Bitcoin (BTC) Morning Update: How to Remain Calm in a Correction
SUMMARY
NOTE: The Video has much more details, more than that can be covered in a summary.
Bitcoin (BTC) is likely starting what should be a final lower low towards the $8k or $7,500 or so regaion. IF the symmetrical pattern holds, as it has now since early January, then the final wave 5 of this diagonal should be reached soon. It will be in this region where the Fib 0.618 regiona lies. The chart below shows a fractal in play and how the first white support line in the blue box was broken and currently, the blue support line in the white box is expected to be breached. The purple lines are the tentative landing spots. I will be counting the subwaves of the final leg down as that will provide a good sense of the "geo" positioning.
This chart illustrates the diagonal wave count 1,2,3,4,5 and IF correct, we should be in the final wave 5 leg. The bottom of this wave 5 should be near the bottom line of the triangle. Given the contracting nature of this pattern, wave 5 is also the shortest!
How do I remain calm? Awareness! More specifically, awareness of the big picture. In light of the below, the current correction, with all the fears, panic selling, frustrations and blaming.....it's a correction and a healthy one for that matter! I believe we are in a wave 2 of a higher degree correction. What comes after wave 2? Wave 3 up! And wave 3s are not weaklings! They are the most vigorous, violent and extended amongst the five waves of an impulse. So, from this persepctive, I patiently await the bottoming of this correction, keep my powder dry and ready to deploy.
Legal Disclaimer: 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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bitcoin soon wil be insane same for steem:D
Bwahhahahahahahahahah! Thats Funny right there. heh heh.
Anyone that has at least 2 Bitcoins is a rich man..... :0)
LOL!!!!
hypnotize you
Those are the real bitcoins
Rising tide floats all boats!
I agree, these are my thoughts
https://steemit.com/btc/@coinhelp/reasons-for-crypto-bear-market-jan-2018-why-bitcoin-is-down
Maybe you unvoted me because you don't realize the memes are all in good fun. No one is necessarily jealous or upset here. There's a Bernie meme as well as other steemians. How could you think it is a personal attack?
It's good to see a meme, it lightens the mood to those who don't like to wait for the market to go back up lol. But neither the less It's all about the waiting game now. I don't want this to be true but I do so I can get more Bitcoin.
Your an elite source of information. Thank you for your content!
Fixed! Sorry about that Netuoso! I had voted for you before as @transisto recommended. Thanks for all your Witness services!
Thanks. I just wanted it to be clear there was no attack
It has been quiet and nice to see my followers/comments not get downvoted by berniesanders and his squad. However, we'll have to be ready for anything.
That is going to change, just wait.
Yeah that war is a little crazy. All of Steem knows you two. That's why I figured I should add both your pictures.
Much success haejin
Used to love this game, is there a MTG community on Steemit?
So... this may sound really dumb, but in my month on steemit, I saw some back and forth between haejin and berniesanders - and it was kind of wild. I pretty much assumed it was just some random guy with the name of berniesanders; but then I saw someone did some art card that pictures the politician Bernie Sanders. So I'm just wondering, what is this beef about?!
I can see from this post that haejin seems to be steeped in cryptocurrency and analysis (and I personally know nothing about any of it, but am attempting to learn) - but it's surprising to me that berniesanders would have strong opinions about crypto analysis? Maybe I'm being ageist here?
Can someone point me to a link that explains the underlying conflict between these two guys?
The most recent post about wars https://steemit.com/whalepower/@charles1/should-steemit-inc-impose-maximum-daily-post-limit-in-order-to-control-reward-pool-rape
Got it. That IS interesting. Thanks for the link!
I wish my comment wasnt downvoted...
Sadly, the users are suffering from this war. Please stop it and do something constructive with your time, both of you.
I wish you MASSIVE profits!
Speaking of MASSIVE profits, I am watching the following pattern on the Coinbase chart and preparing to pounce should it follow-through as expected.
I might not catch the exact bottom etc. but I will ladder in if possible and add a nice chunk of BTC to my Bitcoin stack. I'm feeling good about this as it also goes hand in hand with your analysis on the Bitstamp chart.
Good luck to all!
I'll gladly take your vote too @haejin 😀
A brave call to buy bitcoin here.
https://steemit.com/bitcoin/@salahuddin2004/update-on-bitcoin-buy-this-fear-and-dip-at-this-current-price-usd10380
My bitcoin was all mined so I'm not worried about any correction. I can afford to ride this out to the end.
"Good morning, good afternoon, good evening depending where you are in this world..." this is becoming like a daily melody to my ears :) Thank you @haejin for the updates and the helpful tutorials.
Bitcoin rocks!
Bitcoin has incomplete targets to the downside at $8800, based on ABCD pattern. If I was in a buying mood, that's where I would place my buy orders.
I would consider this not a correction but more like a redistribution happening in the crypto market, due to the massive amounts of altcoins out there now. We should not forget that bitcoin is oldest on the market, but new players appearing with an increasing rate, and the total amount of new money flowing into crypto is distributed over all the different crypto currencies. Some of them very promising other just junk, but still the money is spread over all these coins, instead of flowing into bitcoin alone.
Thanks Haejin!
@haejin to the haters in the morning report...
Hahahaha!! Very good!! @ruffrcrypto
I agree.
Hopefully this shuts up the "salahuddin2004" trolls since He said it wouldn't drop below $10,800. But then again, I've muted all of them, so oh well
¯_(ツ)_/¯
It won't. He's already saying that it hitting $9700 doesn't mean that it broke $10k support (which shouldn't even be an issue because his lowest buy recommendation was at $10350). I really wanted to see BTC at $8k for my own personal gain but now I want it even more just to rub his face in it.
good article.