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SUMMARY
Overnight Bitcoin (BTC) price action was very interesting. Why? It looks to be putting in a triangle! As I had projected, Bitcoin just LOVES triangle patterns. The chart below shows an a,b,c,d,e that could be in formation. If so, waes a,b,and c are complete and so that leaves waves d and e remaining. Once the last e waves is priced in, then an impulse could be near vertical. I say this because this correction for blue wave 4 is a bit quick. If so, that means the Bull Mojo is still at about full tank!
Here is an alternate count. Being aware of the probable outcomes as well as just about every possible combination truly keeps the panic and greed away! More details on this is in the video. When one is aware of this alternate count, panic does not set in, should price start going below red a and thus invalidate the a,b,c,d,e triangle pattern. This is because awareness removes the suprise factor, the shock effect. In fact, you will feel very much in control and adjust your trade actions accordingly. If the below alternate occurs, no matter, the destination will be the same!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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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.**
I LOVE triangle patterns.
@trafalgar
I am only on steem because @haejin guided me here, and I am aware of a multitude more in wait. Haejin is offering free one on one coaching crypto sessions each week to the top five upvoters. I have been at the top for a month, and while the view is lovely, I am getting lonely.
Please help,
@solisrex
i only have a small steam power but i hope it's fine if i share my counts here once in awhile. i'd like it if you give comments
So you should basically know all his tips and tricks now after so many coachings I guess :)
Actually, I have not had a private coaching session, yet. I would prefer Haejin have more time for this Blog, and support the wildcard picks.
I think he's doing real good already with his blog. He's publishing so much info everyday that I can't keep up every time anymore but you get solid analysis on many different coins and i like that :)
This post further emphasises the need to have patience, show emotional maturity.
Keep calm and Trust BTC.
For those interested, BCH is about to burst. It's finishing a small ABCDE triangle in the form of a bullish flag within an ABCDE of a higher trend (the one Haejin had pointed out in its last TA on BCH). This thing is about to surge big time, minds are gonna be blown, and naysayers silenced!
BOOM goes the BCH!!
Hugging the Ascending Triangle. Let's see if it is once again repelled.
The other possibility is a deeper correction if this triangle doesn't hold.
https://steemit.com/bitcoin/@haejin/bitcoin-cash-bch-either-an-ascending-right-triangle-or-a-wxyxz-complex-correction
Dear Haejin,
each day you increase my curiosity with your skills. You silence the noise of this crazy crypto world...and it brings peace.
Thank you
Can you see the forest from the trees?
Think FRACTALS......all your questions are answered in this image....
Here's another view in case you're not seeing it yet.......
Watch the "W" form....
I will love to hear why do you think this is the end of wave 3 and 4 and not the end of wave 5. Most traders out there think this is wave 5. There are 2 Important Airgaps that have not being filled yet that could draw a different pattern.
For Example something like this:
I will love to get your opinion on it and if you think I am wrong. Still learning a lot. Love your tutorials BTW.
Yea blows my mind too that a 100% increase overnight and we still get another 100% on top. I am thinking it did have extended wave 5 already.
It's nothing more than one Analyst's count or discernment vs another's. It's always up to the reader to decide who they think is closer to the correct price pathway.
The alt coins are so universally bullish, it seems unlikely BTC would correct to this level at the same time. Blowoff tops go vertical, and the alts need time to fulfill their destiny.
After 2 weeks of only watching his tutorials ( I've waisted tons of times trying to buy bitcoin with no succes) tonight is the first time I felt confident enough to atleast try to draw some lines. Just to test myself. And my result looks pretty much the same as yours.
In my attempt this looks much more like an extended 5th wave. How and more importantly why Haejin thinks this is just the 3rd wave? @Haejin please enlighten us.
I'm interested to know if you think that the CBOE future exchange will have a negative effect on the bitcoin price?
It's scheduled to commence training bitcoin futures tomorrow ( Sunday 10 /12 / 2017 at 5 pm )
Many thanks for your anticipated response.
I have read several articles about the futures market. One thing that they all agree on is that the futures markets will result in reduced volatility of BTC (see links). One of them even makes a general statement that the addition of futures markets IN GENERAL results in reduced volatility of the underlying asset, and includes links to academic papers on the topic (some of this is over my head by the way, especially the "futures battle" article!).
5 things about bitcoin futures
futures to end bitcoin mania
bitcoin futures battle
I have made the assumption that a significant proportion (maybe overwhelming proportion) of people in the crypto market, or who will enter the crypto market are speculators. That is, they are looking for returns they can't get elsewhere, and many don't necessarily know very much about the cryptos they invest in.
