SUMMARY
This post will go longer term to short term analysis, the reverse of the usual for Bitcoin (BTC). Overnight prices have treked lower and it is reflecting on the MACD where the 12 day white line has curled downward and is sitting ont he 26 day red line. Will it be the end of the world if the white crosses the red down? In a word, no. The next charts can give the reasons as to why.
The blue D wave is likely still in progress. The subwaves as shown as red ABC. The subwaves of wave B is shown as white abc. Price is probably working on the white c wave. The next chart dissects this a bit further.
The closeup of the subwaves of blue D shows that red ABC. The red A has five subwaves which makes the red ABC sequence a ZigZag (5,3,5). The red B wave is subdivided into white (A), (B), (C). White (C) has five subwaves as shown by the blue five waves and thus far, 3 is in process of completing and 4,5 are likely next. Blue wave 5 is targeted for the 0.78 Fibonacci level. The white (A), (B), (C) will probably pattern out a downward wedge as shown by the yellow lines. Once red B is complete, red C will initiate with a sizable impulse wave upward to complete blue D.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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!!
--
--
