Bitcoin (BTC) Evening Update: Five Waves + ABC
SUMMARY
We know that price has to breach the upper white trend line in order for the bottom to have a chance to be called. The blue Elliott Waves show the probable pathway, should price exceed and stay above the upper line.
The closeup of price action shows waves 1,2,3 are complete at micro degree of trend and wave 4 is likely in progress. Once five waves are complete, there can be expected a requisite abc correction. Price is likely to bounce around the underside of the upper trend line.
Note how the initial white waves become subwaves to a higher degree brown wave i and the abc become subwaves to wave ii. This means if any wave can take Bitcoin above the upper trend line resistance, it'll likely have to be a wave 3 of 3 because it possesses the personality and vigor to do exactly that.
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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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Upvoted for being such a great supporter of the Steemit community!
Thank you for posting. Big supporter. Much Upvote. Please follow me and vote for me much.
Woah! lol
Haha it's ok when bull maybe lol
Haejin I have some very good news for you and people who follow you and those who have doughts about your knowledge about Elliot waves.
I will let you know tomorrow in the reply section of your post when you will do the morning BTC up date (post).
Someone very successful wants to know your opinion on HYPERWAVE .
Thank you for the update. Is your primary count still ABCDE in a downward pointing channel or are we forming an ABC correction at a grander scale?
I made an update too, check it out if you have time. Would love some feedback.
https://steemit.com/bitcoin/@benkalashnikov/bitcoin-btc-analysis-update-2
I'll wait to see what happens, until I overcome the long-term resistance, I do not rule out that it will go back down to $ 8500.
Yes, I think it lacks when compared to haejin's. It's generally less convincing, given that you can't come to a conclusion.
Guess I wasn't clear enough then. My primary is the first count, and secondary is "scenario 2".
Nice read.
I think your optimism for this evening may be a little bit too high. We still have to ride out tonights' impulse - if we get one - (maybe 10,800 - 11,200), watch it come back down to around $9,750, then wait for the 3rd wave - which still has to breach the $11,800 area. That's a lot of "what-ifs" in there that still have to play out to confirm a bull movement. It will probably take at least another day or two for that to play out - but it could take much longer than that. People should not be losing any sleep watching the price action tonight. If the pattern gets confirmed, it could happen late tomorrow or the next evening - at the earliest. I'm waiting to confirm a couple of more bounces off of a higher low (9,750 range, then higher) before I start thinking about what level to take some profits at.
But, you need to get real with your TA - the action we need to see probably won't start until next week, if we see BTC trading higher than it has been this week, then you can start thinking about calling in the bulls. Right now, this seems like so much breathlessness and hype about not much. The overall price-action of the current BTC chart isn't making any really clear signals just yet. Jumping up and down several times a day, post after post after post - it's just not necessary. You're turning into "the boy who cried wolf." Yeah, something is going to happen - but you're yelling it out, all the time, over and over. You would do well to wait until your patterns get confirmed, then cry wolf - or BUY, BUY!! I guess that's the differnce between traders and investors, though. If you're already in your position before the next bull run, and you keep a daily eye on the price action, you'll do just fine. There no reason to tune in for 3 daily updates on "all the action" that just isn't quite happening, yet.
Haejin updates levels of probability as things reveal themselves... He is not making calls and predictions as you claim. He offers insight to probable path ways forward, this in turn augments our decision making process. I constantly watch for his updates not because I make decisions based on his information but because he offers a higher degree of EW counts than I ever could hope to. Often I see things and then wait to see what Haejin has to say to augment my position. You are blaming the weatherman for the weather... Yet all he is doing is providing us updated information as to how the storm is looking. You can wait for the storm or good weather to arrive or you can prepare yourself for the highest probabilities of where and how it will be. This does not make his information worthless if the weather suddenly changes direction. I don't give a flying fuck if people think it should do as he says and it does something different... He's does TA and never claimed to be a crypto prophet... You attach that title to him yourself.
