Bitcoin (BTC) Morning Update: Wave 4 Likely Now in Progress

in bitcoin •  6 months ago

SUMMARY

Overnight, Bitcoin (BTC) took a corrective action which was a bit overdue on a short term basis. I've updated the Elliott Wave count showing that the $9,752 was probably the top of wave 3 and the ABC correction for wave 4 is about 1/3 complete. Since wave 2 took about 3 days, this corrective action could take another 2 days or so. The rule of Alternation states that if Wave 2 was simple then Wave 4 is likely to be complex. However, Cryptos don't adhere to that rule so well as it is a bit "autistic" compared to the equities. I believe wave 4 will also probably be simple also. IF this is correct for wave 4 label; then it probably won't retrace more than 0.38 Fib level of wave 3 as shown in below chart. Once complete, wave 5 remains and its current target is at $10,429 or so.

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.

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Great analysis I see a small pullback and another leg up.

Please review a newer coin, APX.

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jpiper20 forget newer coins focus on coins like TRX :D

There is 2 scenario for that your or second scenario,i think wave 5 is done and now incoming correction.
btcusd sa metama dole.jpg

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You get one chance if youre wrong dont ever share again jk serious though if you are correct I will subscribe to you.

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We will see :)

Yes, correction is overdue!

Well done is a peace of advice boss, more from you boss..

I agree with where we are but please for your followers' sake when you do a fib retracement of wave 3 just do it of wave 3 and not from the bottom of wave 1, please.
It makes a drastic difference for those who rely on your numbers as guidance.

https://www.tradingview.com/x/oM9Im5rW/

I like the analysis. It helps me to form a strategy.

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The flaggers are not gonna stop us from replying. We will continue to reply.

Coins mentioned in post:

CoinPrice (USD)📉 24h📈 7d
BTCBitcoin9018.100$-4.08%11.1%
EOSEOS14.806$-0.77%67.0%
QAUQuantum0.153$7.08%40.1%
WAVESWaves5.265$-10.0%7.43%

Many thanks again haejin for you work

We will love it if you post more smaller alt predictions
so it gives us a chance to load up on them please.
ELECTRONEUM
DIME COIN
PAC COIN
ETC..

THANK YOU HAEJIN! LOVE YOUR CONTENT!