Then let me put a theory out there: If reduced volatility in BTC does play out, what if that is what finally starts to drive money out of BTC and into the altcoins? I think that many people have stayed in BTC because it has been on such a huge run, and because of the prospect of free coins through forks. Now, the presence of futures could put a lid on BTC volatility, and there are no big planned forks.
So where can speculators find volatility (and therefore opportunity for returns)? In the altcoins. Also, reduced volatility also reduces downside potential for BTC, and therefore could reduce the flight from altcoins during a correction. How would this play out? All of the bullish altcoin/BTC chart patterns, which are in early stages, could outperform altcoin/USD charts. Does that make sense?
Very informative articles. A lot of people here don't understand the Cash Settled nature of these futures.
Also, very good point regarding altcoins. This could be the news that arrives to justify the expected upward explosion.
I had assumed that futures markets would put pressure on supply but now that I have a better understanding of how they will work I can accept that they could reduce volatility. I thought it was interesting that Bitcoin bears and bulls drew the same conclusion on that point. In the short term the futures could lend legitimacy to Bitcoin in the mainstream.
Once again thank you for your professional analysis service for free!!!!
Move them to a decentralised exchange such as Bitshares ? I agree we are still waiting for our first major exchange hack which wipes out everyone's coins
I'm stuck in the mempool for days. Purple Zone. Exchange withdrawal.
)
If you cannot send BTC with very high fee,
it will likely get stuck.
(
imagine the knowledge you would gain, one to one. My first winning trade takings im getting coaching.
Did anyone just see that!?! Thank you, Haejin!
Haejin is a wizard. If his projection was luck it's also fine because it gave me the peace of mind to not panic.
I assure you, there is no luck happening here. Unless you define luck as preparation meeting opportunity.
I found your channel in the very beginning of my time in crypto. I am super happy abou it. Your technical analysis and the alterante counts make my trades peaceful and relaxed. All the best
Legend! Keep up the great updates 🙌🏼
Thank you so much for this bitcoin update:)
he is the master, so many times hes on the money.
In my opinion you should sell your bitcoins cuz big storm is about to come
i saw this video and i liked in your post
Very important post
Thanks for the post man. looks pretty legit.
But remember!!!! always bet what you can afford to lose!.
Please read my blog on a wallet that gives free bitcoins and other cryptocurrencies daily!:https://steemit.com/introduceyourself/@zen-analyst/qoinpro-free-bitcoins-and-15-other-cryptocurrencies-update
thanks for support!
CryptoZen
weldone bro nice post.I like it.
Veary esy post nive niask
Your help in these turbulent times has been amazing! Thanks you so much haejin
mmh whatever way I turn around your analysis I just come to the one solution: It´s going to go up :)
There's some truth to what you're saying. Years ago I followed VectorVest, made a whole bunch of trades in a three-month period, and earned almost 40%.
Not bad, right? Thing is, the market was up around 45%...
Had I merely bought an index fund, I'd have saved a whole bunch of my time, plus commissions, and would have been more profitable to boot!
Not saying @haejin's analysis is similar -- I think it's stellar -- just, your comment reminded me of that time in my life.
oh tell me, I guess we all invested in some alts, which got just outperformed by BTC in the end :D
Basically the same here. But that´s the gamle and risk you take.
To hodl or gamle, that is the question.
hehe that's right. Hodling is safe but gambling is just much more fun or what do you think? :)
97% HODL 3% GAMLE
Always play responsibly ;)
i have learnt from experience that yes buy more but never get rid of bitcoin. The market likes to bite.
Yeah, never sell your BTC except your in for a real gamble ;)
Whenever I see bitcoin I feel like crying. I sold my 0.5 bitcoin at 25000. I am not worthy of keeping bitcoin. My poor luck.
According to my analysis you can expect 2 more triangles by December 18
Excelente
Thank you!
Bithumb.
Descending right triangle?
Coinbase
if so, ABC correction is not over.
Descending right triangle pattern rarely, if ever, confirms in crypto. I'm looking out for the first .
a b c d e correction looking like, what is next, does a ABC need to follow or straight to next moon elliot??
wave (A) must touch bottom support of symmetrical triangle.
https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-iii-how-to-label-and-apply-triangle-price-corrections
Anyone else remember this channel breakout? Look at where price has returned.
looks good, can you count the subwave to confirm?
I'm currently seeing this:
But the current price action seems to be pointing towards @marvirafael's downward pointing triangle below.
Very nice! Bitcoin loves triangles!