SUMMARY
Bitcoin (BTC) overnight price action has tagged another series of All Time New Highs!! Below is the chart and labels from last night:
I've now updated the Elliott Waves and so we should soon see $8,400 or so for white wave 3.
The chart for Bitcoin Cash (BCH) shows an updated Elliott Wave count. Note the five impulse waves and how quick it was as indicated by the blue horizontal time band. Now the correction is still in progress with waves a,b completed and now wave c already initiated. The white horizontal time band shows the correction to take about 2.5x the time taken for the impulse run. This is the "Hurry Up & Wait" syndrome!
So, is Bitcoin Cash (BCH) still phasic with Bitcoin (BTC)? The answer is yes, but not in lock step. The video explains this much better. I believe BTC and BCH will be taking turns to rise and correct. As BTC is rising, BCH will complete it's correction and as shown, after the correction, it will then impulse upwards. While BCH impulses upwards, BTC will undergo its small correction. I believe this alternation will continue for a few days. Let's see what happen throughout the day.
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
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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.**