Bitcoin (BTC) Evening Update: A Directional Resolution is Needed
SUMMARY
Bitcoin (BTC) is still within the boundaries of the symmetrical triangle. The bottom support line of the triangle is holding. This remains as my primary count as shown in the below chart. IF the a,bc,d,e waves of the triangle is still in play, then wave d and e remains next. The price and MACD are diverging where price is making higher highs and the MACD is making lower lows. This is called a positive divergence.
Here is a closer look for MACD. It is hitting an all time LOW!! The red circle area is showing that the daily MACD is at an all time low and yet the price is making higher lows. This level of positive divergence is not usually indicative of a crash scenario. To bring BTC to well below $10,000; MASSIVE amounts of renewed sell pressure needs to surface because the MACD is already oversold from a historical perspective.
My alternate count remains as the a,b,c zig zag correction. Still, the all time low of MACD being able to throw down the price to sub $10,000 or lower will be a daunting task for the sellers.
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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Why did you flag a fundraising post for someone who was struggling? Don't get much lower than that ...
Is there anywhere I could see proof of that? I'm not a fan of this guy as it is considering all he does is say every crypto is going to go up in price, every post, not exactly great information. But yeah I would be interested to see that...
https://steemit.com/hendrix22lovesyou/@hendrix22/hendrix22lovesyou-needs-your-help-for-a-fellow-steemian
Can you provide a link to the flag please?
I'm still waiting to see a big volume spike to indicate a bottom, it should come sooon....I hope.
The correction and me....
Epic. The MAC can go down some more but I'm watching for it to level out... I think we'l be done with correction as the month is nearing its end. The same is true for many other coins
you mean it will last 2 weeks this correction?
Recent bear market lasted over a year. This may not turn around anytime soon!
No, we're all confined to Bitcoin hell forever !
We'll wait and watch till we have lost a third of our money, then withdraw and never come back, so that a) the rate stays low and we can b) tell everybody how we were led by the nose plus c) claim we were right from the beginning !
There's no way out of this without vodka ;))
Jamie Dimon said "The chickens who invest in Bitcoin will pay the price!"
He meant, the price needed to make it smooth going for Morgan Stanley.
So we oblige him of course, it's not that we didn't know that small folk are supposed to do their superior's bidding.
At least if you are correct, fees and transaction times should come down!
For what, Bitcoin ?
Well... I don't know anyone who cares about transaction fees for Bitcoin - when I hold Bitcoin, I hold it at an exchange, I never use it for transactions. If I would hold it for longer, I'd transfer it to a wallet but I haven't seen the need for that these last weeks, I went between alts and fiat and Bitcoin, and whenever I sent funds elsewhere, I used ETH. I honestly dont know anyone who uses Btcoin for transactions, so why would their price be such a decisive factor. Bitcoin is for investment only these days.
It was a joke!
But there is no way I would hold btc on an exchange. Mt gox and several others should demonstrate that’s an easy way to lose the lot. Especially given the crash! Let’s see who survives!!
BTC prediction:
Bitcoin correction is just starting on monthly. At 11,8k now but I expect to see 5k before trend reversing back to bullish after accumulation.
E:Hoping to be wrong. Bitcoin is in totally different place now as it has been in earlier but we have been going up for a long time. Bear market is as natural as Bullish. If you just plan to hold, cost averaging is a good plan. No need to check the charts, just buy some every now and then.
I can see how you're the leading authority about everything on this network, so I guess that means bitcoin is out of business for many months now.
Till after "accumulation," of course. What do you say, should we all invest in Bitcoin Cash, because of the marvellous technology it offers, and its great future ?
Quite defensive reply. Top is clearly in. Just pulling your leg.
I'm not leading authority, just a dude pulling predictions out of a hat like haejin, or you, or anyone else. I haven't looked what the charts look for Bitcoin cash so you need to ask Haejin for guidance here.
Don't get me wrong, I hope BTC isn't in for a long bear market. But judging by its past history, what goes up, comes down as well and in crypto the coming down can be brutal hence the "bitcoin is dead" shouts.
Gotcha.
What you need to understand is that humanity is a bubble, "the economy" is us turning the environment into trash and selling the resulting gadgets to itself for intra-species amusement.
This just as a general explanation about what's going on in the "market" - the crypto market is an ideal example for this, people selling each other ideas and as long as they believe in them... believe in Islam and you'll happily go to paradise, for what it's worth.
Believe in Bitcoin, and Bitcoin will rise.
But there's lots of utter amateurs in crypto now, some on borrowed money - they are extremely paranoid and many are probably unable to wrap their minds around what's actually going on...
Though folks like @haejin will deny it, that is a decisive factor, it's THE factor - and the highly deliberate, almost reliable China FUD, the BCH action by The VersTM and talk like yours here are having a destructve influence on the morals of these people, this is why I'm critical towards the attitude, Elliott Waves and the rest of TA or not.
Because all prophecies are sorta self-fullfilling.
This is very satisfying for the doomsayers, as they can point at the results, saying : "See ? I was right "
But I have a solution, and it's really simple - all we need do is kill the batsperson...
