Bitcoin (BTC) Morning Update: What Happens After Five Waves?

in bitcoin •  24 days ago

SUMMARY

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On the short term microwave counts, Bitcoin (BTC) has completed the initial five wave up (white) since price broke out of the ending diagonal. What happens after a five wave impulse sequence? There is a requisite correction. The is likely what's occurring currently with price declining so far to the 0.38 Fib level. The 0.618 and 0.786 levels are circled in blue since likely the correction will target those as the favored Fib zones. From a pattern perspective, a downward wedge looks probable.

I've conisitently stated that a real confirmation of a trend reversal is when there are two rounds of an impulse. We've just recently completed the first and after this very minor correction; a secound round of impulse as shown by the purple wave labels would be most ideal. The purple wave 5 should well exceed the $7,600 level. Why this level?

From the longer term perspective, the bull flag is still in play. The white arrow shows that the top white trendline needs to be breached to confirm the bull flag play. The leve that needs to be breached is currently at around $7,600 or so; and the second round of impulse should enable a decisive breach.

On a near daily scale, the bull wedge and the Cup & Handle potential still remain valid and in progress. However, there might be a potential for a second rounded price formation. IF that is the case, the basin phase might occur (blue rectangle) as it did for the first fractal. This should allow the MACD to wiggle a bit more closer to the apex.

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So is July have ATH still in store for us @haejin?

Thank you haejin from the bottom of my heart. You are the wisest, most middle-way, most compassionate and intelligent technical crypto analyst I have encountered since I have been involved in crypto. Really, thank you, I don't understand why you get so much hate. I suppose you know a general by his enemies. I am at your side, I have learned a very great deal from you, and am eager to participate in Bitcoin Live! I very much enjoy learning by osmosis. I will personally be following EOS and ETHOS very closely using what I learn. I am ready to learn! You shine bright even through the incredibly distracting and nonsensical chatter of the haters who wouldn't recognize genius if there were a dozen geniuses standing right in from of them. Dull minds, mediocrity, how could they possibly appreciate the subtlety and intelligence of a master who has given his life to his art? I felt I needed to thank you for what you offer the world, to make up for some of the horrendously asinine comments you on a daily basis are being blasted with and anyway you go on producing constantly and reliably relevant content always to my delight. Thank you good fellow.

TA update BitShares?

Thanks as always for the great article @haejin! But more importantly, thanks for your tutorials! I can finnally get a better grasp of the crypto world rather than aimlessly looking at graphs and trying to make sense of them.

Cheers from Prague ;)
@klaus85

@haejin please do TA on Bithsares before you stop posting on steemit :)

There are 2 scenarios

1.If it go to 7230$-7250$ next target is 7880$ Wave 5 target is 8000$-8100$

btc1 scenario.png

2.if 7000$ don't hold we can see btc in area of 6800$-6900$ also posibile is to see 6500$

btc scenario 2.png

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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 only my personal thought.It should not be considered financial or investment advice of any kind.I only want to share my thought with you.

With respect's Crypto Rado!

Aquí estoy. firme con sus análisis. hoy si los veo un poco difícil de entender...

finally first :D, any chance for Eos and Trx
and again many thanks Haejin

Thanks for such a good post @haejin! At last I can better understand the crypto world instead of just looking at graphics and trying to understand them.

Greetings from Venezuela.

Be sure to sign up for Bitcoin Live guys... it's only $100 DOLLARS A MONTH. Fantastic bargain.

favouring more downside first

Great TA , thanks