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Yesterday, I had posted the below Inverted H&S pattern as the primary count and projection. The Volume confirmation was pretty much had and the pattern was nearly complete and price confirmation was projected. Price confirms the pattern by decisively breaching the neckline (white).
Today we have the following chart where price rose to complete the RS (Right Shoulder) and has breached the neckline. So, as a pattern, this bullish Inverted H&S has confirmed in volume, price and pattern completion. The minimum price run is set to $8,250. When adding the Elliott Waves, we see that the white impulse represents the second round of impulse which should provide solid confirmation of a trend reversal from down to up.
Still, keep into awareness the upward wedge (purple lines). This looks more and more out of shape as price rises and should price exceed the upper purple line as shown by the blue arrow; it would become invalidated.
Why am I so bullish on Bitcoin? The below chart to me is massively bullish pattern for both the price and MACD. The two basically have near exact same pattern! If we label the pattern as ABCDE; it appears to be COMPLETE! Price might go a bit sideways to get closer to the apex; but the coming explosion will be a sight to behold!! Video has more details!!
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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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?