SUMMARY
I have updated the Bitcoin short term wave count. The c wave down is expected to be an a,b,c,d,e triangle correction and once complete, price should start impulsing towards $6,662 area.
I'd like to reiterate the level of caution that should be taken as the below MACD indicator is flashing warning signals.
The below upward pointing triangle pattern is very bearish. A sizable correction is approaching and it could be at primary cycle level. This means it would be wise to start taking profits than holding on for those few more incremental profits. The video has better details and wider scope of discussion!
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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.**
We have a backlog of 77k transactions in the Bitcoin mempool at present. What do you think will happen when all those transfers to exchanges get confirmed?
The four rider of the Apocalypses are coming. :)
Got you a nice chart today.
Looks familiar? Look at the skyrocket, look at the correction and look at the date.
Have a good day master @haejin thanks a lot!
nice find!
Wow! Beers owed to that man! Nice work @erodriguezc11
spot on! upvoted da man!
Bueno!
What would you suggest to people having most of their investment int alts? Is it better to back out into BTC before the fork and in general at this time instead of hoping a little more profits? You have lived through many of those corrections successfully, I assume, did you always give up your alts? Could you rebuy into better positions? Thanks!
On the upcoming correction , it would be at cycle level, so I might go out 100%
im not haejin but i would sell all my alts for BitUSD, BitEuro, BitCNY, BItGold, Bitsilver, and hero coins in bts DEX
Hey Haeji for once would love a reply. I have to understand something, if BTC is due for a sizable down trend like in the graph above and we know that when BTC bleeds alts bleed how is it possible that all the other graphs do not correlate with BTC future prices?
I believe while BTC takes the time to reach $7,200 or so, Alts will make their moves.
I call it phasic (in phase) and non phasic to BTC. Currently, Alts are in phasic.
That's my question as well. Will altcoins go down along in bitcoin downturn? Do you recommend to exit all coins & stay in cash soon?
If the bitcoin correction is of the magnitude that Haejin is suggesting, I would expect all alts to drop considerably and many to blow up completely. He is suggesting bitcoin dropping ultimately to under $500, that's a 90% drop. If that happens, the vast majority of people will back out of crypto entirely, especially those who only bought in recently. People will lose there shirts. There will be blood on the streets etc etc. That's when to buy back in! Buts that's if.....
Yeah guys, as @haejin says, "Bitcoin is the moon that pulls the alt-coin tide". In other words YES alts will drop with Bitcoin drop. He also stated in this blog and many other that he will be selling out of almost all coins on the bitcoin wave five of five.
And in my opinion a possible reason the alt charts don't match this bitcoin chart is it hasn't happened yet, and no one knows exactly when it will, so the other charts are just going on their merry way. Once Bitcoin starts a decisive drop the alts will follow close...
Some alts will not ride the same boat as the BTC in the coming few weeks only a short term moment as per norm this is "different times"strange measures have come into play not seen in the last while for trading . Wait, watch, and see.
Thank you Kindly
Agreed.
Most of the gainers would be below top 100 or even top 200 cryptos that aren't even traded on most exchanges. BCH could become an exception. Good news from China might make few more exceptions if it happens.
InDeed. BCH will be one as it trades in opposition with Bitcoins Bigger Fluxes and Momentum movements at most times.........and as well the lesser ones where the bases can be formed per few Billion for many coin at a time for quicker movements. A "Flow and Go'.......Myself i see 9 in the top 100 set to move upwards forming base prices for some big movements.
Thank you Kindly
never rely on possibilities. only probabilities
I like that!
I think its really good that you keep repeating that a crash for BTC means all your calls on ALTS are off the table. Many dont realise this and assume their alts are going to outperform bitcoin and 10x regardless. Thanks Haejin for your continued help to all of us along this path - it is reassuring to know that we have a wise mind to continually put things in perspective
I would be intersted to know what you see as potential trend opposing coins (apart from bitshares) should there be a massive correction, along with your reasons why. Bitshares isnt the only decentralised option
If BTC goes through a major correction, won’t Bitshare do the same?
depends on what causes the correction? US gov shutting down centralized exchanges?
then you will see bts after correcting a bit going inverse with btc?
Can't think of any others
Great TA as usual my freind.
Thank you kindly
Good post
Good morning Haejin. Welcome home, have a great weekend.
hey Haejin, what do you think about bitcoin Gold? seems to be dead lol... any annalysis?
DOA
:(((((((
Hey Haejin, thanks for the great analysis! Per the upward pointing triangle, if BTC breaks 6500, does that mean it breaks the triangle and it’s a good sign?
No. It's called an overthrow. It means that it'll come back in pretty soon.
Don't worry guys. If the BTC will collapse the B2X is going to the moon. I can tell you as Nostradamus :) the alts will be fine. Don't stress yourself, this is just money. If you are gambling you can lose.
Thanks for the analysis @haejin I've been concerned about BTC for a while and your analysis supports what I've been thinking and seeing outside of TA (internal and external sentiment on BTC).
I wish you MASSIVE profits.
Thanks! You too!