Bitcoin (BTC) Morning Update: Again Following Ethereum (ETH)?

in #bitcoin6 years ago

SUMMARY

Ethereum (ETH) did not make a lower low during overnight price action. In fact, ETH broke out of a very nicely formed downward wedge and is now finishing up a bull wick pattern. Price should break out of this and continue upwards. It seems like the blue cluster of support has held up pretty well.

Bitcoin (BTC) is still working on the symmetrical triangle pattern. It's thus again a bit behind ETH and likely following; so ETH has yet again the baton. It would be very tickling to see BTC also break out of the wede and also generate a bull wick pattern and breakout higher. The ABC ZigZag correction remains but the waves have been updated to reflected the lower low that BTC put in (unlike ETH).

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?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--

Sort:  

hope so

Great charting @haejin. Thank you for sharing. Things are looking up.

I am hoping for higher highs from here.
Question: Do you see a possible head and shoulders forming?

The post is hidden due to low ratings. I upvoted as usual, Thank you for your continuing dedication to this platform and the updates!

It seems like someone invested $15.000 just to attack these posts. Smells like Repression Spirit.

You would not come close with that amount

use google chrome and earn bitcoins for free......................https://getcryptotab.com/149458

Man, nothing is for free...

Let's hope that your prediction of a bull trend turns true, I've just bought some ETH ;)

His prediction could turn true long term, but it is possible that first it goes through bearish trend short term and only then turns to bullish.

There is a minor correction in progress. Now to Dec. the prices will be far higher, IMHO

Ethereum is steadly taking control of bitcoin.
Another platform to watch out for is Eos.
Eos just doesnt give a damn where bitcoin is going.

use google chrome and earn bitcoins for free......................https://getcryptotab.com/149458

No coin will overtake Bitcoin's network effect. That's why BTC is the moon that moves the Cryptosphere tides and even ETH, EOS swim in that ocean.

Potential Fractal in BTCUSD

The fractal is at a higher degree AND a lower degree. You can see the A of larger wave iv looks very similar to the A of even larger wave 1 - post wave v. I included a photo. The truncated C isn't ideal but could signal how bullish the market actually is. There's a bullish RSI divergence in BOTH fractals(not pictured) that could be supporting the C waves.

Potential Fractal in BTCUSD 60.JPG

Thanks for everything Haejin!

Sorry, the ABCs are labeled at the same degree. White box is a higher degree than blue box.

Another great update, you call it like a boss.

I wonder what the market will look like when the cap hits 1 trillion.

Tom Lee of Stratfund thinks $500 Trillion total Cryptosphere market cap.

So potentially 1000x what it is now lol

2 airdrop snapshots coming up :) 10th & 15th May. Just the beginning of airdrops for hodlers!

Coin Marketplace

STEEM 0.28
TRX 0.12
JST 0.033
BTC 70135.32
ETH 3789.12
USDT 1.00
SBD 3.77