SUMMARY
Bitcoin (BTC) is still within the boundaries of the symmetrical triangle. The bottom support line of the triangle is holding. This remains as my primary count as shown in the below chart. IF the a,bc,d,e waves of the triangle is still in play, then wave d and e remains next. The price and MACD are diverging where price is making higher highs and the MACD is making lower lows. This is called a positive divergence.
Here is a closer look for MACD. It is hitting an all time LOW!! The red circle area is showing that the daily MACD is at an all time low and yet the price is making higher lows. This level of positive divergence is not usually indicative of a crash scenario. To bring BTC to well below $10,000; MASSIVE amounts of renewed sell pressure needs to surface because the MACD is already oversold from a historical perspective.
My alternate count remains as the a,b,c zig zag correction. Still, the all time low of MACD being able to throw down the price to sub $10,000 or lower will be a daunting task for the sellers.
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.
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Why did you flag a fundraising post for someone who was struggling? Don't get much lower than that ...
Is there anywhere I could see proof of that? I'm not a fan of this guy as it is considering all he does is say every crypto is going to go up in price, every post, not exactly great information. But yeah I would be interested to see that...
https://steemit.com/hendrix22lovesyou/@hendrix22/hendrix22lovesyou-needs-your-help-for-a-fellow-steemian
Can you provide a link to the flag please?
I'm still waiting to see a big volume spike to indicate a bottom, it should come sooon....I hope.
The correction and me....
Epic. The MAC can go down some more but I'm watching for it to level out... I think we'l be done with correction as the month is nearing its end. The same is true for many other coins
you mean it will last 2 weeks this correction?
Recent bear market lasted over a year. This may not turn around anytime soon!
No, we're all confined to Bitcoin hell forever !
We'll wait and watch till we have lost a third of our money, then withdraw and never come back, so that a) the rate stays low and we can b) tell everybody how we were led by the nose plus c) claim we were right from the beginning !
There's no way out of this without vodka ;))
Jamie Dimon said "The chickens who invest in Bitcoin will pay the price!"
He meant, the price needed to make it smooth going for Morgan Stanley.
So we oblige him of course, it's not that we didn't know that small folk are supposed to do their superior's bidding.
At least if you are correct, fees and transaction times should come down!
For what, Bitcoin ?
Well... I don't know anyone who cares about transaction fees for Bitcoin - when I hold Bitcoin, I hold it at an exchange, I never use it for transactions. If I would hold it for longer, I'd transfer it to a wallet but I haven't seen the need for that these last weeks, I went between alts and fiat and Bitcoin, and whenever I sent funds elsewhere, I used ETH. I honestly dont know anyone who uses Btcoin for transactions, so why would their price be such a decisive factor. Bitcoin is for investment only these days.
BTC prediction:
Bitcoin correction is just starting on monthly. At 11,8k now but I expect to see 5k before trend reversing back to bullish after accumulation.
E:Hoping to be wrong. Bitcoin is in totally different place now as it has been in earlier but we have been going up for a long time. Bear market is as natural as Bullish. If you just plan to hold, cost averaging is a good plan. No need to check the charts, just buy some every now and then.
I can see how you're the leading authority about everything on this network, so I guess that means bitcoin is out of business for many months now.
Till after "accumulation," of course. What do you say, should we all invest in Bitcoin Cash, because of the marvellous technology it offers, and its great future ?
Quite defensive reply. Top is clearly in. Just pulling your leg.
I'm not leading authority, just a dude pulling predictions out of a hat like haejin, or you, or anyone else. I haven't looked what the charts look for Bitcoin cash so you need to ask Haejin for guidance here.
Don't get me wrong, I hope BTC isn't in for a long bear market. But judging by its past history, what goes up, comes down as well and in crypto the coming down can be brutal hence the "bitcoin is dead" shouts.
Gotcha.
What you need to understand is that humanity is a bubble, "the economy" is us turning the environment into trash and selling the resulting gadgets to itself for intra-species amusement.
This just as a general explanation about what's going on in the "market" - the crypto market is an ideal example for this, people selling each other ideas and as long as they believe in them... believe in Islam and you'll happily go to paradise, for what it's worth.
Believe in Bitcoin, and Bitcoin will rise.
But there's lots of utter amateurs in crypto now, some on borrowed money - they are extremely paranoid and many are probably unable to wrap their minds around what's actually going on...
