SUMMARY
Bitcoin (BTC) overnight price action has brought what looks to be a nice bounce. The MACD at daily scale looks to be curling upwards and could indicate a turn. As stated in prior blogs, this level of stretching of the MACD "rubber band" could not last forever.
Thus far, the price bounce fits well within the contracting lines of downward pointing wedge. The chart below shows what needs to happen to indicate if the a,b,c correction is complete. The upper white line needs to be breached through an impulse set of five waves as shown. There is a bit of heavy resistance as demarcated by the blue rectangle.
As an anlyst, I'd prefer to see a lower low as shown below. If the wedge pattern becomes complete with the final e wave, the pattern reflects far more bullish potential. My buy ladder region is depicted below. The video has tons more details.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@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
