Bitcoin (BTC) Morning Update: Is the Correction Over?

in #bitcoin6 years ago (edited)

SUMMARY

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As of June 4, ALL Crypto Analysis will be posted on the BitcoinLive channel and Steemit will be dedicated for Equity, Commodity and Options Analysis. To Signup for the BitcoinLive limited Founding Membership slots, use this link: https://get.bitcoin.live/haejin/

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Yesterday, people got pretty nervous with the Cryptos declining to lower lows. However, those are the times when awareness keeps the panic away! The below chart shows that the ending diagonal was shorter than projected. The blue lines outline the last remaining five waves down as an ending diagonal; which is fitting for a wave 5 of C corrective sequence. The burst in price is taking an impulse sequence as shown by the white wave labels. Is the correction complete? Let's take a look at the longer term.

Price exceeded the 0.78 Fib level slightly as had been discussed over the past several days. The bull flag is also likely to be executed to the upside price action. I believe the correction is likely complete but the breakout needs to be confirmed. Confirmed how? The earliest steps that needs to be taken are the price needs to breach the upper white line of the bull flag (white arrow) and do it impulsively. So, let's follow the price action this week to see how that plays out.

What keeps me excited is the MACD pattern. As projected, the lower blue trendline was slightly pierced to make a bull wick event (yellow circle). I believe it's only a matter of time before the MACD breaks to the upside. With contracting blue lines, the MACD almost has zero mobility and that compression has to be released soon as it can't be contained for long. The price is also showing a massive bull wedge and now the bullish Cup & Handle is likely complete and soon to get confirmed. The 2018 boom is approaching and with patience and discipline; time is on our side. Remember, fear and greed repel profits while patience & discipline attract it!

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Bitcoin is set to soar ... great time to buy! :)

I am buying a bunch of DIG / Dignity ... It is the ONLY Crypto Coin Backed by GOLD! :) You can get it at livecoin.net

"ONLY Crypto Coin Backed by GOLD!..." That is 100% false! Please stop spreading false information to shill your crypto pumps. There are plenty of other gold back cryptos out there: http://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

I hope the correction is over :)

Great article! Everyone is freaking out from btc people to altcoin people everyone just need to chill out and hold the prices will do up the market has been taking quite the power nap we will see all-time highs soon enough.

yeah looking good thanks

@haejin please give us an update of Bitshares (BTS) alot of people invested money in this coin.

please give us an update of Bitshares BTS

I really hope that the correction is over, I have been in the market for a while and have experienced some dips, but always hope it will recover. Even if in the short term we are a bearish I remain positive on the long term. If we can have these major dips in the market happening that fast it may be possible to have growths that will be as big or bigger. I am remaining hopeful.

Great analysis and thank you for your time! Here are my two cents:

Three reasons why I do not believe correction is over.

  1. Close below 50 week MA
  2. Bearish TK cross on weekly Ichimoku Cloud
  3. Gap in volume profile

We are still oversold in the short term and I expect a rally over the next 2-14 days. However, the correction is far from over IMO!

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Haejin, isn't it thinkable for you to just keep doing the bitcoin updates on steemit too? personally i'm not sure i'll follow to the bitcoinlive group... but would be too bad for ur loyal followers that cant afford a membership for your group... cheers