SUMMARY
The other week, I had written how at times Bitcoin Investment Trust (GBTC) can lead the actual Bitcoin (BTC) price movements. This post details yet another instance of this probability.
GBTC has been trading within the confines of a pair of contracting lines (blue). It doesn't necessarily have to wave out the abcde. Just because the pattern is a triangle doesn't require abcde five wave subwaves. We'll next focus on the long running bottom support line and Elliott Waves.
The red ABC lowest leve coincided with BTC $5,900 bottom. The subsequent rise was in five waves and the current correction is churning the price from that increase as a correction of another abc but of a lesser degree. The microwaves have been labeled where the red (a) and (b) are likely complete. Since red (A) separates into five suwaves, this ABC is evidenced to be a ZigZag run. The final (c) wave requires five components and the blue waves show the projected count and price pathway. The bottom line represents a long running support and it needs to hold against any decisive breaching; though temporary piercings are highly desirable bull wicks. IF this count is correct, Bitcoin (BTC) could follow.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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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