)
SUMMARY
NOTE: This is a higher risk but could have higher ROI potential. DO NOT EMPTY YOUR WALLET INTO THIS COIN! That would be ASININE!
NOTE: BCC is symbol for Bitconnect in HITBTC Exchange. It also represents other coin symbols in other exchanges!! DO NOT ALLOW STUPIDITY TO REIGN!!
NOTE: Risk management is PARAMOUNT! Emptying a wallet into any single trade or coin has no hint of a de-risking strategy. It stinks of pure GREED! YOUR ACCOUNT COULD GO TO ZERO with such reckless trading!!
Bitconnect (BCC/BTC) as shown in the HITBTC exchange could be putting in the bottom of an a,b,c correction. It could already be complete. I've labeled the five subwaves of the red C wave. Subwave labeling, for me, serves as a quality control mechanism. In other words, by identifying the subwaves, the confidence level increases because it shows my waves having high likelihood of being correct. Remember, my method is NOT a crystal ball! It simply identifies as many possiblities and narrows them down to a handful of probabilities from which I select the primary and necessary alternate future price pathways. It's a method of probabilities and not certainty.
If the bottom is in, the BCC should start impulsing up in five waves as shown by the white waves 1,2,3,4,5. These white waves themselves become subwaves to a higher degree of trend wave 1 (blue). Now look at the pattern that could result. I call this type of pattern discernment "Forward Discernment" and is a vital skill to acquire. The pattern I've drawn is that of a very large, rounded Cup & Handle. This pattern is one of the most popular bull patterns in the cryptosphere!
Here is a higher resolution showing how even wave 5 of C has been subdivided into its own subwaves. By doing this level of subwave counting to this level of degree of trend resolution, one is trying to gain additional confidence that the bottom is likely done.
This is exactly the same process I used to call the bottom on Spread Coin (SPR) back in early November when it was $0.19 and forward discerned the Cup & Handle. When I had called the bottom on SPR; many had doubted saying it was a dead coin and that the website had not been updated since 2016 and how it will never rise again. Today, it rose as highs as $3.05 or 1,500% since my recommendation! Elliott Waves states that News & Events shall arrive to justify the forecast. I'd like to see what news or events will be put out to justify the current massive rise of SPR! This give proof that price moves the news and events and NEVER the reverse.
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!!
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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.**
Other problem, Haejin, the numbers you showed does not match with BitConnect. At the moment, BCC (bitconnect) is $403,95 USD , not $3.05. As you can see at https://coinmarketcap.com/currencies/bitconnect/#markets .
Maybe, just maybe, you are talking about another coin, cause there is so much confusion about the "BCC".
I think you are confusing his Spreadcoin example with his Bitconnect prediction.
$3.05 is the graph for spread coin
And, yes, I also think BitConnect, the one with $403,95 price is a ponzi scam, like Herbalife and others...
It is for Spreadcoin, it happened with me too, when we don't read the post completely and want to figure out quickly what is going up, target & exchange to buy it. BITCONNECT is a scam but may be it will survive to tell a tale, I don't like the way it is spoiling the reputation of other cryptos also.
I cannot believe we are seriously discussing Bitconnect as a trade-play. When this scam collapses, it will leave a huge dent in the credibility of the crypto space in general.
bitconnect is a SCAM, please do not promote bcc
see also https://steemit.com/cryptocurrency/@blockchainbros/the-end-of-bitconnect
That's what they said about SPR....however, 1,500% profit is the result.
Seriously man, bit connect is almost 100% guaranteed to be a ponzi. Have a quick read here and I'm quite certain you will be convinced.
That being said many many people don't seem to believe it's a ponzi so your prediction is likely accurate all the same, bit connect will probably behave just like anything else until it goes to zero overnight. I know you believe in pure technical analysis but this is completely manipulated.
I realize you have included a big fat warning there but in the interest of "doing no harm" it might be worth being very clear that you are talking about the value of the token, in the short term, rather than the underlying system.
Upvoted for visibility.
i invested a bit before when i was brand new to crypto - and it is making returns - but small. i decided to cash out instead of reinvesting - and only do so when BCC price drops so i get a better reentry. but there are so many factors. if BTC skyrockets technically will lose money. jsut doesnt make sense in the end if you keep track of satoshis and BTC (correct me if im wrong tho! still learning..)
