SUMMARY
Yes, BTC has breached and thus far stayed above the upper white line of the very large wedge patternn. This adds to the bullish case, no doubt about it. The condition still remains that the former resistance and now support must hold. Price is expected to bounce off the upper wedge line and continue upwards towards $9,451 target. I've labeled the abc correction and it's either at the completion of the C wave of the minor correction or a little more to go (C?).
I had shown the below chart last midweek. It will be in play should the upper wedge line not hold as support. It's important for all to understand that $5,200 could be a potential should that support not hold. This level of awareness is key as it could augment one's due diligence. For those without cash, perhaps farming for cash could be helpful into the current bounce. Why have cash? It allows an immense degree of empowerment during corrections of this type to be abe to buy the lower lows. Without cash, such actions are not feasible and so the correction becomes more mortifying. IF in possession of cash, frugal deployment is key as usually, my starting 15% of portfolio cash remains at around 7% even after the correction is complete.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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