Bitcoin (BTC) Evening Update: #1 Always Expect Corrections, #2 Have the Trend on Your Side, #3 Make the Trend your Friend
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SUMMARY
I read a book once that said to get excited when you see a divergence in your stochastics, but a simple trend following method is always smarter. A Masterful statement!
The key to Technical Analysis is to identify the trend and its direction and then follow it. This is why Technical Analysis is nothing more than identifying as many possibilities and selecting the most probable price pathways. A Technical Analyst is a trend hunter.
The below shows one probable outcome where the correction could be complete and we can see a fresh set of impulse waves. However, this is not my primary as it goes against the "Hurry Up & Wait" syndrome. Granted that Bitcoin doesn't have it as bad as the Altcoins, it's still something to consider.
This is more of my primary count. I fits to a zig zag type of a correction. Many newbies would panic to see a correction of this type but a seasoned Technical Analyst is not because to him or her, the forest is clearly visible.
Here is one view of the forest. After the correction of a,b,c; the original trend resumes and that's up.
Here is a bit wider scoped view of the forest. The current correction woudl fit very well to the below price pathway probablity as well. So, let's see what happens in the next few days. Video has more details!
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
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Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: 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.**
Quote: "Watch it, spend some time. Get up a little earlier in the morning, half an hour a day. Watch one video, practice counting. And a good way of practicing to count....Ill show you...then buy these books. If you have been following me for over a week, and you don't have these books yet, or have not yet ordered it. SHAME ON YOU."
LISTEN UP NEW FOLLOWERS, THE REASON YOU ARE HERE IS TO WATCH THOSE VIDEOS AND READ THOSE BOOKS!!! THAT IS WHAT WILL MAKE YOU SUCCESSFUL, NOT WATCHING AND ASKING FOR COIN CALLS!!!
If it's not worth your time to watch the videos to try to gain a lifetime of wealth....well.....just give up.
The links are in the post and collected here:
https://steemit.com/bitcoin/@crypto-bot/haejin-crypto-analysis-official-archives-tutorials-and-lessons-must-view
But why not praise the people that are studying and learning instead of shaming the people that are just making orders. I understand your frustration but positivity goes further than shaking your finger at people. Do you have kids?
People who are studying and learning, and people who are just making orders are two very different people. You do not have to choose to address those groups the same way. There is plenty of praise in the videos.
This is not frustration. This is to help those who are putting it off. It is a shame. It is a shame if you know the value of the content. If you do not, then you are missing out on learning how to better your trading self. If you do not want to be your best trading self, what praise shall I dispense? Are you not wasting your time and money for yourself and your family? If you were to sink 100k into a new business, it would be an absolute shame and disservice to all those involved if you did not do the proper reading and research, and you set yourself and others up for failure when the information is out there to be successful. It's not only out there, but you are standing in the same room with a master of the technique.
The reading and research necessary to understand how to navigate the market. This is what is sitting in front of you. If you choose to ignore the experience to help you learn and make yourself the best trader possible, that's a shame, and I believe anyone's family would agree that you need a smack in the back of the head if you're losing money and this information is staring you in the face everyday. Unrealized potential is a shame....especially when you have the tools for the job right in front of you. No frustration here. If someone is successful in their field, and they tell you how to be successful, step by step......and you choose to believe that what they said is not the truth or is not the whole truth, then your logic is very questionable given they have been where you are at and have paved the road for you to follow them to success. You can bump your head on trees all day if you wish, but I hope all those out there who realize what I said is a rally call to get off your ass and LEARN will view the videos and read the books so they don't die from loss of blood over time.
Alright that is more clearly stated with more positive vibes! I'm a agricultural consultant and I understand what you are getting at. I have had clients that weren't putting forth the effort to improve their knowledge and skill set, but when I shook my finger at them they regressed even more however with positivity they were more receptive to constructive criticism.
Thanks for bringing up the subject and I appreciate what you are trying to bring to the community!
It's all about helping all others to manage the market better. I am currently sitting here watching Squawk Box, and they just spoke about Bitcoin for about 10 minutes at the start of the show. Not one person on the panel knew what to make of the movement of BTC in the last 24hrs. Not only that, but they don't even know how to use BTC or what it really is...nor do they realize that there are huge markets with all these coins.
Here, with us, is a man who understands the movement beyond explanation. In the future, the information here will be looked back on as GOLD handed to the people who pay attention. No one knows what's coming next for sure, but mostly nobody has any clue. The clue is right here, waiting for a simple click. Thank you for supporting haejin, we hope he is here to help us learn to do more on our own for a long time to come!
Well said. Come on MASSIVE PROFITS!
I always seem to be hoping for corrections, as I am always wishing that I bought more BTC a month ago. I suppose that is how everyone feels these past few months.
@haejin there is a strong linguistic prediction of 13,800 from cliff high, and I know this out of the scope of TA, however, I am intrigued by the correlation of technical analysis and this linguistic prediction. I am also surprised at the acceleration of BTC before this Feb 2018 timeframe in which the 13,800 prediction was being made. I do think there is a special momentum coming into the market, and we may be seeing unprecedented financial resources enter the crypto market. In other words, their is a special panic around the world where people are putting their money into bitcoin, and this is perhaps an outlier case of several sigmas beyond technical analysis. Just a hypotheses.
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STOPI upvote all your post and give you much steem!!!
GOOOOOD NIGHT;)
Hi Haejin,
I really chose the wrong day to finally buy some more btc yesterday. I thought I should rebalance with all of the alts I had. Very silly I guess. Firstly thank you for all of the interesting stuff you've posted over these last few months.
When I do a simple fib extension from the start of wave 1 back at the start of the year it shows btc perfectly hit 4.236 fib at the top of the 5 wave count. I think I did it a few weeks ago and forgot. The top of wave 2 at the 0.618 fib on the retracement is exactly 5000$ so I guess this is a likely destination. Unless it's really bloody the .786 is 2000usd.
What have I learnt? I wasn't patient enough, I was fomoing. I was very exciting by bullish charts and the 15k I'd made in two weeks. My investment was up to 80% of all that I saved in my time in the military (about 50k EUR) well the 15k got wiped just last night. I had been thinking recently that when things go with crypto it will be when a conglomerate of whales say it's time. And I think it had been agreed that yesterday was time. It wasn't a retail sell off in my opinion but an organised one.
So given we perfectly reached the top fib then we're going to 5k or 2k. The 0.5 fib is 6k but not so much resistance there.
Now I have to decide whether to step onto the sidelines at a loss. As painful as that would be it's probably the right thing given btc is halving which will mean we see market cap back to 150 billion. Tough times.
Good luck to everybody.
Hmm I really don't think this correction is over. I have seen a swing of 2000 dollars in minutes, 2 swings of 1000 dollars. 3 swing on eth 410 to 460. It feels like the correction that bounces a bit for a day and then resumes down. I am actually sitting on the sidelines for now. My gut says its going to be bloody red when I wake up tomorrow.
Yes, his primary count indicates that.
Then don't sleep ;)
Sleep is overrated. BTC doesn't go to sleep.
God bless you my brother - listen and learn to this words of haejin.
Thank you for the update.