Bitcoin (BTC) Morning Update: Let the price flick around like a fish out of the water!!

in #bitcoin7 years ago

SUMMARY

Bitcoin (BTC) overnight price action is likey panicking a good number...the fear of a lower low is just too much for many. This is when awareness, keeps the panic away. Technical Analysis is nothing more than identifying as many possibilities, narrowing them down to a handful of probabilitie and selecting the primary and alternate price pathways. This process allows one to become aware of most probable future price pathways and even if the primary count is not executed, the resulting change almost always fits your alternate or near alternate. This reduces the "shock" effect as you were aware of that scenario and more importantly, ready to update your analysis accordingly, calmly...without greed or fear as dominant emotions.

The below chart shows that the overnight price action could be working on a wave 2 of the impulse wave up. If this is the case, its supported by the red a,b,c waves, an attribute of corrective sequence. The retrace of wave 1 by wave 2 is a bit steep but does not breaky any Elliott Wave rules. Let's see how the day time price action takes places.

Should there be a one more lower low, then the original count will be back on the table. This means that the waves will look again like below as had been shown for a couple days earlier. This will bring back the $10k or a little below target for red Wave C. Panic? Hello NO! Be glad! I'll be casting another buy ladder in this scenario.

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?

Follow me on Twitter for Real Time Alerts!!

--

If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
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ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf


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.**

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I wrote two articles to help the three thousand new users who came here because of @haejin in the past week.

They've both been attacked by the angry whale troll army. The first is about Steemit tools that can help you here; the second is about witnesses and my recent experience with a nasty one. The first is visible, but I'd appreciate some upvotes on the second so that it regains visibility after their attacks.

https://steemit.com/steemit/@libertyteeth/steemit-tools-for-new-users

https://steemit.com/steemit/@libertyteeth/what-is-a-witness-who-should-i-vote-for-to-witness-let-s-move-some-witnesses-up-into-the-top-20

Thank you for helping to raise awareness. Onward and upward! Thanks again @haejin for all that you do and are.

Sorry if I'm just about bitcoin rather than bernie ;)
This guy does very rational TA (though not as detailed as Haejin), here's what I commented on the video :

Good of you to upload this - we're all waiting for the final dip... glad to see you also noticed the head and shoulders. I did a fibonacci retracement from $3000 (September low) up to the highest high and the moderate (0.618) retrace goes down to $9500.
This coincides with the head and shoulder scenario, so I would wait for a 10k low to buy in... however, even lower is not impossible.
Was it yesterday that Mike Novogratz said he would withhold 500 million investment form his hedge fund because "Bitcoin might sink as low as $8000" - now that sounds a bit like wishful thinking to me - no doubt he likes to buy in cheap, as we all do ;)

What do you think of this? I'm very new to TA, so could be completely bonkers :) I think it's gonna go down drastically soon... my buy ladder starts at $10.500 USD..

It just broke out (and up) of the yellow triangle ;)

Oh dawg, this is driving me nuts ;) Downward triangle doesn't mean it won't break out tops... though in this scenario, that would be likely... remember we had that big head and shoulders, and we did NOT go down all the way, then we had the smaller head and shoulders that's still visible second from right in your pic above, and nothing happened except a small dip... so, triangles can be drawn at different places and different angles, see below... i'm hoping for a real dip soon, but I'm starting to doubt it will come. Bitcoin might be kicking straight upwards again by now if the volume wasn't so low (the blue lines resemble an earlier trading channel, we may be easing up into that channel again).
All the newbies panic-sold and now it's Christmas and they hesitate to get in again, because they're thinking exactly like you and me ;)

Ive been attacked and lost little to what I had in steem RIGHT before my hour. Its really terrible what this "down vote" ability is doing.

In addition, I wrote this post today, in support of @haejin and his followers, indicating my current intentions:

https://steemit.com/steemit/@libertyteeth/i-m-going-to-keep-reposting-my-helpful-posts-like-tools-witnesses-etc

In case anyone is interested in RIPPLE/XRP, it's just trying to break out of a triangle
5 hours later... still waiting... damn, there's just no volume...
Merry Christmas ;)

I got some STEEM on hit BTC the other day, but I can't send it here yet for some reason...Anyone else having trouble?

is haejin gone?

