Bitcoin (BTC) Morning Update: MACD is SOOO Bullish Looking!

in bitcoin •  24 days ago

SUMMARY

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Bitcoin (BTC) has completed the correction which was requisite from the first impulse sequence (white). It was a fractal of the first wedge (blue) as can be seen by the breakout style. The second impulse sequence is in progress and the fact that price is moving impulsivly is a very good sign.

From a higher degree of trend perspective, the purple waves outline the bigger moves to come. In effect, the first white impulse sequence was subwaves to purple 1. The just finised abc are subwaves to purple 2. So, IF purple 3 is in progress; then the yellow waves are the subwaves....so, it's got much more to go up.

The longer term chart still shows that the upper white trendline of the bull flag needs to be breached. IF the purple wave sequence persists, as shown in the above chart, the breach of the bull flag pattern could be done with ease.

And the near daily chart view shows still what could be a MASSIVE bull setup...the MACD. It's SOO close to the apex and is SOO constrained by the contracting blue lines...an explosion is the only release and I believe that explosion is leaning heavily to the upside!

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SOOOO BULLISH!!!!

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Bitcoin (BITCOIN) - a digital protected currency, more precisely - a crypto currency. It does not have the usual equivalent for us of gold, diamonds or bundles of banknotes stored somewhere. And its value is determined only by the value of all goods and services offered with payment through bitcoin.
According to the description, the output of the first client program and the actual launch of the currency service network into "independent navigation" took place in 2009. And already in May 2010, the first purchase using BITCOIN - 2 pizzas for 10 thousand bitcoin coins was made. For an incomplete 4 years, the Bitcoin course has grown a million times!
The BITCOIN service system does not have a central authority, it is not officially registered in any state. It does not have special centralized servers for storing and processing operations (transactions) - all this work is done on the computers of network participants all over the world.

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The total number of bitcoins is limited - they can not be continuously produced, generated. Despite its virtuality, bitcoin still has the equivalent in money, which is determined by the exchanges of buying and selling bitcoin for other currencies and reflects the interest of users in using this particular crypto currency for calculations. At the time of writing, the cost of 1 bitcoin (BTC) was about $ 430. On the right is a plate with the current rate of BITCOIN in dollars at the time of the formation of this page.

With the drop out of the symmetrical triangle, could wave 5 already be in where you had 3?

And now doing 2 of 3?

Good Analytics I hope I will continue analyzing the digital currencies
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Thank you for sharing, because this is very useful for us-we can add the science found from this post.

Thank you for your analysis!

There are soo many airdrops projects going on

It also looks like BTC is completing an inverse head-and-shoulders pattern. Coupled with the MACD, it looks like a VERY massive bull setup.

bitcoinmay.31.png

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You are very correct,

@haejin Is there a possibility to obtain TA updates without Bitcoin Live? I am not interested in the Bitcoin Live team of analysts, only interested in TA from @haejin. What do you think of annual @haejin membership? Is it possible to buy your TA on request?

@haejin first joined the shortlist weeks ago, tried twice again since then. still no mail in my inbox. would be nice if I could get some confirmation whether I am listed or not. (will disclose my mailadress via pm if needed) Thanks! Top notch analysis btw.

Thanks buddy

I always follow your information submission. I thank you very much for your review and analysis. From the reading that I read so far, it turns out that something should be done to get better results. One of which is an accurate analysis of prevailing trade flows.
Thank you very much @haejin

Honest question. Before the big spike in Nov, Dec. The MACD didn't look like it was contracting and stuck between a wedge, yet there was a huge bull run. Why wasn't it significant then, and it is now? Thank you for your posts, and the time you put into this

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Usually when the MACD is forming a triangle, it is during corrections where the price bounces back and forth. During strong up trends, the MACD is moving up along with the price and doesn't need nor will form a wedge.

Although a triangle could indicate explosive actions, not all big price moves have to come after a triangle.

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Awesome! That makes perfect sense. Your point is also further supported by the fact that so many alts have had that contracting MACD (and they've also been in correction mode for a while). Doesn't have to have a contracting MACD to have a bull run...it's just a good sign that something is about to change.

Mid-term forecast..

forecast.jpg

In 3 days the 200 day moving average will turn negative! In 11 days it will really start accelerating down as the big candles between 8k and 20k get removed. Big investors don't usually put money in when the 200 day is turning negative! IMO the 200 day turning will trigger a lot of selling!

I think we will start going up from here!

I do find financial analysis so interesting. I try to follow the elliott wave theory and have seen it work. Still also believe that we have to study human emotion. Elliott waves try to predict that from what I understand, and I appreciate your post. Thanks

I do find financial analysis so interesting. I try to follow the elliott wave theory and have seen it work. Still also believe that we have to study human emotion. Elliott waves try to predict that from what I understand, and I appreciate your post. Thanks

Very thorough! Thank you for taking the time to provide this level of education. I feel as though I have a better understanding of the MACD indicator as a result of having read this. Though, I’ll need to read it a few more times before I’m ready to trust my own interpretations.