SUMMARY
Bitcoin (BTC) is having a well deserved and a healthy correction. I've updated the Elliott Waves below. The video analysis is best to understand this blog analysis for Bitcoin update.
The correction from recent top looks very three wavish. To these, I've labeled the red a,b,c along with their subwaves (blue and white a,b,c). Red wave c has five subwaves labeled (purple circled 1,2,3,4,5). If this is correction the red wave c should bottom somewhere around $7,183 or so.
The chart below presents the same trend channel as shown earlier today. However, the blue Elliott Wave 4 outlines the current healthy correction.
The below are the primary very BULLISH species of chart patterns that are rampant throughout the cryptosphere. The Bullish Downward Pointing Symmetrical Triangle, Cup & Handle and the JAWS of WEALTH!! In this background of bullish setups within Altcoins, Bitcoin is NOT forming a Double Top which often causes a MASSIVE 40 to 60% collapse.
Bullish Downward Pointing Symmetrical Triangles
Cup & Handles Bullish Species:
JAWS of WEALTH Species:
I believe in fact that it will be the Altcoins that will ultimately signal the top. In other words, once these Altcoins all have completed their Bullish Setup runs and reached MASSIVE profit heights....then a top would be probable for Bitcoin....but I believe we are not there yet!
Video has Tons for details!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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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.**