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Bitcoin (BTC) could be putting in a bullish Inverted H&S pattern as shown in the below chart. The Left Shoulder (LS) is complete as well as the Head (H) and the Right Shoulder (RS) is likely still in progress. This pattern requires a volume confirmation and the blue boxes show that the volume peaks for the H are the highest; thus confirming the pattern.
The other confirmation required will be a price confirmation. The horizontal neck line (white) needs to be decisively breached by price as shown by the blue arrow. This would then allow for the minimum price target of $8,200. Understand that this pattern is not yet complete nor yet confirmed. We need to wait for those to occur.
The alternate pattern is shown below. An upward bearish wedge shows that price has already decisively broken below the lower trendline. Given how far away from the apex was, the breakdown may not be very sustainable. It also did have a declining volume confirmation. What could this means?
IF the wedge pattern is correct, then there is a potential for price to target the middle of the third cluster of support (white circle). This pathway is shown by the red arrow and could coincide with the 0.88 Fib Level. Howver, this is an alternate scenario while the IHS is the primary.
The small dip in the MACD shown by the blue arrow inside the yellow circle could represent the one more incremental decline to 0.88 Fib Level. Look how close the MACD is already to the apex of its symmetrical triangle. With almost zero mobility, price isn't likely to decline much at all.
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Elliott Wave Counting Tutorial #1
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