SUMMARY
Note: Still Traveling. Poor Wifi is preventing video uploads. Videos will again return tomorrow.
Overnight, Bitcoin (BTC) marched higher and even as an impulse. As noted in the evening update, the subwave blue 1 is likely in progress. However, an analyst never wrests on one primary count, lest he fall prey to myopia. Alternate scenarios are constanly assessed and as result primary counts do get shifted between them. At times the shift represents minor changes and at times very large differences. Cynics and the uninformed call this process tea leaf reading but the informed see it at a higher level. While the below chart is the current primary, an alternate that's being considered will be shown at the end of this blog.
The closeup shows the purple subwaves of blue 1 which could have one more higher high towards $10,133 or so. As that'll likely cap the first five wave up run; a small abc correction in the form of blue wave 2 is expected to follow.
This chart is an alternate that has been in consideration for a while. The current rise could be a simple bounce to relieve a short term oversold state. The outline of bear flag fractals show a lower low towards $6,548 can be targeted. While this is not the primary count, it would be good to keep into awareness. Why? Awareness keeps the panic away! Being aware prevents being broadsided by surprises.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Awareness is Key...
sublimemesDoes this latest dip still fit your retrace profile? So we still look at all like a right symmetrical shoulder?
Thanks for the update!
It would be nice if the bitcoin was strong. For my Altcoins ~
Right now the market is very confused because it is not clear if we dealing with bearish market or bullish one. For me it's just better to wait and watch for break out to confirm an up or downtrend. Bullish scenario enter above 10000+ and target 10950$ next targets 11600-11800$, 12100-12200$, 12800-12900$, bearish scenario enter below 8750$ and target 8200-8000$, next targets 6K, 5K, 3K. This are major resistance and support levels for now!
Thanks for your update Haejin! Upvoted, and Resteemed! The Tea Leaf analogy is quite fitting; some people aren't able to understand the process of TA, they shouldn't be criticized to harshly despite their counter criticism. When you're enlightened in a sense you must also drop you ego. Which I believe you do quite eloquently.
Bitcoin is too weak to get up...
Or better two.
Market sentiment is kind of low. I don't see any bullish momentum until end of April or May.
Thanks @Haejin for your analysis!
Succes
If price can take out the sellers at $10000, we will be in an uptrend on the 4 hr chart. My short term target is $10500.
Too much bear pressure I believe.
Being aware that BTC can go down to 1-2k$ is ok but your post makes no sense, if a D is a low how the E can be a low too ? I guess it's your C then, and if you look at the chart you do not really have any triangle, just an expanding diagonal that can be relabeled as any wxy correction, these correction are really hard to predict and their end is known only after a clear uptrend has unfold. A huge ABC or 335 where whe are in the B or in the second 3 up is more likely if you want to be bearish.
A bottom has not to be tested multiple times, a bottom that is tested multiple times is a support, a bottom that is not is usually a bull wick (in a bull market). The 5-6k$ support as been tested 2 times, first in octobre (after being a resistance few weeks before, even more than one time because of consolidation) and this year in february.
I follow you. And I upvote you everyday.
Last upvote here: https://steemit.com/@underworld24
the price is poke trend line White top as projected and waves compereed 5. price then right back under the trend line and began to install the wave quickly a of correction ABC. it is likely to lead to the area of the previous wave 4 which can be a $ 10.178 or more. Nice @haejin
I never regrets following you here on Steemit......Update is really the Key to Business.....Good Job!
tnx for upvote
Um, unless you fork any coin repo. Then you get a blockchain.
... and you get the blockchain.
I tell ya, Ever since I got into the Crypt scene the market has been a mess. But, the possibilities are so grand.. I do look forward to your helpful post though @haejin . They are helpful to understand.
Thanks for the update,,,
thanks for this educational piece @haejin. information is power. thanks a whole lot.
Hope the elliot waves don't fool us! Looks cool!
is SBD steem Dollar ready to explode or still some correction yet left?
please write an update on SBD
If BTC drops to lower lows then SBD is going even lower.
weekly waiting for the good statistical analysis of @haejin excellent contribution thanks for sharing I follow you and support
@Haejin You do not provide any entertainment. I brought you some.
https://steemit.com/btc/@spsoofbaf/bitfinex-btcusd-technical-analysis-target-usd6550
Dear @haejin
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The flag-a-bitch app is being used on you because of your consistent blattant abuse of steemit through means of: abusive self-upvoting, collusive coting groups, and disagreement on rewards. Since we deem that you have been damaging the steem economy, we flag you.
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Yeah... TA these days is useless. There is no momentum in this market.
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You can see that in the screen grabs, in the right axis.
It's a bot.
Lol
Actually that is when the chart was made/image grabbed, not when the blog was posted.