SUMMARY
Bitcoin (BTC) overnight price has brought $7,500 zone and level. Price is still within the borders of the wedge pattern. The price movement fractal is still in effect (white and green circles). A Bull Wick is when price temporarily pierces the support line and returns inside the pattern. During this stage, when price is closer to the Apex (the point at which the two triangle lines intersect); these Bull Wicks occur and often multiple times; so they are to be expected. IF price rises to the upper white line; likely it'll be repelled again as shown by the blue lines. The purple lines are an example of a potential ladder rung zone.
Can Bitcoin just crash from current levels? Well, let's look at the MACD. It's pretty oversold and most of the sellers have already spent their ammunition. There is only a finite number of sellers and this seller rubber band is being stretched to the point that crack marks are now appearing on the rubber band as early signs of an impending snap. Once it snaps, a liquidity shortage like never before seen could be expected.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
