Bitcoin (BTC) Morning Update: Bottom Target $6,100...A Healthy Correction!
SUMMARY
Bitcoin (BTC) overnight price action completed white parenthesis wave (iv) with a very clearly defined a,b,c three wave retracement, as shown in below chart. Price then turned back down and has started impulsing. Therefore, white parenthesis wave (v) is clearly the current wave; the subwaves of which are shown by circled blue waves. Circled, blue wave 3 is further subdivided into five waves as labeled by the circled purple waves.
Here is a zoomed out chart that puts it all together. The red A,B,C waves outline an expanded flat correction and the sub waves of the red C wave show an impulse downard. The white parenthesis waves (i),(ii),(iii),(iv),(v) trace the price pathway towards $6,100 or so.
The chart below is all same except for an alternate target of $5,700. The Video has much more details and review!
NOTE: I made the WaterMark on the Video a bit too large and might block out some of the chart.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: 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.**
Ehhhh....Yeah, ok. I think it form fits better for five waves. There are 5 letters so about the same.
Then again, getting the direction of price right is more important.
Thank you Haejin. So far your TA has been spot on for the last few days of Bitcoin's corrective mood.
If you review, Haejin was calling for seven to nine thousand BTC months ago, when it sounded crazy.
Hey Haejin, Thanks for the update. Where do you think the bottom is for LTC. BTC and LTC have held hands this whole decent. Thanks!
Please refer to latest LTC update:
https://steemit.com/bitcoin/@haejin/kabooom-litecoin-ltc-jumps-from-usd52-98-to-usd64-11-that-s-21-profit-check-out-how-much-higher-it-ll-go-in-this-blog
Seems like the channel has been breached and is heading towards 55 areas.
Thank you!
i was following closely. re adjusted your waves a bit, but so far so good
Hi Haejin, do you think Monero has ended the C correction?
My primary is wave c to $40. Look for 5 waves down.
Here is my updated XMR analysis:
https://steemit.com/bitcoin/@haejin/monero-xmr-to-be-devoured-by-the-jaws-of-wealth-target-usd342-200-profit-potential
Very informative! Thank you!
And here I was hoping for 4100 ;)
https://steemit.com/bitcoin/@nasirjones007/bitcoin-trading-analysis-and-tutorials
Be gone spammer
I'm sick of such people on steemit. The account follows 80 people and has Zero followers and engage in spamming after the very first post. Flagging is the only way these people would learn anything.
NO doubt....lots of douchey people on here..lol
I've seen serial spammers with higher reputation than you do. That's disturbing. I don't have much voting power. But at least I try to flag one serial spammer a day. These spammers regularly comment and upvote each other. when you find one, it leads to many more.