SUMMARY
NOTE: I STRONGLY Discourage the use of Promobot to promote any of your posts. He and Transisto have targeted my blogs for downvotes and are encouraging others to do the same. Promobot is doing what randowhale has...scamming by using delegated SP to wage personal downvote campaigns! Meanwhile, Transisto is self upvoting his own comments like there's no tomorrow!
I Recommend @upmewhale and @themoneytree!!
Bitcoin (BTC) could be putting in a Head & Shoulders as mentioned yesterday. The pattern looks quite good with the Left Shoulder, Head complete and the Right Shoulder now in progress. For patterns, I look for two stages; a completion and confirmation. The H&S thus fars looks to complete quite well. However, the volume doesn't confirm. The neither of the shoulder volumes can be higher than the Head. The other confirmation is that price needs to breach the Neckline (blue horizontal). Are there exceptions? Yes. The Neckline can still be breached even without the volume confirmation. But recall that TA is based on probability and not certainty. With the volume confirmation, the probability of Neckline breach increases; it doesn't mean it can't. So, I will for now scrap the H&S indicator; EVENTHOUGH, price can still breach the Neckline.
The interesting thing on the below chart is the fractal setup. Take a look at the blue and the white boxes..quite similar. Remember, that fractals are not used to define proportional moves but more for direction. Given that the fractal in the white box is almost complete; let's see if there is a similar upward surge that can bring BTC to the $9k realm!
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Elliott Wave Counting Tutorial #1
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@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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