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On April 13th, I had posted the below analysis of Bitcoin Gold stating that price was in the basin phase as marked by the white rectangle. The rounded price formation was about ready to build the right wall.
Here is the current chart with the near original markings. Price completed the rounded pattern but in the next chart, let's look more closely at the correction.
From a pattern perspective, a downard wedge can be traced out. Price should breakout of this pattern and turn up again.
Another potentila is a sequential rounded bottom formation as shwon below. Regardless of which pattern, the directional points upward.
Most importantly, look at that MACD! It's so close to the Apex! It has near zero mobility....the pressure has to be released and most likely it'll be to the upside!!
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 for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
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?