I like the disclaimer at the beginning, with so many newbie gamblers coming into crypto trading it seems necessary! :)
CORRECT Thanks again for your blog I made KABOOM MASSIVE PROFITS IN SPR! haejin here is some of the practice i was doing !!https://steemit.com/trading/@ryan313/spreadcoin-correction-in-progress
this is not healthy for blockchain, there are enough coins to be promoted: ven lisk ltc etc.
Of course you can make some $$ but what are you supporting here? I have been in bitconnect for months and I would have make 5x my money if I just held my Bitcoin.
This time I disagree @haejin, you do need to read the news on this one, this time.
I don't think you will feel good promoting this after it crashes, you know I'm on your side @haejin. So I hope you will consider the news on this.
Scarlet, could you talk to Bernie...err Randowhale...err I flag trash to see if you can get @fractalfreedom off of the autoflag list.
...and fractal, I fought bot with bot. Sent you a randowhale upvote to get your latest post back in the positive. Keep up the good work.
Analysis is not a promotion. This coin analysis was requested. ALL buys and sells are SOLELY the responsibility of the end user. You MUST do your own due diligence.....this is not a buy this coin blog.
I guess the war still rages! You can't make peace with these types.
All my comments are flagged!
Maybe the troops could visit my latest post and send some love.
I agree that analysis is not promotion. But I seriously warn for good reason. But peeps are free to do as they wish.
That is from the State of Texas who also trying to bully USI tech and others.. give me a break. They have no control over a foreign company such as Bitconnect or USI, and could never bring BitConnect down.. please stop spreading the unnecessary FUD!!!
And they aren't even trying to bring it down. They just say, This looks fishy and doesn't follow the state laws in place for Securities trading, basically.
Gracias la idea es seguir ya que el invertir este tipo de paginas tiene su riesgo como cualquier inversión, es estar dispuesto a ganar o perder hay que tener nervios de acero...
You can be right AND still wrong.
its not a scam until it scams !
But once it scams, It would turn out to be a scam the whole time.
but if got your ROI it wasnt for you lol
and the SEC is already onto it
See:
People have been spreading FUD for over a year but bitconnect is still standing and paying out. Can you find one person they have scammed? NO! Can you find one person they have scammed ? NO! .. hmm
LMAO, reading this comment now after the news is telling.
hahaha!
I wouldn't touch this POS with a 10 foot pole. Ponzi Scheme!
It would be nice if you could do a new analysis of NULS as the target was reached earlier.
bitconnect is a 100% pure ponzi scheme .... it should not be promoted like this... not even if you can make money from it .... not by @haejin
its an insult to other coins
How can you state its 100% ponzi? Are you the owner and no in fact that it is? You are making speculation and saying with 100% certainty?! What do you think a central bank is? They are ponzi schemes.. when a bank loans you $1000 and charges you 8% where does the extra 8% come from to pay the bank back? Think about that.
You are right to a point but central banks are likely to be able to keep the charade going for a few more decades at least. You can invest in a ponzi, knowing it's a ponzi as long as you think you are in early enough. I can't say I'm 100% sure it's a ponzi but I'd say I'm 99.99% convinced.
It's no skin off my nose so please feel free to ignore this but if you want a little friendly advice, read the post linked below with an open mind, then get your money out.
https://steemit.com/bitconnect/@crypto-investor/the-bitconnect-whitepaper-maths-of-a-ponzi
RIGHT RIGHT AND RIGHT
hahahaha!
You must be a promoter or have some skin in the game. Take your emotions out of it. Have you ever looked and calculated out how much the bitcoin you gave them is worth now? Verses the returns you get from their platform? The #'s do not lie! But do as you will. Be mad instead of research.
Very informative post
thank you for warning
This coin is heavily manipulated as the vast majority are owned by the bitconnect founders due to a huge pre mine. They can restrict supply as they choose. The only purpose of this coin is to facilitate (and act as a cut out for) the bitconnect lending program, so it’s not news that will affect price but supply being throttled by the founders.
News never drives price.. sentiment does.
News will arise to justify forecast and NEVER the reverse!!
Not in this case!
Heard that many times before.....and no, Haejin isnt always correct, but more times than not. Remember....there are coins that are useful and valuable, coins that are useful and have no value, coins that are useless and valuable, and coins that are useless and have no value. What it does or doesn't do rarely comes into play.
