SUMMARY
BITCOIN (BTC) is correcting and it has the following possibilities. Elliott Wave corrections has 36 possible combinations and so nailing the correction pathway is very challenging. The below chart is of an a,b,c,d,e type of triangle. As Bitcoin loves to generate triangle as well as flag patterns, this isn't surprising.
If the bottom white line of the triangle is breached, then a more a,b,c (red) correction is likely. The chart below shows that wave c (red) currently in progress and a five wave down can be expected as the sub waves.
I also discuss the Bitshares (BTS) chart and technical analysis prompted by the zerohedge.com blog on a new bill now being routed through Congress (the CON in the word Congress is NOT a symantic accident!). This bill is designed to root out the cryptocurrencies that play a role in subterfuge money laundering. I must say, the governments don't seem to understand that most criminals use the USD!
Still, I have a nagging gut feeling that they (Central Banks) won't stay still or silent too much longer. To me it is not an IF but rather WHEN governments will make a concerted attempt to "regulate" cryptocurrencies. This then will perhaps overnight make BitShares the darling of every digital wallet holder stuck in a centralized exchange. Clearly, the lowest hanging fruits for the governments to regulate are the centralized exchanges who can then be forced to freeze wallets, delist certain "unfriendly" or overly "anonymous" altcoins, divulge all account holder information in the name of the IRS as well as "share" patterns of trade, cluster locations of external wallets and map out algorithm derived probable owenerships. People! Isn't it obvious that the government and central banks are itching to control cryptos? They will soon make their attempts visible! NOW is the time to take precautionary setups.
This means that the decentralized exchanges would be the true haven....no? Can you imagine what the price of Bitshares will be in this scenario? What? The government will take down BitShare's delegated proof of stake (DPOS) witnesses? No wories, there are like a hundred alternate witnesses lined up and many more could be voted up in a snap. So.....would it make sense to put a few FIAT into BTS? Or better yet, distribute some of the cryptos into the BTS decentralized exchange local wallets? No? Why not?
The current price of Bitshares (BTS) is $0.055 and it WAS, it IS and it SHALL remain decentralized and thus NOT a target of government molestation!
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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:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
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.**
good job haejin cryp[to analist here from amsterdam :D wil folow and give you a big upvote boost
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oke bro we wil work together if you see some coin exploding let me now i wil let you know too i have some friends are buying lot of iop
Good point but isn’t bisltshares semi centralised like Steem? I may be wrong but doesn’t the bitshares platform use a witness type of approach which is semi centralised (ie not a single point of centralisation but 20 or so points of centralisation). Makes disruption far more difficult but not impossible.
Here are the current witnesses and below it the standby witnesses. I'm not worried and stand by witnesses can be voted in in a snap!
Why will you keep your funds in the bank and not on BitShares Exchange?
I already have bitusd and BTS
Thanks. I need to read into bitshares more but haven’t had the time recently.
What sort of size position do you have on bitshares (% wise). You could do a post on asset allocation which would be useful. It would be good to know that you allocate 50% to btc trading, 20% to bitshares etc. I know it’s not that simplistic but it would be useful nonetheless.
Check this out:
You will be 100% in bitusd and BTS?
Great set of informative videos. Unfortunately the volumes on BTS exchange are so low it is virtually impossible to trade on the exchange.
@haejin, I am with you. Recently I've had problems with Bittrex, and I had 100 tokens floating on the Bittrex exchange for no real reason. It took 3 days to resolve. It was a bit unsettling to have tokens confirmed in my local wallet but not on Bittex. I had used that address successfully before, so there was previous success, should have been no real issue. Then, yesterday the news of Bittex shutting down people's accounts. I don't believe in coincidence. Something is up. A decentralized exchange is the wise route, and my thoughts are etherdelta and BTS.
What problem with bittrex??? crapola.. Oh right what they've done to bts, used to be called (monopolistic) engaging in anti-competitive practices.
Ever since 9/11 happened, it opened up the flood gates to allowing the government to impede on our privacy and rights in the name of combating terrorism...this new bill (and many coming) and the delisting of Bitshares is a RED ALERT to everyone to get on a decentralized exchange-if not all of your holdings-maybe ones you want private and secure: As haejin always quotes "be greedy when others are fearful"....Do this before you are strangled by the tyranny of governments..I did a lot of research on Bitshares and they have a rock solid platform that allows you to be in control over your keys, currencies backed with 200-300% collateral (unlike Tether USDT) , hugely successful user cases generating income for the last 3 years and the infrastructure to handle the same volume of the NASDAQ..the user interface was just updated, but they lack a large selection of coins, but it's because they choose good coins with well established teams and good volume. They also offer many fiat , but keep in mind if you want to use Fiat you have to go through KYC verification which kind of voids the whole concept of being private...in place of this they offer fiat backed cryptos like BitUSD BitEUR BitCNY and others so that you backed by massive collateral, but don't have to fork over your credentials...keep in mind, no id no verification is needed unless you want actual FIAT...Thanks for the excellent analysis as always haejin...glad we have people like you to look after our best interests
I like the BTS platform, but am I the only one who thinks it is not at all user friendly? I still haven't been able to figure out how to change the chart to anything other than daily candlesticks!