Haejin,

Thank you for your dedication and for keeping us informed even through the holidays. Wishing you and your family an amazing Christmas. If you do go private count me in. You are the only reason I come to Steemit and the reason I created my Steemit account to begin with.

Guys - the time to act is now. If you find Haejin's posts valuable all you have to do is add Steem Power to your account and upvote to combat this attack on Haejin's blog. After Haejin goes private this service probably won't be free anymore (that's just my guess, since Haejin will probably have costs associated with managing his own website if he goes private). But if you find this information valuable, like I certainly do, take the steps to add Steem Power to your account to help keep this amazing service free.

I'd prefer that BTC just does a run up.

BTC will be in range of $17750 -$11300 till it will not break upward $17750. This BTC hype is big one ,so it will not break down side range of $11300, and will be in Range for few days, and then move upward towards $20500 next range.

Interesting. My target is about $70k but it'll have to exceed $23k and then $26k

We play safe level to level . Right now Long term flag formation, any breakout trigger will decide direction.......

I hope that it will not go under $11300, my btc position will be liquidated on $8700. Please Do you have any TA that support your expectations.

I've been wondering about the possibility of a triangle forming up here.

looking a bit 3 wavy and not all that keen on impulsing down to the lower C.
I suppose at this point it's not about whether to be buying but when and where.
The destination is the same - UP! right.

Everybody!

Please don't let the bitcoin price drop or raise spoil your christmas spirit!

It's this time of year that everyone should spend peacefully with their family, friends. No matter what happens to the bitcoin price, don't let it affect you please :)

Merry Christmas Everyone!

Been waiting for an update from you for quite some time Haejin. So glad you are awake and analysing.

I think this might be the market trying to reconcile with the fact that btc was unique but now isn’t as useful as other high market cap coins, i.e. eth, steem or iota.

Bitcoin has had its exponential growth. Now, it's time for the Altcoins to sing their solos.

please help me @haejin. I have been downvoted by your haters.. this is what we get by supporting you?

https://steemit.com/steemit/@haejinfans/haejin-is-been-attacked-and-now-there-fans

I upvoted your post . We should upvote each other to minimize the damage .

Thank you @abhicrypto... yeah we need to teach them a good lesson

Thank you . Please keep on updating on both twitter and steem at same time for all posts . You missed some posts yesterday .

I couldn’t agree more! The only things alts need to do is get more distance between themselves and btc so a btc crash won’t effect them. I think eth will be the way to do this but bch has potential to.

Learning a lot from you haejin. It would be unfortunate to see you leave Steemit. I've never seen you attack anyone else or treat anyone else negatively, in fact I only see that you bring value to the platform, and so it's a shame to see berniesanders doing this down-voting stuff.

Thanks!

From a programmer's point of view, EOS and anything Dan Larimer worked on is going to be the real blockchain gold in the long run, not Ethereum, not Bitcoin, not the privacy coins, not Litecoin. A lot of people still go, oh no Dan Larimer is/was involved in this, but they will be eating their words pretty soon. They took the genius for a fool.

agree agree

I am a programmer as well and I approve of this message.

can you explain why from a technical point of view ?

Hi Haejin,
Do you think these fractal patterns indicate we are soon to be finished with the correction?

very nice prediction, as for now it is following your predicted path

interesting, that would fit the Head & Shoulders pattern, just as I mentioned some posts earlier regarding BCH/USD

a very good post.
I want to ask, how do you think about the decline in bitcoin prices of late, and how your prediction about bitcoin in 2018 whether it is going down or vice versa.
how do you think and the opinions of steemit friends around the world,

@haejin Inverted h&s forming? with volume confirmation????

Image of chart

Merry Christmas everyone !!!!

Would love an update on Verge. Im thinking its going to dip a bit from this high.

can you pls do a prediction on f evx?

Thank you , any chance you could take look at red coin,, RDD-- The kids have been asking about it ,,Little ones , I guess they trade it around on gaming and social media ,, Kids are the future and when thay ask there parents to get them something ? John macafee was tweeting about it today . . Plus kids saying dad i need some redcoins for my game ? Thank for your hard work again

Firstly, Merry Christmas all.

