Bitcoin (BTC) Morning Update: Could the Bottom be In?

in #bitcoin7 years ago

SUMMARY

Bitcoin (BTC) overnight price action has brought what looks to be a nice bounce. The MACD at daily scale looks to be curling upwards and could indicate a turn. As stated in prior blogs, this level of stretching of the MACD "rubber band" could not last forever.

Thus far, the price bounce fits well within the contracting lines of downward pointing wedge. The chart below shows what needs to happen to indicate if the a,b,c correction is complete. The upper white line needs to be breached through an impulse set of five waves as shown. There is a bit of heavy resistance as demarcated by the blue rectangle.

As an anlyst, I'd prefer to see a lower low as shown below. If the wedge pattern becomes complete with the final e wave, the pattern reflects far more bullish potential. My buy ladder region is depicted below. The video has tons more details.

Legal Disclaimer: 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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Looks like when it was under 10k it was the bottom.

I believe the bottom will be the $8k psychological level honestly, if it goes below there then I can't lie I will lose confidence in Bitcoin totally.

This is what I wrote 4 days ago. The correction is near the end. I invested 100% of my bitcoin budget with prices of under 10k now. Maybe there will be a last lower low. But this level ist still a very good buy.

Bildschirmfoto 2018-01-20 um 13.10.22.png

https://steemit.com/btc/@vonbuelo/bitcoin-btc-correction-near-the-end

BTC will climb back to 20k in the near future

Wonderful TA!! I really hope we do get the bearish sign and the E wave starts rInsing the sewers!! I will be ready to buy at 7 to 8k area! if not!! I will just sit and watch as i dont dare to buy in at this range at the moment.

100% agree, a lower low will weed out the remaining sells, then it will rocket. Thanks for Analysis. Wizard.

sir what about your litecoin TA, Bitcoin TA , they going opposite according to your analysis.
at the moment @salahuddin2004 preditcions are going right
matt expert also doing good analysis , but you only know limited chart pattern only waves,

i follow 3 different technical analysts. not all have it right all the time.

Let us also take note that BTC has touched down on the 21 WMA with a red bullish hammer! - I believe BTC will trend sideways for now, followed by a new ATH or a retest at a new bottom of 14k.

Namaste my brothers.

Why did my comment get downvoted??

A butthurt army of hackers is either blaming haejin for their own shitty investments or they’re jealous of his success. Either way it’s a lame move. If they used this jamming for something useful like messing with CNN’s twitter account it might be impressive

also exposing why steemit will never have mass uptake; you thought zuckerberg et al were bad..

No doubt daznez...steemit is screwed..i've talked to a few people about this and they left..said it was too harsh on it's users and there was no legitimate referee to weed out racism and harrasment

Zuckerberg recently announced he will look into the adoption of cryptocurrencies and decentralisation in Facebook: https://m.facebook.com/zuck/posts/10104380170714571

Guess he wants to be that referee.

Why in the hell do we need a referee?! That's like saying you need more gov't.

This looks like a bounce to me as well but are there bounces where it just keeps bouncing lower?

Good article. I also think that the lowest low has already been reached. The market as a whole should start to climb back up within the next month: especially with things like tax and bonus check season coming around 😜

I think bitcoin will just go up its just a matter of time . so no need to stress :)

@haejin please update $BTG, it's been frustrating holding this coin

The technical analysis you used is very good for sure. However, one should bear in mind a new player/factor playin into this game, which is the BTC-futures whales who will play shorting one time vs longing another , using all their power to succeed their future contracts bids and double Benefit. I mean first they longed and they started to buy real BTC as well before future contracts time so we saw a surge up to 20k , so they won the bidding futures contracts, and then they sold real BTC high at that price. Next round they shorted bts, and sold more so fud happened and people sold as well so price dropped under 10k ( remember they sold high and now at this fud filled their bags cheaply ) ... sonnext round more probably will be longing ( and buying more, media helps fomo, price increase, they unload their bags) and so forth. That’s in my opinion .. we will wait and see
Cheers 🥂
16764136-0A3D-4BDB-8BEA-B31D36EB63E1.jpeg

Finally you got your shit together! This resistance line is what matters as of now.

This is what I have:

Bitcoin is following the pattern thus far as predicted. We are now running up against strong resistance (see RSI chart) which also coincides with .5 fib retracement at $12.6k. Today we will see if the bulls can conquer this hurdle.

If they do, we are likely to me more major resistance at $14.3k (.618 fib retracement). Should we cross this boundary and confirm on the daily, we will fly upwards to our targets. If we fail, we are likely to see $7.5k before proceeding upwards in rapid ascent.

Happy trading friends and good luck.

Screenshot at 2018-01-20 09:45:57.png

Related Idea: https://steemit.com/bitcoin/@stew/4srpht-bitcoin-update-could-rise-to-14-3k-before-dropping-back-down-to-7-5k

Looks like the apex of your 3rd chart is near the lowest level in my chart work. Is your long-term bullish thesis more fundamental than technical?

I guess BTC is so powerful that they might take it down

Bitcoin (BTC) overnight price action has made me Happy...unnamed.gif

It’s gonna hang out between 11,000 to 12,500 if it hits 12,700 look for it to break out over 13,000 your thoughts?

its really an informative post for all the people related to bitcion fab keep it up and do such posts for infomation!

I agree with what most people say here, this is just a short and healthy correction. BTC to rise soon :)

Dear Haejin,

I learned so much from you! I learned about fractals from you.. And I think I just spotted one in Bitcoin. Do you agree? Thank you so much, wish you all the best!

Afbeelding 2018-01-21 10_40_50.png

Bitcoin in the end o 2018 it will go upto 1000+$ upvote me it you are agree thanks

best crypto analyst of them all

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Congratulations @haejin!
Your post was mentioned in the hit parade in the following category:

  • Pending payout - Ranked 8 with $ 528,94
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I am really happy to know that steem backed dollar (sbd) price will be worth of 100$ in the end of 2018.
sbd will be the no 1 crypto then next will be btc oneday.
It's my dream!!!

this TA lol..pick an indicator that matches

Thanks! It's very helpful for investment.

https://www.tradingview.com/chart/BTCUSD/0JqCEc4z-BTCUSD-Possible-Correction-Scenario/
I totally nailed the bitcoin correction in December. Click the play button.
Please check and follow my tradingview and steemit blog.

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