SUMMARY
When combining Chart Pattern Recognition with Elliott Waves, one begins to experience how powerful the predictive value of this algorithm becomes. If you review the past blogs, you will not miss the evidence of performance of how price pathway can be pathed out using probable outcomes analysis.
The below chart of Bitcoin (BTC) outlines the patterns we had identified during the mid day update. The a,b,c,d,e symmetrical triangle and the ascending right triangle both pointed up in price direction as well as Elliott Waves. Sure enought, these probablistic direction is taking place with now price breaching out of both of the symmetrical and ascending right triangles.
Now, let's further forward discern. I've now drawn the horizontal and rising lines of a larger ascending right triangle as shown below. This is not magic but pure probable to possible assessment. This larger ascending right triangle is actually quite common in how it follows a smaller version. The minimum price carry of is targeted for $7,360 or higher.
Now, let us further forward discern. I extend the horizontal line to the left so that now the Head & Shoulders Bottom pattern is complete. The minimum price carry is $8,016. We thus have yet another confluence of pattern and Elliott Waves that unanimously point the price move to be UP! This is how Technical Anaysis works...it's simple in concept though a bit abstract. The video has tons more details!
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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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
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LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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.**
Wonderful information...I think I'm getting the hang of this. Can't wait till my book arrives!
Hi Haejjin. First of all... Thank you so much for all the outstanding Tech Analyses you have shared with all of us. It's great of you to share your knowledge and expertise. In reply to your latest BTC post, I have the following question: What are your thoughts about the following pattern I discerned today -
I think it's important to know what your fives waves are subwaves to...in other wrods try and count a higher degree of trend.
when I look at it it seems a ABC correction is done for in a bigger cycle of waves....
Meaning it could be wave 1 of 5?
Or the beginning of wave 5?
am I correct?
Thanks so much for the feedback. Looks like I've got some homework to do. Lol
I also replied to your chart in the other thread....be sure you are consistent with your tops and bottoms.....in some spots you ignored heavy volume buys and sells, and in others you included spikes of very little volume. Keep at it, and keep learning. Make sure you view the tutorials and back videos for an excellent and encouraging learning experience!
Thanks you for the awesome feedback. I'll make sure to review Haejin's tutorials. Learning the details of Elliot Waves is very exciting!
this seems realistic
Good game
Those graphs hurted my eyesight but u get an upvote cause it was quiet when I tried to read it
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Just a stellar set of updates on this haejin..i was very bearish and thought this was a wave B up before wave C down to around $4200-$4500...i've learned a great deal of TA from you...thank you friend
Here is a post on Bitcoin Cash titled: Why Bitcoin Cash will become the dominant Bitcoin in the next month if you are interested..
https://steemit.com/cryptocurrency/@echung321/why-bitcoin-cash-will-become-the-dominant-bitcoin-in-the-next-month
very beautufull post.