Thank you Haejin you are greatly appreciated by those that understand what you are doing... To those that don't, sorry for you!
Actually, far from calling him a "crypto prophet," I think I called him, "the boy who cries wolf." I never said his TA wasn't any good - I said his TA is repeated too often. It almost approaches the level of spam. I didn't really understand everyones' criticism of him up until now. I'm not saying, "Please don't tell me that it's a nice day." I'm saying, "You already said that twice, so... thanks, but, you can stop now. I know it's a nice day."
I think people's chief complaint here is that these posts are, "raping the rewards pool." Posting 3 times a day about BTC - not to mention all of the other posts about several other coins - is a bit excessive. Eating a piece of chocolate cake is good. Eating 15 pieces...? Stomach ache. I mean, these TA's and his thoughts are great - but only in reasonable doses. Sure I don't HAVE TO look at them - except, they're all over the hot and trending and new and everywhere you go. People just like to breathe sometimes, so don't suck all of the oxygen out of the room.
and yet you're re-steeming @haejin's posts?
Sounds a bit like sour grapes.
Yeah, I resteemed 3 posts in the last... between 6 to 13 days ago. But, how many dozens of these posts in between did I not resteem? They weren't really worth mentioning. The last really big pattern shift occurred about 3 weeks ago - a possible upwards channel. It looks like we tested the bottom at around $9,400, but it needs to test/confirm it again - preferably a bit higher - before you can call it an inverse head & shoulders. We all want that - it would be great! But, until we get that confirmation, this is all a bunch of hot air. The "news" since then isn't worth 50 posts about every little dip & dive. We could be looking at a completely different pattern by next week. You're making my point for me: too much of a good thing is actually bad.
I take the point that at this particular moment, 3 updates on the TA of BTC a day don’t really show much – most of us are waiting to see what the market is going to do. But look, if the guy wants to post about BTC and 10k+ people want to read a single post then it’s just simple supply and demand and as such I don’t think it should be considered on a par with spam. I’d imagine that there are countless posts on steemit that don’t hold any interest to you – why single out @haejin for special attention? Is it because he is making money? Would you turn down the opportunity to do the same? As you’ve already stated you could ignore the posts or just mute him.
Good luck with your upcoming trades
Also remember that each post is a tutorial for Elliott wave counting students...
Well said. They come on here criticising as if they know better. They don't, that is why they are negative in perspective. Cup alway half empty not half full. He even upvoted himself.
I'm not negative about taking profits of about 18% on my trades, so far, this month. And, my silver stack just grew heavier. So, I'm pretty happy about that too. Cryptos are great! Silver in my safe, at home, is even better. Somebody talking in my ear, saying the same thing over and over again - that's not so great. In fact, it's starting to get a little bit annoying. I'm not flagging anybody over anything - not like it would make any difference, anyhow. I'm just voicing what I think a lot of other Steemians are feeling/thinking about this topic - and trying to do it in a slightly more reasonable way. It's worth some discussion, if it avoids an all-out flag war.
@gtapps - just go onto tradingview.com and you can have access to all of the detailed charts and tools that you need, for free. All kinds of other people's charting, chatting, etc. Focusing-in on one analyst's work is a big mistake in this space. It's good to develop a broader picture of a few good TA's before you make any trades. I hope people aren't using this as their only data point. It's one data point, which may be pretty good, but it's not the only one. I use haejin's info. sometimes myself - and it's done me good.
Oh grow up, he is posting so often because he is making money this way. Every post is about 250$ so why not double or triple it?
Thoughtful comments sir
Yeah - I've been waiting for this magical wave 3 for weeks now.
Thank you for posting
Thanks for the analysis, your wedge count was on point; I owe you an arm and a leg for keeping me aware of price pathways. Completely agree about the fact that this potential 3 of 3 would be the final straw to break the camel's back.
Amazing
Haejin! Could you please do an update on GCR?
He never upvotes anyone who's not him.
How can we buy steem?
With blocktrades and coinbase.