Bitcoin (BTC) Mid-Day Update: Capitulation Phase??
SUMMARY
A correction has a beginning, middle and an end stage. The mid stage is called the "Capitulation" stage. This is when holders sell, sell, sell out of fear, fear, fear. They are not able to see with clarity or beyond the simple arithmetic of their paper losses. The emotion and fear get the better of their decision making process and finally throw in the towel. Such activities often occur during the wave 3 of 3 which extends the most in length and violence. This is the stage when reason and analysis matter none to those who have succumbed to the sentiment of fear. Recall that sentiment is a dual state: Fear & Greed.
The below chart is showing the wave 3 of 3 labeled and it could still have further to go down. However, let's see how the overnight price action takes this capitulation phase of the selling. If the price declines below the red C level, the next "landing zone" will have to be utilized for the potential bottom of wave C. However, we are not there.
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This dip has invalidated many of the previously posted elliot counts. Aka it basically invalidates your supposed TA. Are you going to do recounts for them? Looks like you were just stabbing in the dark with lines and shapes if you couldn’t warn that most coins were actually in a wave 5 and a correction imminent. Instead posting that impending “explosions” were nearing.
Look at the number of crossed wave 1 and 2. And crossed wave 1 and 4s there are. Violating elliot wave rules.
It's still a triangle, and can still be a 535 ...
You're actually right... I was looking at other coins, for example Lumens and there is this long red wick, and it just turned green... and now tell me what this looks like.
It looks like a bloody bullish wick ;)
Coins are sill waiting to go up...
Im talking about the 10s of altcoins he analysed in the last 2-3 weeks. Many of which have had fundamental violations of elliot rules according to his counts
Wave 4 can reach the level of wave 1 if it is only a wick. Also, TA is only a forecast of the future. It is not correct all the time.
Take a look at this : https://steemit.com/haejin/@robbie222/my-view-on-haejin-an-unbiased-opinion-new-followers-should-read-this-before-investing
Top Cryptocurrencies Pending Price Target and their due dates
https://steemit.com/cryptocurrencies/@salahuddin2004/top-cryptocurrencies-pending-price-target-and-their-due-dates
Looks like Haejin’s accuracy figures just went down from 80-90% to <50%
Ok first off, Haejin cant predict the future since he doesnt have a delorean or a flux capacitor. But what he does have is 20+ years of knowledge of doing this shit for us. Mind you he doesnt have to do this for us but he does anyway. I honestly dont think anyone could have predicted another big BTC correction since we already had one on december. Everyone just needs to stop being a fucking pussy and swallow their fucking pride and take the hit. Honestly if you cant handle the loss, then either dont buy crypto or log out of your accounts for the next few days. js
I agree with you
I find Haejin's posts very useful for me and in average 3 out of 4 levels he advises are awesome points of entry /take profit for me
Is he doing this for us? Not for the 100-600$ rewards/post ?
If id be haejin I'd do a post every 5min.
Many of his elliott counts have been fundamentally invalidated. If 20+ years cant help you predict a drop more than anyone else, what the hell’s the point. Probably get more value out of just buying and hodling.
Exactly.
Just buy and hodl, and buy the dips.
You would be called stupid if u did not do your own due diligence on each transaction. Haejin is only putting it out there , but you must confirm and follow each trade and make the best decision at that moment
That is when you constantly call higher hights when everything screams bearish. Myopia. It is easy to say everything goes up in extremly bullish market.
You can't blame him. I did my own TA on the coins and saw that many of the altcoins have bullish setups. However, Bitcoin just dragged all the coins to hell.
That's exactly what Bitcoin does. Coins are still to much related to each other. When BTC goes down 98 or 99% of the other coins are going down.
..........and when people really get into fear, they even jump out of a window that's above 300 feet. We've all seen it.
KAOS Theory never dies
Haejin is a master in his field. I have personally gained a lot in both knowledge and dollar wise based on his analysis. If you find his predictions wrong then you should follow someone else. Don't just sit and cry here. Remember TA is just a tool to help you to stay ahead of the lot. It's not a crystal ball.
