Bitcoin (BTC) Morning Update: Pregnant with a Triplet!

in #bitcoin4 years ago (edited)

SUMMARY

Bitcoin (BTC) has gone lower overnight....is it time to panic? Never! Let me take you through some reason and charts as to why. The below shows the current wedge being nearly complete. Price has pierced the lower line of the wedge pattern and that is a good setup for it to return quickly back into the wedge boundary to form a bull wick. Let's see what happens today.

The 0.78 Fibonacci level could be the target as the prior bounced occurred near that zone. IF the 0.78 level breaksdown, then the 0.88 Fib level will be next and this level will coincide with the touch of the long support line as shown in below chart.

Here is a larger symmetrical triangle (blue) pregnant with triplets! The sequence of three wedge formations is actually quite bullish and even more when it's embodied by a larger pattern. Let me explain. The first wedge was sizable and it represented the full brunt of selling power. The second wedge was another attempt by sellers to achieve a lower low and failed. And the current, third, wedge is yet another attempt by sellers to take Bitcoin down but its effort is a pittance compared to their first try. What does this means? The selling pressure is deflating. This pattern, rationale and expectation holds as long as the lower long term support line holds (blue line). Thus far, it has held quite well. Price could touch this line and if it did so today, it would be at the $6,890 level and that also equates to the 0.88 Fib zone.

The bull flag pattern is still valid and price touch of the long term support line could provide the completion of this pattern.

The second long term support line resides in the $5k range. IF the first long term support breaks, then the second support will be the fall back zone.

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.

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I love fractals. It's amazing how history repeats itself.

I am like bitcoin is playing hide and seek with us lol

I am really sad for my those friend who bought it at 17k :p

good posting ~ thank you

Thank you for your analysis. I enjoy it everyday. Can you update your analysis on SALT?

Hahha, soo cheesy and funny.. The drama that happened on here made @haejin even more famous. I doubt if the flags affect him at all. He is anti-flag.

LOL His profits have been cut in HALF!!! It effects him!!! And @Haejin isn't famous. A famous person doesn't HIDE. Only a SCAMMER does!!!

Lol, true... He is famous though, i mean here on steemit of course.

그럼 상황이 변동 되는데 가만히 있냐...
한글 모르겠지만...
너의 눈에는 보상만 보이나 보구나..

도대체 무슨 말을 하는 거 야?

Bitcoin values' continuing 'trough' and 'crest' behavior is causing all sorts of anxiety. But as you so aptly say, there is still no need to panic.

It should be well on its way up sooner than later

17:20 est: bull wick went from 7020 to 7200 in a matter of minutes and a good gain on exchange coins. Going by recognizing the patterns off your tutorials has helped a lot, and I enjoy testing myself to your videos. Thank you very much, and when there’s enough, I surely will buy a hell of a beer. Cheers, mate.

Mind blownn . ppuuuuuhhhhfff!!!

You are the light in the darkness. Thank you.
hqdefault.jpg

I appreciate your comment. My work is only to be used to help augment one's own due diligence.

YOU, sociopath are afraid of getting more exposed! I can smell the fear!

Make sure you downvote all of @Haejin's scammy post!!!

Screenshot (85)_LI.jpg


EARN MORE MONEY ON STEEMIT BY DOWNVOTING @HAEJIN VISIT @FLAGAWHALE FOR MORE DETAILS

Nice article...frustrating of course, but a good article! it's been a difficult couple of days with Bitcoin and all the other players in the Crytoverse but hopefully there is some bullish behavior happening soon. I do have a positive long-term outlook and will continue to 'fill my bags' during this time...but it's painful! I don't know about all you guys but my wallet and portfolio aren't lookin' too sexy! -Respect

THANK YOU very nice post and follow you yes vote :)

Is forex is better than cryptocurrencies?
Any suggestion please ?
Anyone opinion would be awesome.

Forex gains $5,580 in 3 days.

https://steemit.com/forex/@salahuddin2004/forex-prediction-2-usdjpy-successful-total-profit-usd5-858

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 116.72 SBD, based on the pending payout at the time the data was extracted.

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muy bien siempre te sigo, muy buena información

Good analysis.

NOt good at all

Great Analysis...

Can you update Electroneum please

very interesting post please visit my profile also https://steemit.com/@tanisha1 vote up and fllow me maybe

Give me the opportunity to do good work by voting....pls

What do you think about this analysis?
DQmSiwgE9bqV3Y4egdbUw32LjkcqiK2raZNsnKiE6uXszrz_1680x8400.png

nice picture

Thanks!!! I appreciate it. As an analyst, I need to call it as I see em.

Price $200 away from 3/18 low at $7200. The Sellers are in control now...look for price to eventually hit and retest the $6000 level.

I'm ready for both - to the moon or down to the ground.

Congratulations @haejin, this post is the third most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 48 and the total pending payments to posts in these categories was $1819.96. To see the full list of highest paid posts across all accounts categories, click here.

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Hey... I'm also working on this currency..

Which one?

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Buyers and sellers make money, hodlers don't. Sell 2 bitcoins now at 7500 and you can buy 3 of them back when it hits 5000. Got it?

Price suppression going on plain and simple.

wow, market still super weak. just keeps pushing lower

It's disgraceful the way you keep leading everyone astray. Cease and desist. BAD KARMA. Missed the crash... some analyst.

Thanks a lot for this amazing explanation. The chart showed here is little bit confusing here to take the greater position. I think it's the smart investors and people who is trying to get into the market.

You are funny. loooooool

Thanks. I appreciate it. As an analyst, I need to call it as I see em.

Nice never seen that type of pattern before (LoL).

Is $4,250 Bitcoin Possible?! Here's why I think it is: https://steemit.com/bitcoin/@investingtips/long-term-medium-term-and-short-term-bitcoin-trends

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