Bitcoin (BTC) Morning Update: One More Lower Low Likely
SUMMARY
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Bitcoin (BTC) closeup has been labeled as an ABC (red). The subwaves show the label qualifications. The red C wave thus far seems to have red waves 1,2,3 complete and currently putting in wave 5. This would mean one more lower low is likely.
The pattern has morphed into a bull flag as shown below. Price is also moving in a channel between two parallel white lines. The red ABC markings show the correction pathway and the red arrow outlines the one more lower low potential. This would then reach to the 0.78 Fib level (blue circle). IF price declines to the 0.88 Fib level (square root of 0.78); then it'll be well within the last support cluster (first white circel from bottom).
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Cheers for the update dude!
"The pattern has morphed into a bear flag as shown below."
You labeled the chart as "bullish flag" so I will assume that it was a typo.
Thank you for your daily updates!
Yep, typo. Bull flags go downward, bear flags go upward.
Dont you just love when you can buy bitcoin on a resale? :)
Thank you very much for the information, I always wait for your next posting
Detailed TA. Good, thanks.
Thanks for another update. Bitcoin is maintaining a rather steady progress! I guess it is the only coin in the market with such a tremendous trend!
Thank you very much for the post. very good.
I would respectfully disagree a bit here. if A wave has a 3 minor waves a-b-c Why C wave won't have that? C wave can't be just 1-2-3-4-5, but a proper abc just like A wave. Please share your comments and opinions
No. C waves always do have 5 waves in any of these formats: flat, expanded flat, zig zag retracements.
The only case the last wave of a correction/consolidation would only have 3 waves is within an ABCDE pattern wherein each move is composed, on a lower degree, of 3 waves:
Hope it makes sense.