SUMMARY
The criteria for further upward price progression was shown to be the decisive breach of the upper line of the wedge. As shown below; the second impulse would need to take price higher. Price is now attempting once more to breach the wedge line and it has a very good likelihood of succeeding.
I've updated the Elliott Waves to show that the five impulse is complete as before and that the second impulse could be starting its wave 3 which would be the wave with enough mojo to take the price across the breach. The flag fractals aboun abound as well and if prior upward price strength is any indication, the current rise should be able to rise above the upper white line of the wedge.
As patterns are quite common for Bitcoin, the below chart shows a probable pathway for an a,b,c,d,e trajectory and the completion of the final e wave would allow the price to explode breach the resistance. Not that this pattern would call for yet a third attempt to the breach which is fine and common.
The daily MACD is looking more and more bullish everyday! The 9 day red histogram is showing a trend of higher highs and soon the white histograms which I drew in will appear!
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.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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