1st Blood Sees No Bloodbath but a Buying Opportunity Ahead!!
SUMMARY
1st Blood is putting in the handle formation of the Cup & Handle pattern. It isn't going away. A correction often can feel like the whole ceiling is falling on you. For many who have never experienced a correction, the psychological pull to exit and throw in the towel can be strong. Such actions are often what causes the "Capitulation" stage of a correction. This is when there is a sudden surge of sell orders because many are selling out of fear and disgust. These poor souls don't understand what the Oracle of Omaha's famous quote means: "You want to be greedy when others are fearful. You want to be fearful when others are greedy." Easier said than done, for sure!
The chart below show the $10.05 target as remaining solid. The handle coincides with a wave 2 and that means a probable 50% retrace of wave 1. That handle formation would establish the base for the next run up. Bear in mind that the handle pattern to morph into any other pattern or Elliott Wave type of corrective count. However, it would likely mean a different pathway, but same destination.
The close up of the handle pattern can be counted as an a,b,c set of corrective waves. The red c wave can also be further subdivided into five waves (white 1,2,3,4,5).
The BTC pair is still in the basing stage and could start climbing and build the right side of the forecasted Cup pattern. However, as it lags the /USD pair, it will still likely follow the pattern pathway.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Nothing to worry about in my opinion. We had the exact dip on 22 December then BTC bounced back up to 16k and 17k. It's another buying opportunity. Keep your head strong and HODL. I wrote about that yesterday if you're interested https://steemit.com/cryptocurrency/@drakos/the-market-fluctuation-and-the-law-of-conservation-of-money
Interesting thank you for sharing!
Hey @haejin what do you think about the market right now with the big dip in bitcoin and the rest of the alts dropping from 20% to 40%. This correction was long due on bitcoin but whats this mean for alts? Would love your opinion.
You should do an overall state of the crypto market. People are being stupid and panicking. But some of us know this is a great buying opportunity since most coins have lost more than half their value
most of coins wont recover ;) only strongest will survice and shi-tcoins will die. This is good this is .com 2.0
I think you are right, I'm not really experienced with technical analysis but in my opinion think it's about time for bitcoin to take a bullish trend it's just a matter of when; as altcoins have been getting all the attention lately. But I think shi-tcoins like you said will not resist, sometimes this kind of scenarios are healthy to clean the cra-p, coins. but BTC, ETH, Ripple, Cardano, Nem, XLR Litecoin, NEO, IOTA, DASH this coins should not have any problems recovering, well this is my opinion only.
@ehrmannii i hope your right! less shitcoins getting people's money, more solid cryptos getting invested in!
I’m not sure about that. I think a lot of coins will come back up. Even “shi-tcoins”. I dont think people are going to stop investing in useless coins for a while. But we will see. I think the market will bounce back strong soon. I hope there is another day of major losses like this. It would be great to get into coins at an even lower point. And i hope SBD shoots up before other coins.
It is a phenomenal opportunity to buy right now (in my opinion). I believe it is another chance to be an "early adopter" like in 2011 if you bought bitcoin then.
Yes I'd love to see analysis on alt market as a whole.
People are reactionary by their own human nature. It is the mark of a good investor to go against this 'natural' response to normal market fluctuations. HODL! (Or Buy, whatever stage your at!) :)
Be greedy when others are fearful, and fearful when others are greedy - Warren Buffett
IDK what to do with u my friend Haejin. Your words are soothing but the outcome is bankrupting
think of it positively as you can buy low, people expect quick turnarounds
Gran post amigo, mucho éxito y buenos deseos para su blog,saludos desde Venezuela:)
Very good post friend. I already follow you and I invite you to go through my blog maybe something you like and you can support me with your vote.
Is 1stblood available on exchanges yet? And is it going to be a good buy plain and simple?
on Bittrex
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