Bitcoin (BTC) Morning Update: Head & Shoulders Combo

in #bitcoin7 years ago

SUMMARY

Bitcoin (BTC) overnight price action is showing a pattern that is very similar to that of Ethereum (ETH). It's quite apparent that many holders of BTC are holders of ETH. Such is the reason of the "Uniformity of Sentiment". The Left Shoulder (LS), Head (H) and Right Shoulder (RS) are drawing out the potential for $14,100 (not labeled in chart below). That combined with the currently forming Ascending Right Triangle, the target could be $14,729. The MACD is also supporting the patterns as the 12 day average blue line crossed above the 26 day moving average red line. Let's see how the day time price action performs.

Legal Disclaimer: 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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--

If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf

Sort:  

Well price has closed strongly back into the expanding triangle pattern on the 4 hourly... so looks like you were right! Time to buy more bitcoin and other cryptos guys? I know I did anyway, just do your own research before you do!

buy signal bitcoin 20th jan.png

It will hopefully climb back to 20k in next few months

This is encouraging. Many traders, I guess, are already cashing out their profit at this very minute. I have just seen a possible whale-induced price swing!

Loading...

great post! thanks

buy bitcoins right now since it si in dip this is opportunity don't miss it

tienes mi ressteem estoy sorprendido por el alcance de tu post genial saludos excelente aporte.bitmoji-20180107015335.png

this markets getting scary huh