RE: Bitcoin (BTC) Mid-Day Update: Waves and Pattern Project $10,387 or higher
The main problem I see with most haejin followers is that they are too narrowly focused on Technical Analysis and not good with Fundamental and Macro Analysis.
The bears are not going into hibernation quite yet. This upwards movement is probably only going to last until March 26th, when China makes its' formal announcement that it is launching the "Petro-Yuan" to compete with the U.S. PetroDollar. I think this is going to have a big effect on all financial markets. This event will cause a lot of FUD. Also, big wall street money - about 4 large firms - are working on filing papers so they can offer crypto-assets as a part of their investment funds' portfolios. They are going to want to enter BTC soon (sometime in April), and they're going to want to get the price shook out to as low as they possibly can. I would guess they'll do pump-&-dumps several times to shake out as many as possible, driving down the price as low as possible so they can buy very low. I would not be surprised to see the price go south of $6K, or even $4K, followed by a massive spike upwards.
There is no big difference - FA or TA. The main thing is your belief in one or another. 🙏
My main point is that haejins' triple-daily updates on TA are not needed. Maybe once a day - with some kind of an "alert" post when major signals are confirmed or unforseen news events coincide with TA triggers - like the recent G20 event happening to coincide with the price hitting strong levels of support, signaling a short and significant uptrend. A lot of people already watch trading, all day long - but we don't feel the need to rape the SteemIt rewards pool by posting a non-stop commentary about it.
At first, I thought that haejins' detractors were just being @$$holes. But, when you look at all of the consistent self-upvoting and $#!t-posting of 3 BTC updates every day - I see that they do have a legitimate gripe.
Action always creates reaction. It's pure physics. When You dig deep enough You'll find that Haejin started to upvote himself to counteract downvoting war started by Bernie Sanders.
Besides Haejin I follow 3 more analysts, not here, on tradingview. They are super popular there and if there was some kind of payment system there too, I'm sure they would be accused of "raping" reward pool there :-)
They post 4-5 times a day on tradingview. Is it excessive? It's not if You try to benefit from a lesser degree elliot waves.
Yes, I watch charts all day long and during most days, there are situations where I'm forced to change or question my wave count. First I create my prediction, then I browse through analysts' predictions to either find out they think the same or to augment my analysis.
So what I'm trying to say is I personally wait for each BTC update.
Try to accept some of Haejin followers, like me, simply believe mixing TA with fundamental analysis is a mistake. Elliot Waves method and all of Haejin's analysis are based on it, assumes news are events are already incorporated in predicted price pathway. It may be hard to process and feel illogical, but there are people, me included, believing in it.
If it interests You spend a few minutes to read Haejin's essay linked in the bottom part of each post.
I use fundamental analysis only before initial investment in particular coin. I need to determine whether I want to support and believe in a project. I ask myself whether existing or future product truly resolves a problem and I check the team. When everything's ok, I switch purely to TA.
Besides Elliot Waves principle, I truly feel trying to fundamentally analyse such a volatile market, with extreme probability that some thunder news (good or bad) will hit each day, adds nothing to my predictions. It's just too many variables that make whole analysis worthless.
What I'm trying to say is that people like me choose to focus on pure TA not because of laziness, but belief that such method is more effective.
One funny thing - next BTC wave up could very well finish around 26th of March. Haejin's primary count since more than a week predicts this moment as a end of wave D of triangle forming since the beginning of this big pullback. After D there should be wave E taking price down.
If this happens and price goes down after 26th, You can say You knew it because of fundamentals, I can say I knew it because it was already imprinted in Elliot Waves. None of us will change their mind, but it's ok, as long as we both act on our predictions and profit from it.
If that helps you to make some bucks then why not.