BTC Morning Update: Treking towards $7,712, Then a Correction? Check out this blog for more analysis!
SUMMARY
Bitcoin (BTC) overnight price action made good progress towards the $7,712 target for blue circled wave v of white iii. However, first, the white parenthesis waves (3) and (4) must be completed. To this end, I've labeled the subwaves of whtie parenthesis wave (3) in purple where purple wave is currently in progress and then once 4 and 5 are placed, a correction towards white parenthesis wave (4) is likely by this evening.
The daily chart contains some forward discernment labels. Bitcoin does not go forever without a correction. Therefore, once $8,200 region is reach, an A,B,C correction is expected as shown in below chart. This could coincide with the Segwit2x correction and go down towards the former white resistance white line which is now support. And then impulse back up towards $15,000 or so. This most likely would be a vertical, parabolic, geyser run, so it would be a site to behold. Prior bubbles have shown that this last type of parabolic moves often double or near triple the price!
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Legal Mumbo Jumbo: 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.**
Is it possible to have a deeper retracement to 4000-5000 after segwit2x?
Or before fork?
Absolutely, please see chart from last night's update.
Hey haejin, so far BTC really looks like its been following this ascending triangle, whats the probability of a impulse or a bullish movement after this?
Last time you said that you would prefer to rely on the Elliot wave counts in a scenario like this...
Well the Ew waves are pointing to a bullish outlook.
What else would you add to this drawing/ TA to make it complete?
I get this far but I cant seem to understand what else to do?
Thanks!!
https://www.coinigy.com/s/i/59ff8779034e0/
update, I noticed this smaller triangle but I am not sure if this is just me looking for patterns, it seems to make sense without pushing it much. whats the deal here?
Could this be a bull trap where it dips out of the form and shoots back up to ATHs??
Thanks for the great analysis! Could you also update GBTC? Thanks!
Good Information
Thanks Haejin, In this case what about alt coin , because they all are bleeding right now. Is there any chances that alts will also go phasic.
I believe so after segwit2!
what do you think about this haejin?
https://www.coinigy.com/s/i/59ff1b8c04664/
If BTC price doubles/triples after a relative correction, after the fork, that will have meant that people reinvested their B2X into BTC right away, and did not cash out.
Up! ↗ thanks!
Thank you!