Bitcoin (BTC) Morning Update: Revised Impulse to $9,700
The wedge pattern seems to be completing with Bitcoin (BTC) trying to move up and out of it as shown in below chart. The overall larger Inverted Head & Shoulders remain in progress and the Right Shoulder (RS) is not yet complete and so price must reach towards the Neckline (white horizontal) to complete the pattern and then breach it to confirm.
I've updated the Elliott Waves. While earlier updates showed the current A wave position to be yellow wave 2; the correction has taken a wider scope but still well within an ABC flat. The blue five subwaves of C show that the correction could now be complete for yellow wave 2. This would have retraced >0.78 Fibonacci but IF the correction is complete; then the purple impulse waves should kick in and take a few days for that all important and critical juncture level of $9,700 to be reached.
The daily chart MACD shows the red circle area because the current white line can turn downwards. So, one has to be fully aware of this.
IF the MACD reverts back down, then the second yellow line support could be a new target with the blue arrow pathway becoming primary. However, we're NOT there so, just be aware of it for now.
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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
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Essay: Is Technical Analysis a Quantum Event?