So you're trying to hype the prices up? And trying to educate me? Wow. I've been there and I rather not live in that "bubble". Saw what it was pretty fast.
This kind of behavior will just end up making the people you wish to "protect" to lose money. No matter how many times you utter "up up and up", it doesn't matter. People can see the charts and will act accordingly. Joe with 20 dollars doesn't matter much in grand scheme. Smart money does. No amount of chanting together will change their opinion, as they don't care about what hope you're trying to sell to newcomers.
They will make money the same shorting as longing.
When even the mention of possible bear market is hissed at, you can tell what's up.
But to make it all right, btc to moon! Just repeat after me and it'll work.
I like your way of thinking, really, but huuuge amount of money are coming from standard finance, even JP Morgan want put money in, and BTC is first mover (and will upgrade). They want buy cheap so they pump hard and dump slowly to induce huuuge dips. Just my opinion. Hope you are right for the end of the month, my alts are going down/correcting and I hope to see them go up as soon as possible.
BCH seems to form some sort of triangle, so bullish I guess ...
Almost everything is in triangles, all is bullish - it's just the prices that are going down. Who cares about a little detail like that ;))
Thanks @haejin for the update. I would also like to add by noticing the fractals, in the screenshot below. The patterns are near identical, and differ only in scale.
havent noticed this one yet, good job!
Wow, you're good :-)
Now we can even see the dip, I guess it will go up and down one more time with same pattern, will be very funny :-)
TA is rubbish to the best of my knowledge.
Monkeys do better or the same as TA.
Anyway, you want my opinion about Bitcoin? It is old, outdated, technology, that some still speculated in, one day it will begin to go into a serious bear marked. No-one knows when.
https://www.reddit.com/r/BitcoinMarkets/comments/6dpadt/evidence_that_ta_works/
no we do not want your opinion.
Good, but I will tell you monkeys outperform TA: https://www.automaticfinances.com/monkey-stock-picking/
Your article doesn't prove your point, and is therefore disingenuous propaganda.
I knew it before even clicking it.
Monkey's don't "outperform TA", they outperform mainstream fund managers.
You must be doing real well then
went from $100 august 2016 to $50000 now... what you think is that well???
Like you say any monkey could have made 500 x return over that period. But a monkey who could do proper TA could have done 5000 x over the same period. There are thousands of different systems of doing TA, the vast majority put forward by monkeys and then there is the 1% that actually work like EW. Take a look at the thousands of Analysts that use EW and 99% of them are monkeys who do not understand the principals of EW or just do not have the ability to chart properly. TA done correctly by a technician who understands and applys the principals correctly works 75% of the time plus, which is all the edge you need when trading. TA works its the monkeys applying it that cant.
look at your picture, it is clear who the monkey is.
i think he means it in racist way! like haejin is asian and some racist like to call asians chimps! these persons will get their karma showed up wide up there big asshole!
I guess you are not talking about my comment... all I am saying is that a study with monkeys picking stocks outperformed TA or did the same...
In the end no one knows the future...
so better to buy something of real value to you, like Steem and Steem power and then stop the trading... thats what I do.
hehe glad you liked my picture.
didn't bother to open the link - but this is TA and not stock picking ?
clearly you know the difference ? you do don't you > ? do you ?
you don't - this isn't stock picking or crypto picking but TA
nice pic- bet you pick up all the ladies
I am talking about that TA is rubbish, since it has always been... many studies have proved that ... yet people fall in love in the idea of following TA, since it give them a sense of edge over the market...
I dont think I will succeed to wake people up to this truth, since his TA posts are very popular... so I will just let people be fooled... TA is like gambling
going in blindly Is gambling - when you can study charts and patterns for years and see similar outcomes - then you have a advantage - really not that hard to understand - do your own study , who the heck listens to studys ? dude you are your own study , give it a try , F what you read
segwit, lightning running on testnet.. you might want to keep yourself updated.
and nothing wrong with TA provided by haejin, what are you ranting at? upset about the ongoing pullback? His analysis is very valuable since it teaches you to be aware of several counts so that you can react accordingly and won't suffer any FUD but enjoy the discounts.
"segwit, lightning running on testnet"
Nobody uses Segwit, because it is garbage.
Lightning isn't operational, and it's an off-chain solution, ie not crypto, ie centralized, ie bullshit.
Propaganda much?
lightning is running on testnet, how you would consider it as not operational? I will remind you by the end of Q1-18
You choose Monkeys or Haejin's TA, the result will be the same... https://www.automaticfinances.com/monkey-stock-picking/
or you listen to me: The best crypto in the whole space is STEEM and the best project is EOS.
Add Bitshares... and you have the most powerful basked in the whole market.
Buy those 3 and HOLD (or HODL, like they say in crypto)... and you will win over Haejin's TA and monkeys... fact is that there is nothing new in what Haejin do, TA has been around for ages and have always been rubbish!!
