Bitcoin (BTC) Mid-Day Update: Why the Bottom Could Be Done!!
SUMMARY
Since the $5,900 or so low, price has been channeling very nicely as shown below. When price moves within a well defined channel, it is most likely moving in an impulsive manner. The sluggishness seen during end of last week and early part of this week is likely the result of price breaking out while proximity to the apex was not ideal. But, no matter, I believe price is still impulsing upwards.
Ideally, price could and should break out above the channel to demonstrate the bullish gusto! IF this occurs, expect prices to go near vertical.
The Head & Shoulders (smaller one with white LS, H, RS is complete and confirmed. However, we can now see a series of inverted Head & Shoulders fractals. A Larger Bullish H&S could be formed as shown by the blue LS, H, RS and the blue Neck Line.
This series of H&S fractal could actually be as shown below where the Neck Line is more horizontal and so the price target for the Neck Line would be around $13k to $14k.
Recall the series of Head and Shoulders Top pattern fractals we saw on the way down as shown below. It would be very interesting to see inverted, bullish H&S patterns on the way back up!
What gives me most impression that the bottom could be in is the monstrousity of the volume seen on reversal from the $5,900 low. Observe the Sept. correction and how it too resulted in a massive green bolume bar. I believe the green bar on a daily scale is an all time high volume. VERY compelling evidence of a bottom!
Last but not least, check out how the five Elliott Waves completed on the MACD! Beautiful chart and these waves have been posted and counted in real time on previous updates. Now it's complete. The BUY SIGNAL is also very impressive.
Still, I am keeping a close eye on the top alternate count as shown below. The ABC could still be in effect and until we get a higher high with an impressive impulse set of waves...this remains on the table.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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@haejin could you please take down the part of the morning video where you tell your followers to attack my steemit? you have the situation backwards. The guy saying it was a virus was being a troll. He has pepe the frog for his image, a notorious troll icon. I don't want to keep spamming your post with the same thing but you are falsely accusing me and i need you to remove that from the video. maybe @ackza will tell you he was joking around but he does seem like a troll so he probably wont
As i posted before:
@haejin !!! you have it totally backwards! you are seriously sending your followers to attack a totally innocent person
i was genuinely sending you a script to correct your mouse issue. I really don't appreciate being falsely accused of sending you a virus and being called an SOB on your channel. I don't want your army of followers attacking me when in fact I was helping you. I am not a troll, i'm one of the good guys.
You had it backwards, you actually believed the TROLL who was saying its a stuxnet virus...thats a virus the US gov used against the iranian nuclear computers. you can check the wiki.
for more proof that its not a virus, here are some links where you can see for yourself
https://stackoverflow.com/questions/4437204/how-to-hide-mouse-cursor-with-jquery
https://stackoverflow.com/questions/1071356/is-it-possible-to-hide-the-cursor-in-a-webpage-using-css-or-javascript
i will also break down the code in its entirety. maybe you don't care but someone else can learn
$('td.chart-markup-table.pane')[0].setAttribute("style", "cursor:none");
$('') <----- this is a jQuery selector. It will find and return any elements on the page that satisfy the condition within. In this case, the condition are the names 'td, chart-markup-table and pane'. Tradingview has all of these tags on the candlestick pane. this is the panel we will hide the mouse on
[0] <----- since the selector might return multiple items, we have to pick which item. this selects the first item that is returned
.setAttribute("style", "cursor:none"); <----- this is pretty self explanatory, but it applies an attribute to the element we just selected using the first 2 parts of the script. in this case, we are setting the 'cursor' style to 'none'
@haejin i'm sorry if you thought it was a virus but its not. Please take down the part trying to attack me from your page. I am a fan and supporter of yours and this is not cool!
Understood. As @solisrex states it's not a virus; then I would like to retract the statement made in the video. I apologize for any inconvenience on this but as trolls abound, I've had to be ultra careful. Thanks
thanks @haejin i totally accept your apology. I understand how ruthless the trolls are on your page which is why i didn't want to be associated with them. and thanks @solisrex and @danpaulson for helping to clear this up.
Keep up the great work and I will keep directing followers to your page....oh and i wish you MASSIVE profits!
A very clever troll, indeed.
I read all his comments, actually he is not a troll.
Probably a misunderstanding.
i think just a bad joke that went too far
Yes. I think everyone was trying to help.
The universal irony of the world.
Oh damn @sandman0615, I was ready to start flagging you. I'm glad I saw this comment. While I'm not computer savvy enough to go through your script, I did look back at your other comments. They have all been positive about and helpful toward haejin. Exp:
sandman0615 (38) · 3 days ago
i think its jealousy plain and simple. Haejin draws alot of followers (and deservedly so) and I guess other posters here feel he takes from their potential profits. They attack the commenters too in an effort to drive people away. I had the most upvoted comment on his post a few days ago and now its so downvoted its hidden and full of spam bot messages. The level of composure haejin manages to keep is pretty impressive because these trolls live to destroy his steemit
$5.86
7 votes
Reply
@haejin, I hope you will take a second look and correct the record regarding @sandman0615. I hope no one else will flag him while we are waiting for this to happen.
@danpaulson thank you! I just want the record set straight. pretty unfair @haejin would make a snap judgement based on no evidence and then publicly call me out on a video, instructing his followers to flag and downvote me. Doesn't seem like thats within @haejin character and i hope he will rectify the situation. I have always been a big fan and tell everyone I know in crypto to follow him. that 'spam bot' message i refer to in the post you referenced is actually the troll who said it was a virus
Retracted and thanks for your inputs.
Yay!
Wow, nice discernment!
I don't think these haters realize how much time it takes to research trends, wave counts, and look at indicators, and then formulate a blog post with charts and commentary....this is what's shocking to me..thanks for the great analysis haejin...very interesting
Haejin,
Can we see $ANT? trading at <60% price to book and great candidate for Binance, yet chart seems to be shifting bearish...
i think technical analysis comes next, basic analysis comes first. Because cryptocurrency market is full of speculators who wants to hit big money.
After big down trend we expose too much bad news and affer upward trend we see too much positive news..
So i think trend must be our friend
Simple trend following is the smartest.
haejin
I am sure you noticed that EOS for example and other altcoins are not jumping, they are following BTC. in your opinion, when will this trailing stop, what sign do we need to see to have a hint the altcoins are going to start moving on their own?
I want to purchase steem power and help with voting btw. I'll learn how to do it b"h.
Maybe the correlation in trend has to do with the fact that most people have to buy BTC in order to buy ALTcoins?
Good thought. I hadn't considered, but could be the reason!
I think the correlation is:
Once BTC goes up. If a coin was worth X BTC then automatically at the moment BTC is up, that coin USD value goes up. Because you can trade it and get the same X BTC but BTC worth more USD.
And i recommend you to use demarker. Especially using 0.1-0,9 for limits
videos are so much easier to take in... can't multitask and read :(
Can you do a tutorial on MACD and some chart reading (other than Elliot Waves),,, it seems to work in sync with each other. Thanks in advance
Good work.
Thank you for this thorough explanation @haejin.
I just posted a bitcoin EW update at @thedolphin too, and I think the bottom is done and soon forgotten.
How comforting to see the stable market again and recovering especially bitcoin.