Bitcoin (BTC) Morning Update: Volume Doesn't Confirm Head & Shoulders
Note: The Haters and Downvoters are trying to kill six day old blogs to kill all credit! How sneaky!!
Bitcoin (BTC) overnight price action shows a corrective pathway that seems to have completed wave 3 of C or close to it. Following blue wave 3, wave 4 should be next with a bounce. One aspect that has nagged me is that the Head & Shoulders is not confirmed by volume. The volume of the Head should be highest but it's lowest as shown below. So, technically, it's not a H&S Top.
I've updated my Elliott Wave corrective count to show an Expanded A,B,C correction. Observe how three wavish the red A and B waves seem. These are labeled with their subwaves in white a,b,c. Note also how red wave B is higher than the start of A; this is the sign of an expanded flat and cryptos love this pattern. That means, from red B wave down would be C wave and it has five subwaves which are shown in blue. Therefore, this is now my primary count.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
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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Essay: Is Technical Analysis a Quantum Event?
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