Though folks like @haejin will deny it, that is a decisive factor, it's THE factor - and the highly deliberate, almost reliable China FUD, the BCH action by The VersTM and talk like yours here are having a destructve influence on the morals of these people, this is why I'm critical towards the attitude, Elliott Waves and the rest of TA or not.
Because all prophecies are sorta self-fullfilling.
This is very satisfying for the doomsayers, as they can point at the results, saying : "See ? I was right "
But I have a solution, and it's really simple - all we need do is kill the batsperson...
BCH seems to form some sort of triangle, so bullish I guess ...
Thanks @haejin for the update. I would also like to add by noticing the fractals, in the screenshot below. The patterns are near identical, and differ only in scale.
havent noticed this one yet, good job!
Wow, you're good :-)
Now we can even see the dip, I guess it will go up and down one more time with same pattern, will be very funny :-)
I have diversified my investments in top cryptos, but ripple.. your last prediction was so accurate but I missed it by 1 day & I still regret that.
2018 is just a few days old, dont blame yourself and enjoy the ride
Enjoy the ride.. ofcourse.. I have a target of 250k USD.. am not even close.
where are you at now if I may ask?
near 20%
well in this case I honestly believe you will achieve this goal, just don't get confused by this january low. if you track the btc price you will notice that january usually is the ATL of an upcoming year.
I'm in a similiar situation and I'm very confident to achieve my goals for this year (also made a little portfolio check with haejin who believes the same).
Best of luck and a successful 2018!
thanks.. you too.. I wanted my goal achieved bit faster.. well.. lets see
@Haejin: Furthermore to my post from the last three days. There is a breakout from the Triangle. It can go down to the next support area near $ 8500,- to 8000,-!
https://steemit.com/bitcoin/@vonbuelo/bitcoin-btc-elliot-waves-bull-cycle
https://steemit.com/btc/@vonbuelo/comparing-btc-sell-offs-and-what-to-expect-now
Anything is possible and if you watch the video, that is an alternate count. Personally I believe that it is highly unlikely and the correction is an ABCDE triangular correction. Keep up the posts though you should be right and haejin wrong on 1 in every 5 of his predictions and then you will be able to pat yourself on the back for being a good analyst.
Maybe you misunderstood my post a bit. I don't want to blame Haejin here. My goal is to present and to discuss different alternatives. It's like Haejin often says in his videos: TA is a game of possibilities. So, stay calm. P.S. I had studied economics and have been working in asset management since 2001. I really don't need someone else feedback to know my skills. ;-)
I wont say any more. Your last couple of sentences say it all. Now that I know your credentials, I will definitely take your TA with a pinch of salt.
With your statements I will take your TA skills with a pinch of salt. vonbuelo is correct
You are right to take my TA with a pinch of salt. I am not an analyst. I play around for my own amusement.
lol..... Still think it's an ABCDE?
The flag became more an more probably the more time it sat on the bottom of it.
we are all aware of this count since it is what haejin is projecting for a while already as an alternate count
@vonbuelo I am a big @haejin fan, but I also alternate or similar ideas. Keep up the good work both of you!
When you use images like the falling btc, I know that you want to create fud and that is it. Take the emotions out of your TA if you want to be taken seriously,just my 2 cents
You're welcome. Thanks for your feedback!
Hoping for a big pickup soon. Sub 10K scares me.
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We should always listen to what Mouse says, we've been living in a #mouseutopia for decades now.
Cute little mousy knows what he is talking about, lol!
$100,000 BTC by 2020? HODL !!
What ?! $1,000,000 by 2020 !!!!!!!!
But I heard they predict a loaf of bread will cost $100,000 btc by 2020, so I am depressed, must go sell all my alts so I can pay rent one more month, boo hoo.
I thought that was the definition of a Negative divergence !!!!!!!!!!!!!!!!! What the hell!
http://www.cobrasmarketview.com/what-is-positivenegative-divergence/
Now this is a valuable lesson to all that you should never ever trust anybody else`s judgement blindly. Market was screaming out loud that it is turning Bearish.
Not for more than one month, even less ...
