Thanks for updating this. BTC seems to be putting in a lot of H&S patterns on large and small scales. Maybe BTS will follow and your green box is a set up for a H&S on BTS? What is the probability that this current bounce isn't the bottom but rather it is wave B of a larger ABC correction? Perhaps a retracement to 0.5 ($0.47) or 0.382 ($0.60) and then final wave C might take price right down to the major support zone at around $0.20?
As always, a pleasure to observe your counts. I learn so much from following them!
just-joe
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@feej, Great questions!!! First, regarding (Big brother - Bitcoin), there is weakness there, in the price, that my alternate count, which is bearish, is still on the table....and, only price can confirm the direction. Bitcoin has moved from one end of the channel to the other, and tagged the extension 1.618 to the penny, so that has to be my primary count; however, should the price drop and create either a new low, or the channel doesn't hold, then my primary would change. (make sense?) As one analyzes the technicals, all we can do is present both bullish and bearish scenerios, and let the price (and other indicators) confirm the movement.
Now, back to your question: BTS has moved higher, and is "knocking" on the door to get out of that box, but has stalled out at the exact lid. My hunch is, that BTS and BTC drop, but BTS won't drop as much, and they temporarily disconnect. If BTS drops, I think the down trend line (gray) will act as support( I refer to it as a "backtest"). And, maybe they both find support, but the reason why I hesitate with Big Brother is, the pattern is similar, but BTC hasn't "mustered up" the same strength. As a matter of fact, you can place that same down trend line on BTC, and notice it hasn't "popped" thru that down trend line. This tough to explaing, and would be easier to go through on line, so I hope I'm being clear.
just-joe
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@just-joe, Sorry, the last sentence should read, "this is tough to explain...."
just-joe
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@feej, Uh,sorry! I never replied to your H&S comment. Yes, it has and if support fails, and BTC price drops, 8512 is the target that I'm "eyeing"!
feej
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@just-joe, Thanks. BTS seems to moving out of the box! I'll be watching to see if BTS and BTC disconnect or stay connected... so far today they are connected but BTS is making new hourly highs while BTC is not (yet... at 11:45am EST).
As always, a pleasure to observe your counts. I learn so much from following them!