SUMMARY
Bitcoin (BTC) overnight action has worked diligently to pattern out the ABC (red) corrective waves as shown in the below chart. The question is as to whether this is the end of the correction. It's possible. However, possible is not the same as probable. IF the full wave 5 (circled white) impulse is complete, having a correction only to the 0.5 Fib level is a bit short. I believe there will be a good bounce and that'll probably be blue wave B. Then a decline towards the 0.618 Fib level for blue wave C. So, the red ABC so far has generated a ZigZag; but the bule ABC will also be a Flat (3,3,5). Now, the circled white impulse waves are actually themselves subwaves to a higher degree of trend wave 1 (blue). The blue ABC are then likely to be subwaves to the higher degree of trend wave 2...what comes after 2? Wave 3 which should move in a very violent manner.
The longer term shows that the above short term jives. However, the overall bullish Cup & Handle pattern is still intact. The handle formation is still in progress and it's likley to be mature at the 0.618 level. Could it be already done at the red A level? Yes and it would be very pleasant to see prices skyrocket from here; but for Cryptos, corrections are almost never quick.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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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Once again, BTC (and all the other alts) are taking a beating!
hope so
I would love another opportunity to buy BTC under 8k...fingers crossed!!! Thanks @haejin...can you cover LBC?
patience is a virtue, but i sure am ready to see this turn around. i know crypto corrections take time, and maybe i was being overly optimistic, but i was hoping to see BTC a bit higher as we approach the mid-year mark.
To me it looks like BTC is loosing its presitge status. Last year most new people coming into crypto knew only about BTC, this year much more investors are looking into other projects. I think BTC will loose its 1st m. cap place this year. Wouldn't be surprise to see ETH (and/or EOS) push to the top and BTC going to 2 or 3rd place.
no and you should be surprised dude cause thats not gonna happen
To buy alts, most people first buy bitcoin. To trade alts, most people trade against the BTC pair. Until this changes its place as crypto king cannot be challenged.
Hello @haejin
How are you?
Why do you work for me Downvote?
What I did to you?
I'm still a beginner
I need support, and assistance
Bart Tyson?
Patience is the key.. Good times are ahead..
As suggested trend reversal usually take some time, but will happen for sure soon..
I counted the waves exactly like you did. I think that means we are both right :)
... or both wrong :)
감사합니다^^
was hoping for a bullish reversal
@haejin you upvoted, after 30 minutes. Are you giving us the opportunity to have some curation reward?
Thanks for sharing. Excellent content about Bitcoin, a lot of people are thinking the same. Regards.
Thanks for sharing. I totally agree with you. We also should not be panic for each drops. These are natural. I cant imagine a cart is always rising. So there won't be any profit :)
@Haejin, thank you for this analysis... I am not a trader myself but I follow a couple of guys in order to learn technical analysis. I gotta tell you your analysis is as good as it can get.
Keep up the good work. I am a minnow here and will soon be doing some game-changing things... keep your fingers crossed everyone.
Love,
Diana
@haejin, could you please look at the chart and say if its correct? I thought it looks very triangular and E wave could place very nicely at 0.786 fib. Im not sure what type it is though, its not symmetrical, maybe falling wedge?
Good to know about the downward trend or movement, and not only about the upward hopes or probabilities.
Hope for the best
Great post!!!!
I see this meet up as just another hope that HODL'ers are pinning gains on. There's been a long list since Jan, Korean's and Chinese coming back from holidays being the first false hope and many subsequent more. It may or may not make bugger all difference is my prediction, you can take that one to the bank!!
@haejin we welcome you to join Steemspeak https://discord.gg/9dk97mP
Coins mentioned in post:
It's Amazon Prime eligible. Free shipping!!! Now everyone knows.
