SUMMARY
Note: I'm stuck in Dulles so no video update for Bitcoin (BTC) Evening
Bitcoin has been hitting higher highs and I believe we can now officially say that the expanded flat a,b,c correction is complete and a trend reversal has occurred. Technical Analysis guides you through these types of corrections and often it comes down to a confluence of chart pattern and Elliott Waves.
Below is the chart posted from this morning's update. The Head & Shoulders bottom pattern seems to be playing an important role repeatedly.
The below chart shows the progress of Bitcoin price per my Elliott Wave price pathway...not too shabby!
Below is a MUCH LARGER degree head & shoulders pattern that can be discerned. Once the circled green waves 3 and 4 are complete, the Right Shoulder of this very large H&S pattern could be complete.
Here is the minimum price travel for the Large H&S pattern. The target is now $9,827 or higher as the minimums are often exceeded. These H&S patterns are often overachievers.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
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.**