Bitcoin (BTC) Evening Update: Could the Bottom be IN? Check out this Analysis!
SUMMARY
It's quite good to see price adhere so closely to the wave lines I had drawn. The chart below shows that the blue colored five waves down are complete. The current bounce looks three wave like and is expected to put in the white wave iv. The red C?? marks a potential bottom, especially if price start impulsing and put in five waves up. The recent low is also a respectable degree lower than the low of red wave A. So, the key is if there will be an impulse set of waves up. The video analysis reviews the details of this potential scenario better than what can be summarized here.
The daily chart perspective shows that if the recent low was the bottom, it fits well into form of an expanded flat. Declining to $6,100 or so would have the red c wave of the expanded flat a bit too low.
The 4 hour MACD charts shows a deeply oversold condition. This also adds credence to a potential bottom as the bounce should be no insignificant.
The most bearish case is if an impulse downard is completed. Though, I'm only adding this scenario so as to put in on the table of possibility and not yet probability.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - d2e60e9856c36f34
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
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.**
@haejin - what do your charts show long term for Bitcoincash, I am thinking there could be a flip on with legacy Bitcoin and bitcoincash
Hey man, I know your big on the Technical side, but I would love to hear your thoughts on what is going on with the many forks of Bitcoin.
Thanks again Haejin for your world class FREE service!! But it's really more than that. It;s like a university economics class...except it's interesting, and has real-world application, and I am learning (also I no longer live in a building with 40 other people and a MINIMUM of 3 kegs, so that helps! )
Anyhow, have a great weekend my friend.
LOL! Though, many years ago, I did teach Biology at a community college right out of graduate school. It was fun but pay stunk!
just followed the elliot wave rules, added some pattern and fibonnacci. not really meant to be that accurate, but this look really bullish. CLOAK!
i'm adding some using fiat. hoping to get it cheaper when btc is lower (6.1k?).
PS I bought the book!
May you be blessed with profits, wealth and health!
Hey @haejin, Can you please check out my blog? ive done an analysis on ETC/USD using Elliot Waves and Chart Patterns to the best of my abilities...
https://steemit.com/bitcoin/@cryptosuf/etherium-classic-etc-price-pathway-using-elliot-wave-counting-chart-patterns-blog-2
Also can you please follow me and up-vote everyone? Im going to try to get better at analyzing charts and I would love to document it the way @haejin does.
Well done! Was already following. Upvoted your post.
thanks! anything else i can do better?
Here’s hoping! What’s your take on the BCH movement?
Wow. Very nice sir.
Good job my bro.
Welcome to my blog! The aim of my blog is to help and do no harm! I provide free technical anaysis of any coin requested by my readers and followers. If there is a coin you'd like analyzed, please let me know.
I use Elliott Waves and Chart Pattern Recognition algorithms.
Can you please analise Lisk?And maybe Verge?
Thank you so much! Finding your blogs has helped me so much! Could you do a update on BAT? Does this look right?
Can you label the prior waves?
Sorry, this was the one I meant to post....
Can yo try 5 hour and label the prior waves before the rise?
Sorry, I am new at this...is this closer?
Haejin,
Thank you so much for your excellent work! I tried to send you beer money via LTC but I keep getting a "not valid address" warning. I notice your alt-coin work is usually based against the USD. Would you please have a look at XVG/BTC when you get a chance?
Thank you!
Here is the chart but I'll write a full analysis tomorrow. Looks bullish
Thank you! That's what I'm seeing as well.
I'll do tomorrow morning. Sorry for delay. So many requests and then I have to monitor comments.
Try this LTC address: LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Thanks! No need to apologize, I appreciate you very much. Beer on the way!