Bitcoin (BTC) Morning Update: Wedge Pattern is Still In Play!
SUMMARY
Corrections are notoriously difficult to Elliott Wave trace and path given the 36 possible price twitch combinations. This is when patterns provide that additional guidance. The below chart shows a potential triangle and if $10,890 is targeted as wave d of the abcde; then the e wave would be next. However, when the e wave is at the top line; propensity of price is to decline.
IF the secanrio of the larger ABC is to be valid, and BTC is currently carving out the red B wave; its subwaves are shown as blue abc. Since c waves always have five subwaves, this means that the blue c wave needs to be impulsive as shown by the white 1,2,3,4,5. It's still in that mode and not yet invalidated.
The descending wedge pattern is not yet off the table. This means that the small uprise of price that seemed to be like a breach of the upper white line could be a bearish wick. The decline would be a welcome trajectory towards $8k or $7.6k or so to mark the bottom of this correction.
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.
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Thank you Haejin, we all curious where this will go the next days/weeks!
One thing is for sure...we will go up in the long term!
This time next year should have most much wealthier!
looking forward to that journey the next 12 months!
@haejin, did you ever think of the fact that it could also be possible that BTC is becoming a more stable coin by now? Meaning it keeps going between 10.750 and 12.750 without any agrassive up and down movements. If so, BTC and the other coins become more seperated from each other. Of course it can be possible it ever reaches 20.000 or so, but in a much longer time period?
Why the BOEM down to 8.500 and BOEM up to 30.000?
It doesn't happen between Euro, Dollar, Yen and Pounds is it?
Interesting viewpoint, but with this market cap I think we are far from stability
I hope so. Here is what I am looking at this morning on the 30 minute Coinbase chart
14k for sure.
https://steemit.com/bitcoin/@salahuddin2004/update-on-bitcoin-buy-this-fear-as-i-mention-earlier-it-is-a-dream-that-you-would-buy-bitcoin-around-usd7500-to-usd8500
48 cryptocurrencies which price get in and out. Detail here!
https://steemit.com/cryptocurrencies/@salahuddin2004/top-48-cryptocurrencies-pending-price-target-and-their-due-dates-when-they-will-hit-targets-28-01-2018
that would only be the start ;-)
this guy is not an Elliot Wave analyst. Mixing up both shows how much you have zero knowledge in TA and how greedy you are. Go back to kindergarten.
i was only replying to the 14K ;-)
Unreal, this guy makes $$$ off of copy paste posts, with very little content multiple times on a daily basis. On one hand, well done financially. On the other hand I’ve seem some incredibly inciteful original posts on steemit. I rarely find them trending and they never seem to credit the author much. All that aside, I am new to steemit and glad to be aboard. I’m not a huge proponent of TA, this seems to be such a speculation/whale based market. Rumors make $$$. I do however use regression lines (several monthes) as a guide of when to buy/sell. I generally use these rules for alt coins. I will post some original content soon about my thoughts on the crypto currency world. Happy trading and good luck, Mark
I agree his analysis is general rubbish. He is pushing out original quality content by spamming stemmit.
Circle of competence is not followed by most crypto investors. Most don't even know how BitCoin operates, how many coins are in circulation or how many are mined a day - or when mining STOPS. Half of them don't even use GDAX they are on CoinBase paying crazy fees. So why are we surprised they follow this junk. As long a someone says BitCoin is going up VOTE VOTE VOTE as if it makes a difference. ^^ As such Mark this is the only sensible post you will get to your comment.
Check out https://steemit.com/@cryptovestor this guy is good. Get following him. I have watched him for a while he is using his knowledge of Forex inside Crypto. Clever aye? Going long or short he is going to provide you with news feeds ahead of time to help balance out those trades. As you know news feeds mean EVERYTHING, they move the markets. We can't predict those feeds but we can be ahead of the market by knowing about them FIRST.
Stay on top of Asia that is my tip. Those guys can move mountains - as they do in Forex they do it in Crypto.
I wake up at 2am every night to follow those fellas. Thanks for the feedback, I followed your guy, looks good.
Anyway, interesting to see if those predictions are going to work.
A wise man uses every tool in his toolbox paying particular attention to places multiple methods converge.
Sometime i feel these technical analysis is not really a right thing for crypto market (for time being)
https://steemit.com/btc/@coinhelp/reasons-for-crypto-bear-market-jan-2018-why-bitcoin-is-down
Have a good week, keep posting no matter what, people love it!
Steem on ;p
This correction has only been a few weeks, but it feels like forever for some reason. Lets see what Feb has to offer.
Here's my sentiment summarized.
Yes, that's the more of a bear flag scenario.
No longer breaking out. It's taking a real beating now.
btc will rise in feb after 10 feb it can reach 13k easily my calculations
Why exactly that date?
Chinese New Year will have passed
Many possibilities but all lead to the same direction...DOWN!!!
for now.....after that correction we can look up again. Personally i would be happy with the correction ending instead of the thread of it not being finished yet!
Absolutely up after the correction but we must be patient. The possibility that @haejin eluded to of the whole wedge being just "a" in a big abc correction is pretty interesting. Imagine that we drop to 8k for "a", up to around 14k for "b" and back down to a new lower low "c". Two nice buying opportunities for big money to come in and take us to 30k :)
You are so rigth about that....being aware of it could make us BTC on the way up and down!
And not just BTC, if it bounces around the alts will see some strong movement again as well.
Place your bets folks...been hearing for weeks how these coins have to hit a new bottom in order to begin climb back up to new highs...meanwhile...zig...zag....zig....zag....triangle down....triangle up...
Meanwhile...@salahuddin2004 posting that the trend is up...no crash down to $7,000-$8,000 range...so its a battle of the TA heavy weights...
@bobreedo , reality @salahuddin2004 best analyst.Look at his Neo Gas and Litecoin and Ethereum Prediction as well.All in Profit.He gave buy signal at 100 neo gas 47 litecoin 164 and ether 960 bitcoin 10k.All in Profits
Once again thanks for the update @haejin. I posted about a possible fractal forming in your last few updates and BTC movements seem to be conforming to this. Posting the picture here for the community to consider.
Again, this would add to the position that BTC would revisit 8k levels and below.
coolly noticed!! ))
Well done! There could be one more down.
Bitcoin struggles.