Sorry CB6...i tried twice to reply but Steemit is acting up and just freezing on me..anyway..yes, the charts aren't that good, but just 2 days ago they announced they are working on implementing TradingView charts to thier platform, so this should be good..i think it will be a great addition and entice more people to move over to the DEX...here's their announcment..make sure to follow bill and join the telegram group as well..the devs and support are answering questions all day long...hope this helps..let me know if you have any other questions
https://steemkr.com/bitshares/@billbutler/bitshares-gui-release-v2-0-171015
Let the government Drive the price lower so we can buy in cheaper
Oooh yes! Cheaper BTS prices for me to buy! Fill up my lower buy rungs!
Yup yup.
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To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoThis post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memo@reported has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoWhat I don't understand is how Decentralized exchanges will be safe and how governments cant do anything. I mean I have absolutely no doubt there is a lot of dirty money being moved through cryptos. I mean I am just realistic, one would have to really ignorant to believe otherwise. I really don't see the issue with governments regulating it. Its good for crypto. Shady people should be out. I can bet there is a lot of money being moved through crypto. I am all for regulation so we can keep this shit out. Whether decentralized or centralized exchanges.
hsbc caught laundering drug money noone goes to jail. during the savings and loan crisis bankers went to jail. 2008 correction noone went to jail they got bonuses. look at the currency crisis bank run and bail-in at cyprus.
decentralized exchanges cannot be shut as they do not have a single point to shut down. no executives no offices. i have used centralized exchanges and they would always hold my funds. ever since using the bitshares dex i have never had my funds frozen and can sleep well at night. bofa lost a wire transfer of 20k of mine for over 6 months. i almost had to close my brand new business because of bofa and there incompetence. shady ppl are everywhere but im more worried of the shady ppl in power in government and their collusion aka fascism and fractional reserve banking.
Thanks for chiming in and sharing your experience TT-DOGG...some people are still leary of other exchanges but when they realize these centralized exchanges have control over your keys, and your funds, they begin to wake up fast
unfortunately most ppl wont realize till their funds are frozen or there exchange gets hacked. even after that some ppl still wont learn. unfortunately but i compare bts dex to zion. the smart ones will be going to zion once the us gov starts shutting down exchanges just like what happened in china.
Then with so much regulation already in place, why is the USD the primary currency of criminals? How do banks keep committing 10,000 instances of money laundering but get fined a pittance of the profit made from the criminal acts?
I agree. But my point is regulation is needed. It brings crypto to mainstream. Money laundering crap will happen. For example I don’t want crypto to be in bad light. Seen as money used by terrorist, ransomware And drug money and stuff. I would rather have it regulated and streamlined for adoption. Shady people will find their way but that doesn’t mean we should let crypto run wild and be crapped on. Let it regulate. ICOs are big pump and dumps. I see it happen all the time. We can’t ignore that. That part certainly needs regulation.
The regulation comes from the smart contract technology. The last thing we need is more idiot government. When the government gets involved, all credibility goes out the window. One would have to be ignorant to believe otherwise.
Hi Haejin can you do KMD and Via.
Hi thanks. Can you help teach me something? It looks to me as though we've only thus far completed 2 waves. Is there not another wave up due in say the next 5 days.. w/o a blackswan... ty my 1st order target 6600 .. ? you seem way more experienced in elliot wave than me. thx time to double down with bts.. i may have to figure out how to use the platform.. been using coinomi but almost $20 for an atomic swap?!!
Welcome to my blog! I also take analysis requests, so if you have a coin you'd like analyzd, please let me know in the comments. It's 100% free.
So I just moved 8K in USDT and converted it to BTS through Bitshares Bridge option via BlockTrades. After it is converted to BTS thorugh BlockTrades, where can I find my balance? Bitshares is hardly user-friendly. Thanks
yetti..did you find an answer to your question? Keep in mind friend...BTS is the coin traded on exchanges so it will follow the price of BTS...if you're looking for something similar to USDT to hold your funds make sure to use one of their backed currencies BitUSD or BitEUR or whatever currency you looking for....let me know if you have any questions my friend
DOOM & GLOOM !!
i love it !!
No, not doom and gloom. Being Fearful when others are Greedy.
Thank you!
Hi @haejin, thanks for this great post!
On another ALT, TRIG Token (TRIG) would it be fair to say a Cup & Handle is a fair posibility with a breakout about 0.00010000 BTC
Nice one. I would make it more like this:
Hi @haejin, now that TRIG has broken out, I'm having trouble outlining the next waves, could you help please?
Thank you...
Here is my analysis of TRIG, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/triggers-trig-elliott-wave-and-pattern-analysis-initial-target-usd1-09
@haejin thank you, I've laddered in so I'll be able to sleep tonight! :)
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Nice, you got a 8.0% @minnowbooster upgoat, thanks to @haejin
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This post has received a 4.63 % upvote from @booster thanks to: @haejin.