Hopefully other coins find their footing when BTC drops a little. It seems alt coins are following BTC’s pattern of shooting up and then correcting and moving sideways and slightly down. But i hope alts break out of this trend soon. They saw huge gains and now those gains are being lost not to sellers. People should be buying these things. Especially at the lows they are reaching recently compared to their all time highs. A lot are down 50%
It’ll keep going down as long as BTC keeps going down. Don’t think alts will go to the moon (or remain stable) if BTC crashes.
If Alts ever want to rival BTC they need to go up when BTC drops. They need to get enough trust that people will hold their money in them not BTC
This won’t happen during a crash (or correction) but gradually, over time, when things are more stable. Though, knowing that every single coin is paired with BTC... Good luck to make alts become more independent... Won’t happen overnight.
I’m not saying it will happen over night. Just that it needs to happen. If alt coins depends on the rise of BTC, Then that defeats the purpose. That means the technology they bring is useless since it only goes up with BTC rises. They need to become independent to have higher success
I don’t disagree but the fact that they’re paired with BTC makes it complicated to change. We’d all be happy if it changed but realistically we’d either need BTC to drop so low that it becomes “irrelevant” or (many) more trading pairs with FIAT.
True. Or for a coin to pass BTC by a long shot and be sustained at that growth. Which may not happen soon, though coins are getting closer
Bitcoin itself is paired with USD, so why the f... do we pair Alts with Bitcoin instead of USD? Bitcoin is nice but an old man compared to some reasonable Alts. For me it is like MySpace or Altavista, still here to stay but it is not the finl crypto answer.
But most people who buy alcoins have to buy them using BTC, so every time someone decides to deposit more to buy altcoins, BTC will be bought, so the prices are closely tied together.
but if BTC is falling you may decide to change some of your position to other altcoin
Very true
I would be changing this positions today and tmrw if everything keeps dropping. I believe alt coins will yield great profits when they see and upswing in the near future. Everything ran up hard recently, its just cooling down.but just as huge gains weren’t sustainable, huge drops aren’t sustainable. So we will see some profits gained back shortly
Means they are in phase, good things knowing BTC will go on a rally in less than a month ;-)
If the MACD reached 2500 doesnt that also indicate a snap back to the 0 mark? Why only does it act as an elastic band when it goes below 0. Instead you were predicting it to go higher and higher at MACD levels of 2500. It’s fine to predict prices going up and up in a bullmarket but predicting when it will go down is more important. It’s painful for so many when u call for higher highs and people get in only for everything to be slammed.
The govts controlling crypto through FUD while they figure out how to regulate . Gold's creeping up which is not a good sign for equities and cryptos. We can't just look at analysing cryptos.
gracias por la informacion
seguramente te estaras agarrando la cabeza ahora mismo jaja
Great post very well said
Hello friends
hope BTC not to crash.. please..
lol you sure now?
Gracias por tu análisis
I would not want the price of Bitcoin to go below $10,000 but if it does, that is buying time, because it has to rise up and some point in time!
This is a good buying time right now. It will be a long time if ever that you see this price again.
So how do i learn to read and analyze all these cryptocurrency graphs and charts
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
Plus, Haejin has some awesome tutorials too! Watch his links at the bottom of the post.
Thanks for your selfless effort for the community, I allow wonder how you created so much time to analyse the recent happening in the crytocurrency market, You are doing great and your efforts is highly appreciated. Well-done you are doing a wonderful work for all in the Steemit community. Bravo
👍👍👍👍thanks for sharing
That is looking worse and worse day after day. I know that the chart doesn’t show an immediate crash but it looks like it is where we are headed, people are getting scared and money isn’t coming for that reason. The market is losing tons of money day by day.
The chart does not show a crash at all. It shows a healthy correction. 2 months ago people were not even dreaming of a price this high. Every thing in perspective.
Well, have fun there!
It has been interesting keeping an eye on Bitcoin for the last months. Everyone is waiting for something to happen, it might just be something big that kicks it back into action.
damn that was the best port ever.
I needed that support
@haejin
Could you please provide an updated count on ETH?
https://www.coinigy.com/s/i/5a5d84f139564/
Thanks
How do you post so many videos a day?
it takes 10 minutes for him to do it.
I know and he does it like 10 times a day. That is a lot of money. I almost have a feeling he paid the whale that is upvoting him.
`with all that money he should have a team by now
he clearly records all the videos on his own, what team does he need? for some crazy video editing or what? :-)
I like your post, visit my account @haejin
Thanks!
