SUMMARY
Bitcoin (BTC) breached out and above the upper, redrawn, wedge resistance! This is pretty much completed the Inverted Head & Shoulders pattern. Recall that there are two stages, completion and confirmation for the patterns. The next step is confirmation in that price needs to breach the $8,995 and as you can see, BTC has bounced off this blue Neck Line.
The video as much more details on how the below chart was drawn. Basically, IF the Neck Line is also breached, price is then likely to race up for the wave iii. I've drawn the wave iii target (yellow) and the wave 5 target. I've also tried to have these waves to the best approximation of timeline as well. Once wave v completes, $14,690 should be tagged. Again, these targets are conditioned on the Neck Line being decisively breached!
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
