SUMMARY
Price broke out of the symmetrical triangle and vertically breached the upper blue line....just beautiful! IF this is any sign of the strength of the bullish run to come; it would be ideal!
Closeup shows that the breach was impulsive. Thus far, wave 1,2 and 3 are complete and 4 is in progress to complete. Wave 5 is next and should provide the first round of impulse to signal the reverse away from teh symmetrical triangle.
Inverted Head & Shoulders pattern still in play:
Here is the lnoger term outlook of price within the channel. The upper blue line needs to be breached. IF wave 1 and 2 are complete, then there is no better wave than 3 to do exactly that! Perhaps the overnight price action will get exciting but to the upside!!
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Superman will raise this market.
Bitcoin This week
just another trashy bernie bot
The "donkey" stuff gave it away. bernie is completely obsessed with beastiality.
Your mouth needs to be washed with soap young lady!
LOL this reply is top-notch, classic.
Update on RDD coin please @haejin ... looks to have some impulsive movement.
I provide analysis and graph. Possible route from the BTC to the Target of 18,000 dollars
There still will be one more wave of correction see point C
From there a rise to point 1 that corresponds to the 11,700 dollars and retension of support point 2
Up to 15,500 dollars point 3, coinciding with the fibonacci line of 0.236 and a long-term resistance line.
Correction to support of 15,300 dollars and from there to point 5, coinciding with the fibonacci line of 261%, target 18,000 approximately, quite achieved in the second wave cycles
I have posted a similar chart on this blog as well. I've labeled your blue ABC as WXY because an ABC has 5-3-5, whereas WXY has 3-3-3 (which is confirmed by both of your red abc zigzags).
Lets see who's right. 😉
Fundamentals are bullish; Technicals are still mixed imho
It's good, confirms the analysis
@haejin
Moving Averages are indeed pulling towards the upside. Daily, 4H, 1H stoch RSI are still overbought and are indicating a move to the downside. Whilst it has clearly broken the downward channel in which Bitcoin had been moving during its wave 2, prior to today's impulsive move, I had labeled this corrective move as a WXY correction, with the Y leg between the 0.5 and 0.618 fib retraces of wave 1 (and W:Y, 1:1).
Your triangle seems to have formed nicely, though the count within seems to be off. I've been keeping track of all subwaves since the peak of wave 1. I've tried several different other counts, but all of them either ended up overlapping 1 and 4 or creating a zigzag with C-wave barely 50% of A in length. An ABCDE look quite strange as well. Form is just way off.
Like I said, there are bullish indicators and good news has been pouring in today, yet I'm still struggling to accept this impulsive structure as an actually upmove rather than a bull trap. I am huge bull, but something just feels off. Get the feeling that there was some huge manipulation involved as well with this move up.
Just throwing my chart out there for anybody who is interested.
Bigger picture (simply for larger degree trends)
Additionally (speaking of bull traps):
Fractals
Pay attention to the stoch RSI conditions on these charts: on the Daily, 4H and 1H. All overbought and daily still coming down. There was 1 occurence out of 28 in 2017 where the Daily stoch RSI decided to turn halfway and go back up during a downtrend.
I prefer btc charts than memes. 🙌
I think its a bull trap, its going down to 8kish
Bearish divergence on price and RSI
How low do you think it will go?
Your chart are great but it would be better to make a post on your blog of it and just post some here with a link to your blog.
I know people are lazy and rarely click to see a blog, but it's really difficult to watch your chart here, I have to zoom the page and it randomly put me anywhere on the page, would be easier on a blog post.
why so bitter?
You clearly seem very upset about something
Hi @haejin,
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Hi @haejin,
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Hi @haejin,
It seems you got a $7.7568 upvote from @btu at the last minute before the payout. (20.68h) and this comment is to make everyone aware.
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Up up and away
Many thanks mister. As always thanks for sharing!
Oh My God!!!
And people please do remember that this is not financial advise. We are responsible for our own choices!
interesting post
Why a head and shoulders?
It has not formed yet. The triangle seems excelllent.
oh,,,,now bitcoin is down i hope some days after it up. thanks you very well post.
I just wish i could read and analyze chart like @haejin do... I wish to be like @haejin when i grow up...lol
Read the books he recommends prochyke...they are extremely useful...you may have to read them 2 or 3 times but after that you will experience that "ahaaa" moment...he puts his links at the bottom of his posts...cheers friend
Seem like i'll check it out myself to experience that "ahhaaa" moment... Might feel good... Thanks @shawnster
@prochyke , you can!
Just start watching his tutorials, excersise and repeat, and maybe buy the EW book he recommend. Most of the info is there, except @haejin's "special sauce" of course :)
It won't happen overnight, but you'll gradually improve. Actually trading your charts help too.
@thedolphin
Ok thanks... I will start watching his tutorials carefully this time...
Dear haejin,
Great post there. I mostly agree with you there. Btc definitely could blow up the next days/weeks. And it will. March should be lit for many cryptos.
Yours truly, Gandalf The White
Yes, I like Gandalph the white better.
Haha, thx my friend.
Have a good one.
Bitcoin is certainly on the gain...It is again back up above $10K today.
I'm sure the price change was due to trend following. Can't be any fundamental causes. Like Goldman Sachs.
Of course we all know fundamentals are no trigger :P
But they are causes, like Goldman now being co-owner of Poloniex through Circle.. That's a huge confirm of wall street stepping into our world.
I had my first bitcoins in Circle then they politely kicked me out. Lets hope that they won't from Poloniex.
Sure, it is going to be big. I already hear bulls breathing. 😀
It is big, but not for privacy. Polo is marrying the worst in class and will be totally KYZ/AML.
Just hear the names of Bitcoin around. It's a great thing now, everyone who wants it
Looking to see when it goes back up to 11000, need to take some off the table!
Very good exellent
thanks for share the updates. And resteem
BTC is being so good to me right now.
@haejin Very nice post about Bitcoin...
Thank you for your share and support support, i also make ico analysis. If you interest, you may follow me.
Get 20000 followers and see how fast you get upvoted. Or keep posting vile trash and see how low your reputation goes.
It’s unfortunate you think that way!