needs to hold or <6k?

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Today I'm wearing black in mourning because I have the blues from bitcoin being in the red from not enough green #icominter

Simply Beautiful song, it looks like some kind of fireworks to me. a thumbs up and a resteem from my side, keep up the good work. cheers...

I hope at some point to understand this world of cryptocurrencies. I believe in them, but I need to understand many things. Good post!

lien thien vkl
i dont like

Lets see if we get a bounce off of the $6000 level.

I hope you are right!

hope's for amateurs

Technical analysis is non-determinative. How do you know that the banksters aren't attacking BitCoin and that it won't go to $1000 or lower?

You lose money if you invest in what HAEJIN promotes!!! Check out @TruthTrader. It tracks Haejin's TRADES!!!

Haejin doesn't make any trades.

I hope you right!

Please do your due diligence.

Please stop your fucking scams.

If you repeat something often, it does not automatically become true!
We’re more likely to believe statements that are themselves easy to process. And one of the easiest ways to increase the fluency of a statement is to repeat it.

in a few weeks/months some crypto enthusiasts will become very rich and others will loose their positions. hodl

Double bottom. Sales everywhere! Lets pierce 6k and get a bull wick.

If this low hits the 6k- mark, doesn't that invalidate the wave 3 and put us in a continued pattern with a D and lower E?

@Haejin, When you say "few bars below the blue long term support line and then rise above it." are you referring to a few bars in "time" or in "price" (height)?

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 115.19 SBD, based on the pending payout at the time the data was extracted.

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Bitcoin (BTC) nailed the 0.887 Fibo at 6600$ from the previous swing low to swing high, bulls or bears next, read more in the post https://steemit.com/bitcoin/@linko-crypto/bitcoin-btc-nailed-the-0-887-fibo-at-6600usd-from-the-previous-swing-low-to-swing-high-bulls-or-bears-next-read-more-in-the-post

When there is bloodshed, buy in red! Now is the time to buy! Sale in green. When btc goes back up to $8k or $9k here in a few days, thats $1k to $2k profits. Buy low. Sale high! Trading 101

Months ago to the drawing entire market cap of crypto and called for a head and shoulders downside target to 150 billion can you review the chart thank you

It might recover rapidly, too, because there has been a huge drawdown.

Come @haejin, why do you even bother posting so many updates every day? We all know what your analysis will be - bullish! Even in a 3 month long bear market you're permanently bullish...seriously...Your advice is dangerous, people are losing money because of you...you just want your steem dollars don't you?

Dude, quit making shit up! My analysis are requested. I don’t just pull them out of my ass. You don’t like it? Then leave and don’t read!

I think you're right, Haeijn, but they do not have a job or can not do anything useful with their lives. (and I'm sure they are very ugly otherwise they would not spend their time here, but with pretty girls instead).

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What do you think about this analysis DONKEY?
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