Bitcoin (BTC) Morning Update: Minor Wave 4 Correction in Progress
bitcoin·@haejin·
0.000 HBDBitcoin (BTC) Morning Update: Minor Wave 4 Correction in Progress
<center></center> -- **SUMMARY** Bitcoin (BTC) overnight price action just almost tagged the $10k level; clearly the pyschological level for most. Regardless, the best wave to breach this level would be wave 3 of 3 which is the current wave as it has the most gusto. The below chart shows an earlier chart shared yesterday.  Based on the rule of Alternation in Elliott Waves, wave 2 and 4 alternate. If wave 2 was a simple abc; wave 4 is likely to be a complex type and vice versa. Therefore, the current wave 2 of 3 appears to be a simple abc; thus wave 4 could be drawn as a bit more complex as shown below. The triangle would meet the alternation rule perfectly.  However, trying to overlay such a rule, which was derived from equities personality, onto cryptos might not be a smooth transfer. The reason is that cryptos have a very different personality than stocks. So, the adherence to the rule of alternation for cryptos has not been as dedicated as stocks. It is about as likely for wave 4 to result in a second round of a simple abc correction as shown below. IF so, wave 4 could decline towards $9,250 to $9,500 or so.  https://youtu.be/9YA9TZf8bLI **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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