SUMMARY
Am I calling a bottom? Not until I see the indications. So far, it seems to be a bounce, a strong one to be likely.
Bitcoin (BTC) overnight has been bouncing and a Head & Shoulders potential is seen. The below chart shows the Left Shoulder (LS), Head (H) and the Right Shoulder (RS). The volume is also confirming. If this is correct, then the target of $14,142 could be in sight as measured using the distance from Head to the Neck Line.
The smaller Head & Shoulder could be impregnated within the larger as shown. The larger one is a forward discerned pattern and if volume also confirms; then $19,990 target could be in sight.
I had pointed out this before on how the MACD was at an all time low. The red histogram bars move the fastest as it is 9 day average and it is showing a higher low. This means that the blue line is expected to turn up and higher.
A pattern I'd like to show into awareness is the below a,b,c,d,e. IF price travels up to $14,100 or so and reverses down; we could be looking at the completion of wave D and start of a wave E.
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?
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