I needed this!
Was so depressed, my portfolio was down for almost 60% because of bad investments.
Bitcoin crashes, my portfolio dies. Oh what a feeling, buying ba-hack again.
Excellent analysis as always haejin...cheers friend
Altcoins getting killed today. XVG hurts real bad.
XVG is going to hit rock bottom. Just the beginning. It’s not dying, just getting its youth back.
Well thats terrible news. Also, completely different to Haejin’s call. He said $0.70 next target.
He doesn’t predict time. He always repeats it. Though understand that the chart has changed since his last update on Verge. Market has been red for days now.
My thoughts on Verge:
Or alternate:
or vs. BTC:
I'm curious about your A-B-C-D-E lines. Is it suppose to form a triangle correction ? Cause each are perfectly horizontale and parralele to the other, not really looking like a triangle.
The bottom of wave 4 can’t be below the top of wave 1. I had an earlier problem with Haejin’s XVG analysis. He seemed to have counted waves with those two crossing. Same on zcash. His chart had wave 1 and wave 4 crossing.
Also, given he doesn’t predict time, I understand. But his counts and targets clearly need to be revised if they are using projections from prices and projected waves which have not materialised. Eg if he projected a target using a wave 2 which has in fact gone lower than when he did the analysis.
Everything's gone much lower since then. All TAs need to be updated and are irrelevant as long as we can't define which way BTC is going. BTC is the weather forecast.
The mark of a truly skilled analyst is to be able to predict when to get out. Rather than call for higher highs just as price plummets. Id say thats the opposite of what was predicted
I hope this correction is better. The last time it boosted way too fast, thus the quick crash. Lets hope overnight goes well for all of us!
A correction like earlier in 2017 is exactly what i was hoping not to get stuck in. But with Haejin calling for imminent larger trend wave 3s it didn’t seem wise to get out.
We had the same shit 1 year ago, so this is shopping time :) It is not a bloodbath ...remember 2017
It is sub 10k now, but don't worry! I'm in it for the long run, together with some other altcoins.
Remeber - What goes down WILL go up. Profits ahead!!
Yes I know the saying. Maybe in the world of Crypto this sentance is the most accurate one: What goes up must come down - so it can go up again! :D
of course it does and thats why you want to be smart and buy the red to increase your gains. play the game correctly
Bitcoin now a barrier triangle heading upwards into D?
I think that the negative news also accelerated the fall.
This market is ripping me a new one. Effing brutal.
Sell! Sell! Sell! Sell! Sell! Sell! Sell! Sell! Sell! Sell! Sell! Sell! Sell! Sell! Sell!
UPDATE PLEASE!!! IS SHIT HITTING THE FAN!?!?!?
it obviously is now
no idea what you guys are talking about. either it goes up soon or it will dip further so I can buy more to increase the profits when it cgoes up later, why panic?
If these guys like to go all apeshit, apeshit they shall go.
For the past week I've been warning the BTC correction is not over. Did BTC trick you? More below:
https://steemit.com/bitcoin/@bodaggin/i-warned-btc-correction-wasn-t-over-did-btc-trick-you
hit my target 11200 today, next is 7500 imho https://steemit.com/bitcoin/@superblocks/bitcoin-btcusd-to-usd7500-usd11200-today-16th-jan-2018
if C wave could be 61.8% or 100% or 123.6% of wave A and since Bitcon bounced back at 0.382 then it means that wave C is exactly 61.8% of wave A therefore I believe that this is the end of the correction and Bitcoin will start the uptrend
@haejin first of all, let me thank you for all the shared knowledge, you've been incredible to the community!
Just want to point out that the following sentence doesn't seem correct to me:
You state "price is making higher highs" but in reality it is either making higher lows or lower highs, isn't that so? Hence the divergence with MACD that is making lower lows while price is making higher lows.
Cheers!
FOR EVERYONE going nuts now its a correction, 3 months ago Bitcoin was half of todays price, HALF. keep everything in perspective, we may all need to be a little patient, do NOT panic sell, IMO that would be a bad move.
Right, we have to panic buy !!!! :-)
My view on EOS
That can’t be the count if the top of wave 1 and bottom of wave 4 cross
https://www.tradingview.com/x/5I3yEyzG/ I wish I had more cash to buy more bitcoin at a lower level.