Bitcoin (BTC) Morning Update: Stab Me With That Bull Wick!
SUMMARY
The weak hands panic and sell at the slightest hint of fear. This is when price pierces a support and the below chart with the green arrow line was shared a couple days ago. Price could dip below the support for a couple days or so and when divested of the weak hands, rise back above. This would bring the price that much closer towards the apex while also generate a bull wick. The MACD would take the same actions and touch or even temporarily pierce the bottom yellow support.
The fact that the MACD, since December, has so well obeyed the boundaries of the symmetrical triangle yellow lines gives evidence to the declining influence of the sellers. The boxed in region shows that the degree of up and down the MACD has is now very constrained and limited. So, somthing has to give and it's either the bottom support or the upper resistance. I believe the white W bottom is still in effect until a decisive break of the first price support is seen.
MACD will likely rise and fall one more cycle as shown by the blue arrow line. This could lead to yet a smaller fractal of a wedge pattern. All of this is dependent on the supports holding.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
Happy easter to Haejin and all your followers :)
lol hoping the bull is where it is for real :-)
It was placed there with an intention, but you see in its face it's not sure about it's role in the game yet :D
Very cute! With a bull at the correction bottom too!
The seller propeller 😀
Happy Easter
Seems the bull wanted to do something with price too :)
.
what about the whole correction a contracting triangle correction as shown below? Where by book wave C is a longer lasting zigzag which we can make a case about. so C can't end beyond A i.e. $5900.
please share your comment -
The first bulltrap, do you just ignore that? Correction usually start at the top..
C lower and E to about 4k$ makes sense, it will be a kind of wedge and make the chart bullish again in may, june, what makes also a lot of sense when looking at other big coins as LTC or ETH but even the majority of alts. May and june should be huge, if not we are in trouble and having to wait more ...
if my assumption of contracting triangle is correct it won't hit 4k. as by rule C can't go beyond A=5900 and E can't go beyond C. So we won't see any 4k or 3k . if we do this assumption is wrong.
For a symmetrical triangle , yes. But not for a wedge.
Did you get any golf in?
WARNING - WARNING - WARNING - WARNING - WARNING
This person known on Steemit as @Haejin is WANTED by the SOUTH KOREAN GOVERNMENT for TAX ENVASION!!! They are coming after him. He has been reported to them & they know where he is. If you upvote this person & contribute money to him you could be charged in the matter of the court case. It is best to UNFOLLOW this person now. Do not UPVOTE or TRANSFER any FUNDS to his account. Any money you send to this criminal can be traced back to you.
WARNING - WARNING - WARNING - WARNING - WARNING
For a symmetrical triangle , yes. But not for a wedge.
WARNING - WARNING - WARNING - WARNING - WARNING
This person known on Steemit as @Haejin is WANTED by the SOUTH KOREAN GOVERNMENT for TAX ENVASION!!! They are coming after him. He has been reported to them & they know where he is. If you upvote this person & contribute money to him you could be charged in the matter of the court case. It is best to UNFOLLOW this person now. Do not UPVOTE or TRANSFER any FUNDS to his account. Any money you send to this criminal can be traced back to you.
WARNING - WARNING - WARNING - WARNING - WARNING
The weak hands panic and sell at the slightest hint of fear.
The minor support won't hold and btc will drop to around the $6075 support. From there, who knows what will happen. There are lots if institutional dollars waiting to get in at a cheap price. FUD is strong and will continue until the institutions get what they want.
I like your thoughts
Those guys are waiting for 2000 USD BTC :)
We will most likely see strong breach to those levels.
Those guys will have to wait forever cuz we're never going to 2000 no matter how much you, me or your grandma would like to buy in on those levels. :D
Making lower lows as I type. That Death cross on the day is powerful. Add to it a lower quarter, month and week close. That's longer term bearish to me.
I agree.
hi upvoted please can you do the same thanks
The holy day of rapture gives us all a worry everyday. We should just be ready because he is coming like a thief in the night.
Hmmm. I wish He understands your pain and gives you a new body. But do you even know before the Lord, You have a perfect body shape.He said everything he made,He made them perfectly.
If he's coming liking a thief in the night, I'd better lock my door and hide my private keys.
shouldn't something be said about the entire adjustment a contracting triangle revision as demonstrated as follows? where by book wave C is a more drawn out enduring crisscross which we can put forth a defense about. if it's not too much trouble share your remark -
I sicerely hope this TA comes true soon~
Blue, Green , Yellow or whatever arrow, make up your mind. Just say the truth, that you don't know.
The truth is out there:
https://steemit.com/bitcoin/@goldmine2018/tokenpay-and-verge-will-moon-through-huge-partnership
Did you buy? Up 17%
good job