And manipulation
Usually I jump at anything with 10x or greater potential. Not this one though I couldn't invest in it in with clear conscience.
bitconnect is a ponzi, please don't promote.
@haejn did say it's risky. A quick get in get out trade of few days wouldn't be a problem. For anybody who wants to know about the fundamentals about BitConnect here is a old post you can read: https://steemit.com/cryptocurrency/@vimukthi/trevon-james-vs-vitalik-buterin-in-depth-analysis-commentary-on-bitconnect
As I don't review fundamentals and base it only on price, I am not aware of that. I will review for such potential harm BCC can bring to others. Thanks!
Thank you @haejin for considering the news.
Analysis is not a promotion. This coin analysis was requested. ALL buys and sells are SOLELY the responsibility of the end user. You MUST do your own due diligence.....this is not a buy this coin blog.
I dont think that he is promoting that people sign up on bitconnect. But yes, definitely a ponzi scheme and good to warm people!
they push their own coin, they just scam the people for their bitcoin, the exchange is mostly themselfes, you exchange your btc in bcc and than in dollars when you want to invest with them. your invest rises when btc rises, but not as much as you would do in holding btc, so do their coin aswell, later you get for your dollar investment less bcc so less btc than you actually invested ;) i think they will just can continue with many stupid people who dont care - so very careful with open eyes, there are much better options out there!
Agreed!
say what you will about them but I have made my return on investment and they pay me profit every day which i withdraw to my own wallet :) can you show me another ponzi that does that?
Google Bernie Madoff, he did it for decades.
Exactly :)
LOL the whole point/methodology of a scheme is to "prove" that it works by paying insane amounts to participating "partners" in the pyramid. This has two functions, it grows the pyramid because participants advertise to get more people involved to make more money, AND it appeals to humans greedy nature, making you invest more in the scheme! When the pyramid is large enough for the owners to profit massively, or when people become aware that is it a ponzi scheme, they run of with the money!
I'm not a huge fan of bitconnect but I don't think it's a ponzi/pyramid.
Ponzi schemes are inherently unsustainable, while bitconnect is completely sustainable.
As long as the "trading bot" holds a fair percentage of coins it will be able to pump up the price and then sell a few coins to pay out lenders.
It looks a lot like a ponzi because of the referral system, but it isn't.
There is absolutely no proof that the trading bot even exist, come on!!! Everything about this company stinks of a ponzi/pyramid scheme...
and also you say "bitconnect is completely sustainable." - I don´t think they allow anyone to go through their finances OR the technology behind the so-called "trading-bot".
This company has so many secrets, and that is dangerous for investors and traders.
Did you read anything I said? The trading bot doesn't exist. It's just a cover up for price manipulation. As long as they can continue to manipulate the price of bcc coins it is completely sustainable.
okay, so it is a scam which is sustainable for now, until it is no longer sustainable at which time it will crash..
But I do understand that you are not promoting or defending bitconnect.. Just think that it is dangerous to invest in, I studied business economics and so I feel that it is the responsibility to those with knowledge on a subject, to communicate risks to others who might not understand the risks they are taking..
Nothing I said was pertained to you, and I am glad you started this healthy discussion :)
Hopefully other readers can learn from these comments and make good trading decisions.
Somewhat agree, but in the case of a long crypto winter, they would not be able to sustain the price and would collapse, also at some point the owners (who by the way are unknown) decide that a few billion is a good score, liquidate and fold it.
Very informative! I will not be putting money into anything to do with BitConnect though, the company stinks of ponzi scheme... anyway, I would love an update on our beloved BitShares - I am a bit confused in my analysis at the moment, it seems that things are still phased with bitcoin. How should we play this game of BTC value rising, vs holding/selling alt coins? Thank you!
Haejin is pretty clear about not considering news or rumours when he does coin analysis. His predictions has been very accurate and I'm curious how the news will justify this chart analysis.
I'm also mind blown that the price has not been affected by these rumours.
About the price, in trading it is called "dumb money".
dumb money is very valuable to smart traders
LOL in deed, who else would we sell our coins to when they have reached the "top"!
Bitconnect, while widely frowned upon, is not a ponzi or a scam.
They make all of their money through price manipulation. The users sell the BCC coins for bitcoin, the trading bot buys them as they go down and then pumps up the price by selling to itself at a higher price.
