Bitcoin (BTC) Mid-Day Update: Micro-Elliott Wave Counts Point to $7,965
SUMMARY
The magnified view of Bitcoin's (BTC) correction is shown in below chart. The key is that the blue waves are pointing towards a region of $7,965 or so. That region is quite close to the Apex (the point at which two lines of the triangle intersect). I believe green wave 4 is likely to be a bounce prior to wave 5 touching the bottom white line of the wedge pattern. While a bullish wick move is also expected, the support can't be broken decisively. It needs to hold even if price temporarily pierces it but needs to return inside the wedge pattern. Green wave 3 should complete today.
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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Thank you for this Post, i am just holding my coins....
Looks like this is it !! another few days and this will be all over and a new beginning will start. If im not mistaking this looks like a "slingshot move". For this to happen the masses must be wrong. Like a boat when everybody goes to one side and tip the boat to one side and then everybody scrambles to the other side and tilt the boat in the other direction.
Some may even fall of the boat ( weak hands )
Time to stock up! Sadly I invested most of my money about 2 weeks ago I should have waited. At least it's a learning experience for next year! Btw I like the drawing it lightens the mood up
yeah me too xD fomo ....
It is all a learning curve. My advice is study Bitcoin, follow people like Trace mayer, and Andreas Antonopoulos. Most uneducated people dont understand why Bitcoin hold such a dominance, some actually believe ripple, dash etc are better...lol The best minds in the world are and have been working on Bitcoin for the last 10 years.
When lighting comes, boom, the rocket will go off, melting every other alt coin.
I did the same mistake. Such low prices and I cant enter. Damn! Those who are cashed up will make it
yes! Phenomenal buying opp coming!
Phenomenal buying opportunity coming? I've already filled the first rung of my ladder. lol
Another rung coming up soon. :)
@haejin @kwaman 8,5K gonna be the first bounce, pullback 8,5k again and the perfect bounce 8k.
Humble opinion
https://steemit.com/bitcoin/@thomasawa/btc-usd-update-01-02-2018-multiframe-analysis
https://steemit.com/bitcoin/@thomasawa/btc-usd-01-02-2018-update-2-complete-ta-fa
Yesss!!
Yeah, I'm really hoping your analogy is correct. I'm holding for now, but looking back on it all I would have been better off just waiting to learn and then buy now...
I always like to watch twitter and read the articles for EW sentiment readings and i haven't seen it this bearish since I've started trading cryptos..it could go longer but i like the slow methodical decline this last month..it shows me that the large players are slowly accumulating ...the order books confirm this as well
Just check older charts. It's actually normal for the cryptomarket to drop at the beginning of the year because of the Chinese New Year. Just check my last article. I have put some reasons and charts in it. So totally correct, it's time to buy the dips^^
You mean "few weeks".
Thanks for this master! If the 4th wave goes higher than the 1st, does that make the count invalid?
Here's my take on BTC:
IMPORTANT COIN UPDATES - BTC
https://steemit.com/bitcoin/@benkalashnikov/important-coin-updates-btc-xvg-tron
much appreciate your expertise, thank you!
@haejin has kept all of us SANE! Thank you so much man!
hope!
$7,965 it is possible for as long bitcoin remains under the Ichimoku Cloud.
Could you do a TA on BitShares if you have the time. I can’t tell if this TA is correct or if it’s not going to get as low as the chart below (around $0.20). I’m hoping it drops when BTC drops more but it’s sitting at $0.38 right now and thought it was going to be lower by now. Thank you @haejin
It is already burning a lot of collateral. I can not imagine what happens when it goes to wave 5. 🙈
Nice count. The wave 5 is sitting at prior support zone. I believe $0.18 or so would be a good ladder zone.
Thank you for the reply, I will ladder in :)
Bitshares is a long player, real long, cause Dan the creator is 1000% EOS at the moment.
$0.15 - $0.085
How are you sure?
Nobody can be sure..that's what i expect
What are people's thought about holding most of your portfolio and trade with 25% of your portfolio? So sell at a higher price and by buy at a lower price to earn more bitcoin.
I personally think it will bounce at $8000 cause of strong resistance levels https://www.youtube.com/watch?time_continue=3&v=O8QAZzKrUOs
Would be interested to hear what others are doing?
This is what I do, but not just to earn more BTC, to earn more BTC, ETH, and VEN right now. Mostly VEN, stocking to the GILLLLSSS.
Yes man, I think a lot of more people should try to do this rather than just worry about this crash.
Thank you so much @haejin for this last update, it was helpfull. During this dip and following your advice, I started reading Elliot Waves Principle and it's enlightening and empowering. I encourage everyone who has time to do so, it's not that diffucult actually. Very interesting to realize that masses psychology follows patterns in the markets. As soon as I have Steem Power (couple of weeks hopefully ^^), I'll be able to contribute more to your articles.