Bitcoin (BTC) Morning Update: Will Price Take the Blue, White or the Yellow Brook Road?
SUMMARY
Bitcoin (BTC) overnight action has been staging what should be a minor correction. I don't beleive we are in a crash scenario. Is it possible? Yes. But, to a Technical Analyst, possible and probable are very different.
The below chart shows three pretty close pathways with likely same destination. Price so far seems to be adhereing to the blue but I believe the white would be most bullish as it'll wash out the weak hands; hence be more like a buoy that rises after temporary immersion. The Yello pathway would be next bullish because price will sit on prior resistance as support which can give the impetus for the next leg up.
Chart closeup shows that the correction thus far has been travelig well within two parallel lines. When this happens, then price is impulsing, a very good indicator to use. I've lowered the white wave 5 to around $10,300 or so. Likely from there, the blue (a) wave will complete and (b) will be ready to onset. The purple vertical lines show that waves 1 and 5 are about equal; and when wave 3 extends, 1 adn 5 tend toward equality.
The larger picture of the Inverted H&S pattern still holds. Yes, the symmetry from the left and the right is getting farther apart. Let's see how the daytime price plays out. Is the yellow line pathway possible? Yes. It could also provide symmetry to the left side. However, it is not a top alternate for me yet.
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No major news to move us either way. I fear a slow and steady decline.
If BTC goes under $10,100 it could be the end of the Hyperaware. But then again this is BITCOIN !!
YOU NEVER KNOW !!! BITCOIN POWER!!
Lets see if BTC can go up $11,100.
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To bad, it got underneath. The effect of the bad of South Korea is bigger then expected. At the end there are many other countries who are open about regulations.
whats about south korea again? didnt notice any breaking news that would have caused the dip
It's all about the SEC
https://www.zerohedge.com/news/2018-03-07/cryptos-are-suddenly-dumping
http://ec2-52-72-169-104.compute-1.amazonaws.com/zer0hedge__sec-crackdown-sparks-crypto-carnage-bitcoin-below-usd10k.mp3
thanks a lot! surprises me how fast some people catch up on the news
Those news are specially meant for smashing hamsters .
Nice analysis
Great@haejin the yellow line of graph #1, with probability that it touches the blue line as RS and does not goes down according to yellow.
Hope to read you again, I am voting you.
This is a polite message from a polite Steemian. Can you please have a look and reply to @anomadsoul?
https://steemit.com/steemit/@anomadsoul/hey-haejin-can-we-meet-halfway-or-let-s-have-a-dialogue-please
Thanks for the update
A very good analysis, @Haejin.
Here you can find me analysis. The right shoulder for the H&S pattern was missing. There was not enough volume.
At the end we all could see a picture like that. A strong right shoulder.
Here you can find my full analysis written this morning:
https://steemit.com/bitcoin/@vonbuelo/bitcoin-h-and-s-is-coming
Haejin can u look at this mole my upper inner thigh? I’ll send u pics
Your mole will bottom at around $9,800, and from there will rise to $17,200; unless it just goes straight line.
So you have the three scenarios for the mole, it might go up, down, or sideways.
You have the full @haejin analysis
Hi Haejin i wouldn't worry about explaining yourself you are doing what we all wish we could do we are living in a free world and you can do what you want that's your business and i pat you on your back for such a great effort and following and reward pool if it aint you it would be someone else these people that bring you down have no life and nothing better to do they are just jealous of your earnings .These people will never change there ways and will be always jealous of anyone doing good. Stay strong and dont waste your time reading any negative posts cheers Deni Guerrera
Hi :)
totally agree with your count. with the leading diagonal of ABC almost finished.
but after the zig zag we will see... :)