SUMMARY
In life, nothing is written in stone. Why? We live in a world of imperamanence. That means the only permanence in this world of imperamanence is change. So, my perception of a coin like 42/BTC is that it will not remain where it is in price. The most ideal way to determine the probable direction is to effectively use Elliott Waves and Chart Pattern recognition. While the chart pattern below shows a generic pattern, the resulting potential breakout could be surprising, Most are surprised whenever trend reversas occur.
From a micro Elliott Wave perspective, the handle formation seems to indicate an abc for the handle formation of the Cup & Handle scenario.
The below chart shows the likely price move where the terminal C wave could not yet be complete and so current buying spree should be laddered, at best.
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 shoud 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.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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I have a general question pertaining to crypto; I've noticed for example LTC, XVG, and OMG have all had strong rallies right 'out of the gate' preceding the BTC bottom. Can I assume that this is a bullish indicator for these coins? And conversely that the coins that haven't done much - less bullish sentiment overall?
My experience is that when a market is correcting and a position hold up, it's very bullish.
Thanks for your input!
Let's see what happens this time.So far the market is going nice as your prediction.You always told that market will turn back and that happened,thats why i have complete faith in your observation.Thank's for the post.@upvoted and resteemed
Yes it seems Haejin was right. It is a well spotted cup and handle formation in this case as well...
Exactly...........i agree with you. .nice post and work
me too!
I am very layman about the problem of coins, I follow your post article and I have started to understand, you are not a financial analysis but with your posting is very helpful to people like us and your analysis is not much different from the fact that happened @haejin
BTC Update thanks for info
Looking into coinmarketcap I'm wondering whether you (@haejin) even could manipulate with this coin - daily volume is only 6k and you have some influence on Steemit...
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