Thus, I think there may be a degree of uncertainty when it comes to elliot wave counting this coin. The basic principles of sentiment do not apply to the bitconnect coin, as it has no value without the lending program.
This may still be a good trade though. I bought a bunch around $240, as I knew they were going to pump the price at some point.
I do not have BTC on Hitbtc, is it worth to deposit some there just for one trade ? Are there other exclusive coins/pairs on hitbtc that are worth to deposit there ?
HitBTC seemed OK the few times I used it but I only used for short periods and withdrew quickly when I got the coin I wanted. I would stay clear of Bitconnect though at all costs, it is a ponzi scheme and it will not end well.
I don't like this ponzi coin, but thanks!
U are a very good analyst. Probably the best.
A pleasure to read as always, Current thoughts about STEEM? Seems really bullish right now.
Hej everybody .
Just want to share this video with the community as many here are new and have a lot to learn, this video is a good place to start learning about trading like the pros!
His other videos are also good, so I suggest you watch them and learn :)
That’s nice! Thank you
You are very welcome. Remember that this is about trading in general, and not crypto-trading, but most of the principles naturally still apply. :)
How do you think or what bitcoin price predictions in 2018 will it rise or fall?
I want to survey some people's opinions
Nice write about bitcoin
Is Bitconnect really a good suggestion? Ive always seen it as a very well organised scam... perhaps Im wrong. But Ive always advised against it for anyone that's asked me...
its a ponzi scheme.... stay away.... should not be promoted ... not even if you make money from it
not for the risk adverse, but i have made my money back and get paid every day. If you can get in and out your home free ....until it eventually fails, I just hope that day doesn't come for a while and I can continue to make money from them.
我又来了😀
Thanks for the analysis, very good as always. However, beyond the technical analysis, Bitconnect is known to be a ponzi scheme. Just search Twitter or Youtube for the word' Bitconnect' to find all sorts of warnings about this fraud.
Big posibilities for all of us and because of you so thanks again big analyst. But for all be carefull with bcc. These just an analysis not an advices or certitude. So pls be smart. Not like me;)
Take care
P&U
https://www.ssb.texas.gov/news-publications/4-billion-crypto-promoter-ordered-halt-fraudulent-sales
This could affect TA?
https://steemit.com/steemit/@gireesh/social-revolutionary-changing-to-get-paid-for-browse
Good fren
I love reading your analysis because they are always very well-written. Keep up the good work Haejin!
Thank you!
Thanks the commentatorss for the heads up.
Yes it's a scam.
https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf
How does this whatsoever make is a scam?! LOL
I agree @jeff747 with your question as it pertains to that cease and desist. It is very clear that the state is enforcing the Securities laws already in place. Scam or not, all Texas is doing is enforcing the local law in accordance with the protections determined to be necessary in securities offered both in the US and abroad.
Thank you :)
Check this out is free money
https://steemit.com/bitcoin/@s3cr3t/free-bitcoin-up-to-200usd-every-hour
Stop spamming this link or it will be flagged as spam. One post...ok, but I see all your comments are this link that leads to your referral page. It is common practice to fully disclose that you are either affiliated with or making a paid referral to a page or service.
Thank you, it is getting really annoying that so many are spamming our community!
Too risky invest in them
Always loved your posts Haejin but this one I do not. You should not do technical analysis on a ponzi!!
it sounds good. but I made my invest rules, so I won't buy that.
Still fingers crossed all of you! @haejin 's chart analysing is very reliable.
.
We respect your technical analysis, I request community not to buy this even it can bring them profit, it is an insult to other cryptos who are working very hard to make block chain revolution possible for our generation. I wish the community wisdom with this coin.
thanks Haejin, can i get a PLBT analysis
Great analysis but no BitConnect for me.
posts that can be very outdoors, teach us that we can post the right, greeting steemit
It is a ponzi, which is a shame because it will end up giving Bitcoin a bad name in the fallout.
follow me plz
https://steemit.com/@omarid
Are you the Cypto Prophet?. After 8 Hours I see this on coinmarketcap $$17,318.00. Kabooom. You are a genius. I need Nirvana.
haejin!! Thank you, your Post.
Excellent very interested I do not speak English but I translated and I liked it a lot. I follow you
Bottoms Up!!! Thank you for your technical analysis @haejin . Keep up the good work :)
https://steemit.com/bitconnect/@cryptorep/bitconnect-scam
I think there is a contradiction