SUMMARY
Bitcoin (BTC) on a daily chart shows that prices were repelled by the upper line of the broadening pattern. The video is highly recommended as it has tons of details and ties in everything much better. The resulting red price candlestick is also showing a potential bearish engulfing pattern (explained in detail in the video analysis). The MACD's lower low still shows a negative divergence to price which has made a higher high. The white signal line of MACD is also curling downwards. Whether this is an actual turn or correction requires a higher resolution charting.
The hourly chart clarifies what BTC might be up to. I have labeled wave i,ii,iii,iv and v (white) of wave B. I believe wave iii (white) has completed and now wave iv (white) is in progress. This means that once wave iv (white) is complete, then wave v (white) is next. So, for now, the $6,200 target is still on.
Here is a five minute chart where the a,b,c, of wave iv (white) have been labeled. Wave c of wave iv is actually sublabeled into five waves (1),(2),(3),(4),(5) (white). Once a lower low is put in, a turn is expected towards $6,200 and it will occur in an impulse set of five waves as shown in below chart.
This Video Analysis is highly recommended to get the full scope of this report:
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BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
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.**
haejin, I wanted to introduce you to this excellent article from January which I think you will find interesting.
https://medium.com/@coinscrum/the-fractal-relationship-between-bitcoins-first-two-bubbles-and-what-they-might-tell-us-about-a-7c8df5fb9613
Hi,
Resteem my last post and I Resteem your last post, write me "DONE" in comment.
NB I have + 1000 followers.
@reported has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memo@minnowpond1 has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoMan! I've been expecting this since I woke up this morning (GMT-3) and saw the charts. I didn't now where to buy... since my trailing stops triggered and protected my profits as you recommended :)
Thanks for the information
Haejin, do you factor in the Oct 25 Bitcoin Gold drop? (wouldn't it be expected people continue to buy up to that date to get their free money?) Then after this date, the reversal in trend.
As a Technical Analyst, I believe that TA begets the fundamentals and not the reverse. Elliot Waves states that a news or an event shall arrive to justify the forecast and never the reverse.
So, no, I don't take fundamentals into my analysis as they are as result of sentiment and don't drive sentiment.
Actually prices started to rise way too early for Bitcoin Gold and SegWit2X. TA showed it would go up and a mild announcement from Coinbase and Bittrex triggered and unjustified rise for the announcement. The sentiment was there, the announcement just rushed it. I do think that after Bitcoin Gold the fall will come... and IMHO, it will be fast based on dissapointment Bitcoin Cash already happened, it won't repeat on Bitcoin Gold. If you lost it... you lost it.
znog im not sure i follow what you are saying. Do you mean Bitcoin Gold will be a dissapointment as it will not be worth anywhere near as much as Bitcoin Cash was ? how low do you think BTC will go after the fork and do you think the segwit2x fork will cause the price of BTC to rise again on the run up ?
It looks like BCH has broken out of the top of the descending right triangle, a bullish move, right. Does the top resistance line now become the support? Or is one of the bottom lines more reliable as a support line? Not sure why I put the green arrow in there?!? My first time marking a chart, got carried away...
Anyhow, thanks for looking!
Yes, as the prices are now going more lateral (purple lines) and not down, it's basing a bottom. Let's see what happens. If the ascending triangle pattern plays out, then higher highs are due.
Haejin, is this still valid?
https://steemit.com/bitcoin/@haejin/zec-short-term-expect-usd600s-and-then-usd700s-but-first-wave-ii-correction-needs-to-complete