Bitcoin (BTC) Mid-Day Update: Enroute to B wave + A New Right Shoulder Feature

SUMMARY

Bitcoin (BTC) price action was a near precision hit to the red A wave and has bounced up to likely put in the B wave of the retracement. Price might once again poke above the upper white trend line and this would provide another weakness generating event to the resistance line. Recall that each time the resistance is hit, it weakens. Therefore, if B wave also pierces the upper line before declining into the C wave, it would be ideal.

The below chart shows the Inverted Head & Shoulders pattern. I've redrawn the blue line to show how better symmetry might be in order. Symmetry is key in any pattern and in this case, the lower low of the RS fits well into the potential abc corrective wave but also provides better symmetry to the Left Shoulder which also began with a lower low v-neck and thus it would be fitting for the RS to end in a similar price action. This could potentially show that the C wave of the abc correction could be a temporary sub $9k or so.

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!!
--
--