I will keep telling this.
nothing wrong with the picks, I'm bullish on EOS/STEEM/BTS as well and won't argue with you about it.
anyways haejin's analysis provide so much awareness of the possible outcomes which is where you find the real value. many analysis will be stuck in their prediction and are unable to adjust, but not haejin (I've seen many!). he provides several counts and at the end it is a game of probabilities. it helps a ton to be aware of several possible scenarios and it protects you from any kinds of FUD which might lead into some panic sellin or whatever stupid decision. I can only talk for myself but this guy helped me a ton buy calming my mind.
also yes, BTC might be a prototype, and anyway it still has a huge dev team and is the crypto flagship that drives the whole market and opens the gate to the crypto world (and this wont change in the next half year)
I have tested TA and looked into it severel years ago. It never made real sense for me. I understand the concepts but still I couldnt find any evidence that TA outperform holding (or hodling)..
Personally I stopped trading and speculating a lot time ago, now I only buy if I like the fundamental and I can see a strong use case of the drypto.
In the end its only Steem that has that (for me at-least) and where I see EOS and Bitshares having those huge use-cases in the future.
But yes I know many many people speculate in crypt alt coins and bitcoin... its just something I have outgrown.
"segwit, lightning running on testnet" can I laugh... I have heard about those technologies a long time ago, they can't compete will Graphene /which Bitshares, steem and eos is build on", if you ask me.
Also Steem have a real utility, we are using it right now... where as Bitcoin and almost all other ALT coins are "just" money and speculation or bad products.
BTC = gold / LTC =silver /ETH = gas/oil / BCH = cash
Like it or not, it's just the way it is ... for now at least, even if not already used that way ;-)
STEEM is the best coin in the whole market and EOS is thebest project... all other coins are inferior to those!...
So that is why I will outperform most traders buy just buying Steem!
TA is rubbish... check my post on the topic from yesterday.
I've asked your monkeys, but they've never heard about Steem, so sorry mate I have to disappoint you
We need to make a steem monkey... it could outcompete ether Kitties... anyway I am just trying to wake people up to the truth.. TA is rubbish...
The world want to be fooled.. as the saying goes...
I have diversified my investments in top cryptos, but ripple.. your last prediction was so accurate but I missed it by 1 day & I still regret that.
2018 is just a few days old, dont blame yourself and enjoy the ride
Enjoy the ride.. ofcourse.. I have a target of 250k USD.. am not even close.
where are you at now if I may ask?
near 20%
well in this case I honestly believe you will achieve this goal, just don't get confused by this january low. if you track the btc price you will notice that january usually is the ATL of an upcoming year.
I'm in a similiar situation and I'm very confident to achieve my goals for this year (also made a little portfolio check with haejin who believes the same).
Best of luck and a successful 2018!
thanks.. you too.. I wanted my goal achieved bit faster.. well.. lets see
@Haejin: Furthermore to my post from the last three days. There is a breakout from the Triangle. It can go down to the next support area near $ 8500,- to 8000,-!
https://steemit.com/bitcoin/@vonbuelo/bitcoin-btc-elliot-waves-bull-cycle
https://steemit.com/btc/@vonbuelo/comparing-btc-sell-offs-and-what-to-expect-now
Anything is possible and if you watch the video, that is an alternate count. Personally I believe that it is highly unlikely and the correction is an ABCDE triangular correction. Keep up the posts though you should be right and haejin wrong on 1 in every 5 of his predictions and then you will be able to pat yourself on the back for being a good analyst.
Maybe you misunderstood my post a bit. I don't want to blame Haejin here. My goal is to present and to discuss different alternatives. It's like Haejin often says in his videos: TA is a game of possibilities. So, stay calm. P.S. I had studied economics and have been working in asset management since 2001. I really don't need someone else feedback to know my skills. ;-)
I wont say any more. Your last couple of sentences say it all. Now that I know your credentials, I will definitely take your TA with a pinch of salt.
With your statements I will take your TA skills with a pinch of salt. vonbuelo is correct
You are right to take my TA with a pinch of salt. I am not an analyst. I play around for my own amusement.
lol..... Still think it's an ABCDE?
The flag became more an more probably the more time it sat on the bottom of it.
we are all aware of this count since it is what haejin is projecting for a while already as an alternate count
except for TA wont help you if you dont read up on news. all this news (real and fake) going around caused the panic sell. TA is great as a supporting tool but it sure as hell just lost people a lot of money
@vonbuelo I am a big @haejin fan, but I also alternate or similar ideas. Keep up the good work both of you!
When you use images like the falling btc, I know that you want to create fud and that is it. Take the emotions out of your TA if you want to be taken seriously,just my 2 cents
You're welcome. Thanks for your feedback!
Hoping for a big pickup soon. Sub 10K scares me.
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We should always listen to what Mouse says, we've been living in a #mouseutopia for decades now.
Cute little mousy knows what he is talking about, lol!
$100,000 BTC by 2020? HODL !!
What ?! $1,000,000 by 2020 !!!!!!!!
But I heard they predict a loaf of bread will cost $100,000 btc by 2020, so I am depressed, must go sell all my alts so I can pay rent one more month, boo hoo.