Bitcoin (BTC) Mid-Day Update: Why the Bottom Could Be Done!!
bitcoin·@haejin·
0.000 HBDBitcoin (BTC) Mid-Day Update: Why the Bottom Could Be Done!!
<center></center> -- **SUMMARY** Since the $5,900 or so low, price has been channeling very nicely as shown below. When price moves within a well defined channel, it is most likely moving in an impulsive manner. The sluggishness seen during end of last week and early part of this week is likely the result of price breaking out while proximity to the apex was not ideal. But, no matter, I believe price is still impulsing upwards.  Ideally, price could and should break out above the channel to demonstrate the bullish gusto! IF this occurs, expect prices to go near vertical.  The Head & Shoulders (smaller one with white LS, H, RS is complete and confirmed. However, we can now see a series of inverted Head & Shoulders fractals. A Larger Bullish H&S could be formed as shown by the blue LS, H, RS and the blue Neck Line.  This series of H&S fractal could actually be as shown below where the Neck Line is more horizontal and so the price target for the Neck Line would be around $13k to $14k.  Recall the series of Head and Shoulders Top pattern fractals we saw on the way down as shown below. It would be very interesting to see inverted, bullish H&S patterns on the way back up!  What gives me most impression that the bottom could be in is the monstrousity of the volume seen on reversal from the $5,900 low. Observe the Sept. correction and how it too resulted in a massive green bolume bar. I believe the green bar on a daily scale is an all time high volume. VERY compelling evidence of a bottom!  Last but not least, check out how the five Elliott Waves completed on the MACD! Beautiful chart and these waves have been posted and counted in real time on previous updates. Now it's complete. The BUY SIGNAL is also very impressive.  Still, I am keeping a close eye on the top alternate count as shown below. The ABC could still be in effect and until we get a higher high with an impressive impulse set of waves...this remains on the table.  **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. </center> Please consider reviewing these Tutorials on: [Elliott Wave Counting Tutorial #1](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-1-by-haejin) [Elliott Wave Counting Tutorial #2](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-video-2-zig-zag-and-flat-corrections-how-to-recognize-and-label-corrective-waves) [Elliott Wave Counting Tutorial #3](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-iii-how-to-label-and-apply-triangle-price-corrections) [Laddering](https://steemit.com/bitcoin/@haejin/an-effective-buying-and-selling-strategy-laddering-a-tutorial-on-to-cast-a-ladder) and [Buy/Sell Setups](https://steemit.com/bitcoin/@haejin/when-to-buy-and-sell-using-elliott-waves-a-tutorial). [Laddering Example with EOS](https://steemit.com/bitcoin/@haejin/eos-target-usd3-22-analysis-update-live-real-time-laddering-example-you-don-t-want-to-miss-this) [Tutorial on the use of Fibonacci & Elliott Waves](https://steemit.com/bitcoin/@haejin/tutorial-on-the-use-of-fibonacci-ratio-and-elliott-waves) [@haejin's Trading Nuggets](https://steemit.com/bitcoin/@haejin/haejin-s-trading-nuggets-all-learned-through-tonnages-of-failure-experiences) [Essay: Is Technical Analysis a Quantum Event?](https://steemit.com/bitcoin/@haejin/essay-is-technical-analysis-a-quantum-event) Follow me on [Twitter](https://twitter.com/Haejin_Crypto) for Real Time Alerts!! Follow me on [StockTwits](https://stocktwits.com/HaejinCrypto) for UpDates!! -- -- <center>https://steemitimages.com/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif <center>https://steemitimages.com/0x0/https://s1.postimg.org/231h83mh7z/U5drx_NFe_Q4_Nn_YGEb9rq2_V47_X6_Yk_AQsm.gif</center>
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