Strong master who predicted the exact opposite of what happened. A monkey can say shit will go up in a bull market. Takes skill to call when to pull out. Let alone not constantly calling for the exact opposite.
Current correction pattern is one of the very first calls Haejin made when it first began back around christmas. If you followed him for a while you would have seen this and also understand the school of thought for this method. Your comment is ignorant. If you don't like it, go somewhere else.
He’s the one making all these claims he’s a master. What proof does he offer of his experience other than what he says. Also, shouldnt he be a multimillionaire already if he’s such a master of trading? You do know he’s making 10s of grands a week from steemit posts right?
So why are you here? Why don't you find someone else to follow as it is obvious you are not doing your own TA. You totally miss the point. Better sell before values drop further! lol.
How does every coin display the same correction pattern as Bitcoin? Almost exactly.
I understand that Bitcoin is the big daddy and its influence on the entire market but why do coins correct the same if they dont rise in the same?
Here's some screen shots i just took off my phone.
I did notice that too. BTC and NEO were exactly a one on one reaction with each other. The only reason I can find is that BTC and all coins are to much related to each other. Not showing this while going up can only be explained because of the madness that went on. We all did buy a lot of shitty coins that gave us 200 to 6000% on profits. Even cryptokitties were sold over $ 100.000,--. That's absolutely total madness.
I could have showed another 12 coins who's charts look identical to what i showed already.
Look at them again closely i really dont understand how they can all move the same, they look like the goddamn gold medal winning synchronised swim team for christs sake!!!!
This means people are buying and selling at the exact same time across multiple coins at the same % rate of decline and rise and in the exact same timeframe?
This surely can't happen naturally?
There's no way multiple coins can all move identically like that.
Anyone else seeing this?
Anyone got another explanation?
Haejin??
Feels like the twighlight zone
A lot of trading is driven by bots. That's how you explain the very similar price evolutions. The same algortihmic setup across a lot of pairs produces the same result across a lot of pairs.
AI learning human behaviour, this may be the work of Sophia
Whhoooooooo The Twilight Zone..........spooooooooooky. Now you really got me out of crypto's.
tidi tidi tidi tidi tidi
tidi tidi tidi tidi tidi
You have to truly believe in what cryptocurrencies represent for society otherwise you will give up everytime the market is against you, I personally believe in the decentralization of money and finance so it doesn’t really metter what happens.
Weak hands go panic sell though and it is what the whales and institutions want.
My weak hands are holding dollars now. Your strong hands might hold worthless coins. Be carefull. It's all going down! When the real fear starts in: Massive sells are gonna take place.
The whales and institutions are getting their grip back more and more. And the institutions is the part you have to be most affraid of. They can pump and dump all money out of everyones pockets. Trust me!
You contradict yourself here.
I'm a little confused by this analysis - I thought that we would have seen over $20K after January 8th and in a moderately higher range right now? Yet now we're talking a possible $9000? I don't recall ever seeing the 20-22K?
Can anyone explain in more detail why this is?
Two reasons - EW are never guaranteed in time scales - for better time frames you need to add in other factors such as resistance/support levels, Fibs etc - most of which Haejin just ignores - works well in a bull market - not so much in a bear market - when the market is running - i look at Haejins predictions - put them into a spreadsheet and come back to them 5 days later which is typically when they are about ready. Also as Haejin says - news will always arrive to justify the TA (which i think is crap). Lastly Haejin does not care about price or the realities of the market - so if it goes down by 50% before it hits the targets you can just add in another couple of corrective waves - check out Philakonecrypto - he is much better with timeframe and disciplined trading
A lot of negative news lately, articles still being written about a Korea ban which is not true they are just putting in regulations to combat money laundering. Warren Buffet has some bad things to say. Some stuff with China.
I thought haejin said to never listen to story's?
BTFD!
Big Picture guys!
Check out my page for more material.
Don't worry, just hodl!
Đijaaaa!
It's not like this correction is an anomaly in the least. In fact, it's a freaking annual event.