About 2 months ago, I started following @Haejin 's blog and since then, I've learned so much about TA from him. Beginning with following his recommendations, and slowly learning on my own, I've successfully traded from .05btc to .33btc as of now (And that's without taking into account for the alts I'm holding that are currently waiting to KABOOM). The only reason I made a Steem account was so that I could personally thank you, Haejin, for your amazing work and guidance. See you on the Moon.

How about the massive apparent h & s pattern? @haejin Can you please address that? Thanks!

Steem power is valuable

doesnt this pattern discern a very huge head and shoulders pattern, i know @haejin said volume invalidated it but doesnt this poses a GIANT bearish trend nevertheless ?download.png

I'll keep saying this: You can't have a volume confirmation for a head and shoulders pattern in the Bitcoin market because the market is illiquid, 60% of BTC adresses can't move their coins because of the high fees. So by this I mean - be a bear, for now.

I agree, I'm sure we will see BTC go up to 13500 in the next few hours and then see a decline to high 11k low 12k

commies hate capitalism, @haejin. They're true haters, they hate to see people changing their lives because of you.

lower low scenario is more likely now that we haven't broken the downtrend line with the impulse of what could have been wave 3. But it went back down after part 2, so it's still the downtrend part of of C correction and wave 5 of your prior scenario. Good work haejin!

I see bitcoin actually dropping below $10k. There's too much anxiety surrounding the correction. And with the rise of alt coin, the alpha dominance bitcoin has held since its inception is beginning to fade off. Other factors such as the high transaction fee is causing many to run away from BTC. They feel more secure transporting their money with blockchains that wouldn't rip half their money just to send it. We really are going to see a lower support soon.

I'm curious to see if the alts will rise exponentially twice, one with the btc price fall to around 10k and the other after the approximate 23K price range then retrace. Will be watching closely.

Been waiting for sbd and steem valur low

Thanks @haejin . Your posts are helpful .

Thanks for your update and analysis. Makes me feel calmer. Let’s hope this bottoms out already

Any update on Rdd ?

UP!

Just bought rdd at a pump. I‘m scared i‘ve lost all the investmdnt.

Don't sell. Its going to go up again..just don't know when though.

Thanks @haejin for the update. Merry Christmas to you and your family!!
Upvoted and Resteemed!!

You are awesome bro we love you.. any altcoin update for invest?

Your verge prediction is perfect at 0.000095 btc.. will you give us any tip like verge?

He did yesterday: 0x. 😉

So just having Steem adds Steem power? Is that how this works? I added Steem and don't see any change in my upvote power.

Select Power Up from the pull down menu.

What do u think about strat?

I am in there from 990..lets see I am hopeful it will have a run like verge

hey @haejin can you do an update on bt2?
When do you think will the 5 waves start?

bts update will be greatly appreciated, thanks. waiting for response

thanks for the analysis and update @haejin

@haejin Can you please take a look at BTG and update? Thanks in advance. Merry X-mas

Bitcoin was created by a smart man to separate the fools from their money. Thanks for the great post!

Another level of clarity. Thanks.

@haejin
It might be less headache to create a Slack Channel. With your wealth of knowledge, you dont need Steemit, it needs you.

Bitcoin Cash BCH: bearish Head & shoulders? target $1560 or so?!

hands_bchusd.png

They ganged up on me for speaking my mind. They cant silence everyone! Keep up the civilised fight!

https://steemit.com/abuse/@nadejde/why-i-don-t-believe-berniesanders-flagging-campaign-is-fair

what happens to bitcoin is going up or down ?
thanks

Thanks!, Maybe people are misunderstanding haejins thumbnail as him kkk

Thanks Haejin,
Here is what you have done for me:
I have invested in a few of your suggested coins, a few from another and because of you, I have studied Elliott wave theory and made a few calls on my own.
All have hit my price projections and I have managed to triple my meager investments since Dec. 9th. Even at the bottom of the recent down turn I never went below double my investment and I am very much a novice.
The tools are not perfect, but they do make an "unpredictable" market understandable. No I can not see precise tops, bottoms or time frames, but I can see the broad strokes and use that to make profit.
Thanks!

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