SUMMARY
Good morning! Bitcoin (BTC) overnight action has put in a badly needed and expected higher high to further confirm that a reversal is taking place! I had stated last night that the fact that yesterday's price action had not put in a lower low was significant and that a higher high was needed.
The below chart shows my subwaves of an impulse of a higher degree (white waves (i),(ii),(iii),(iv),(v). The first white wave (i) and (ii) are complete as confirmed by the blue subwaves and the red a,b,c markings. Bticoin is now well into placing the white wave (iii) and once (iv) and (v) are also complete, we should be close, if not in excess of $8,000.
Combining Chart Pattern Recognition is vital to my algorithm. Below shows a continuation, but with an update, of yesterday's bullish Head & Shoulders pattern and its minimum target travel marks at $8,084. Note also how the smaller H&S is embedded within a larger H&S and if so, the minimum price travel up could be much higher.
I believe too many people have been freakin out given such a healthy, controlled correction of Bitcoin. Still, Elliott Waves states that news or events or reasons shall arrive to justify the forecast. And these rumors of collusion, news of massive Bitcoin dumping by Roger Ver, etc....clearly met that Elliott Wave justification requirement.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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 - haejin1970
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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.**