Bitcoin (BTC) Morning: Haejin's Chart Ramblings
SUMMARY
NOTE: This is a bit of a long video but I recommend it for viewing as it has tons of details not covered in the summary.
So, Bitcoin (BTC) overnight price breached the lower blue line of the wedge. That brings the ABC ZigZag correction back on the table. The below chart redefines the correction and the blue subwaves are that of the red C wave. The correction as a whole should also pattern out a nice downward wedge.
Now, let's take a look at the prior fractals of bear flag pairs. I've drawn out the first bear flag in the current correction and the second has been forward discerned (white line). IF this is correct, the fractal jives well with the five subwaves of wave C and the wedge pattern. Note also that the same wedge pattern ca be drawn for the second fractal (white box) while the first box has a symmetrical triangle.
It's important to never be buried only in the short term wiggles and squigles of price movement. The below longer term chart is important. As you've seen, many Cryptos generate consolidation pattern in sequence; either two series of rounded bottom or wedges or whatever. Once sequence is that of two different types of consolidation patterns. The most common is that of a downward wedge and a rounded formation. Thus far, the longer term price movement of Bitcoin has completed the large downward wedge as you can see in the chart below. The rounded price formation has been in my consideration for a while and since the price movements have been confirming it more and more; the below shows the potential of a genuine Cup & Handle pattern. The five blue waves up would complete the right wall of the Cup and since the handle will coincide with the ABC correcetion following a complete five wave motive; the decline will likely be 0.5 Fib level. It's probably after this that the real fireworks will start firing! Now, the handle portion is NOT required; it could just be the rounded formation as well. Still; the longer term jives well with the patterns and Elliott Waves.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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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Haejin I appretiate your valuable posts. Keep sharong.
great info haejin, missed the long vids :)
I also came to the conclusion a 0.50 fib is due at some point before larger moves up. This jives nicely.
Nice
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Yes, but if it's a wave 2; it could easily go to 0.78 or even 0.88! That's how cryptos roll!
So when i look to your charts, on the long term, the Bitcoin price will increase and that would be nice to see! :) My Trading System is also bullish at this moment, so let it moon :) But this is not a financial advice ofcourse!
Oh God, wait until late Fall...or late Dec....can you say $147k?
That's hard to say! Well, I take action only when i get a buy/sell signal from my Trading System. At this moment on the long term it is bullish, until I get the opposite signal from the Trading System!
But, if you say $147k !! Well, that would be very nice and i would not say no for that! So let it moon very soon! ;)
Finally bro I've changed my perception of you as being bad as tagged by some steemians. I'm sorry taking you as a bad person before. I'm resteeming this and I believe it'll be of great help to some crypto enthusiast which I soon be one of.
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Great! Welcome to the Technical Analysis land. I'm not scamming nor spamming....just taking analysis requests and filling them!
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beautiful stuff mate.
Really appreciate your depth and perspective.
You are a master of patience.
Thanks again from someone who's been following you since you had less than 1K followers :)
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Greatful for your follow, read and comments! I wish you MASSIVE profits!
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EOS EOS EOS !!!
Heajin, I LOVE your posts, but I have to say that lately you've been meandering into things your audience doesn't care about (Wall street Stocks) and forgetting about the basics !
EOS just did a MASSIVE run, and yet you haven't covered it for ages !
Back to basics, please !
Oh, there's a reason for that and you'll soon find out in the coming weeks.
My most recent EOS update was very loooong time ago on the 23rd of April...:-). It showed the belwo chart:
Here is the current chart; not too shabby in projection!
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Let's hope the trend continues but I'm hoping we at least retrace 0.5 fib to about $8,143 or so. Good job as usual my friend.
That's the game plan!
We need to watch that handle very closely hope Handle doesn't become longer than the cup LOL.
IF handle goes lower than the lowest point of CUP; then it's invalidated.
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Thank you! I'm getting a hang of these graphs explanation and perhaps one day proficient enough to get involved. Cheers!
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Please review my free, very detailed tutorials. They are linked at end of each blog.
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