Bitcoin (BTC) Morning Update: A Bounce Expected
SUMMARY
Bitcoin (BTC) still remains outside and beyond the 2 std dev line. As explained in last evening's update, this level of near break rubber band stretch stage is not sustainable.
Here is the 4 hour chart showing that price has broken below the lower line of the wedge pattern. Price needs to return inside in short order to maintain a bull wick. Price declined to $5,934 on Bistamp and a bounce towards $8k to $9k; the region of area of the mean.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Breaking 6k seems to have done the trick. Might have been the bottom!
It really seems that way, doesn't it? I'd like to see BTC up over $8k next before peeling my eyes away from the screen.
We could always see a lower low. But I think it's likely we see a big bounce within the next day or two
Same story, different years. What do you think about it @haejin ?
Source: Angelo฿TC
If so we can expect a double bubble just like in 2014!
what happened in 2014?
I wasn't in crypto then, but if you look at the charts there were two bubbles, starting at around $10 to $100 in early 2013, then a crash, then from $100 to $1,000 before the big crash in early 2014.
These are consolidation periods.. moving from weak hands to strong hands. Bitcoin should never be compared to bubbles.
I completely agree with what you're saying, but I still think it's OK to call them bubbles. It's just how crypto moves. It goes up in bubbles and crashes, each landing one step higher than before.
I believe it's a bubble...but so far, one of the least widely held bubble. Most owners are still early adopters...next should be the institutional owners.
I think that Fib chart looks wrong.
if you can count when bitcoin was first born and mined, that would be awesome to see your fib charts
Why This Might Be The Bottom: https://steemit.com/bitcoin/@investingtips/pivotal-time-for-cryptos-no-click-bait
Some laughter will help through this time. I think most of us, who didn’t panic sell, will be happy like this soon
Crypto Funny : https://instagram.com/p/BeykHm4FyNT/
haha awesome!
I was looking at this today. I got a price of 0.005 USD from a news article about a guy who paid $27 for 5000 BTC, I used that number as a starting price for my FIB and the 2013 correction was large against the FIB. Actually the 2 were even more similar. Trying to find if I saved it.
this is similar to John McAfee's twitter post apart from it was 2017
hi @Haejin. what do you think about Verge?
is this accurate?
It would be good if there were a,b,c,d,e waves.
i saw the same wick on that 2013 earlier today in the daily charts actually
Uncanny fractal! The liquidity was very immature during 2013; for 2018; another 14 month bear market would be unlikely.
I think we are heading in the right direction...UP!
The difference is that we're in a larger scale Wave #2, 2013 was still Wave #1, that was just a retracement on the impulse. This is an ABC correction so it will be deeper (has been deeper).
Guy buying OP; you'll thank yourself in 1-2 years from today if you accumulate.
Can we just admit this guy has no clue what’s going nor can predict any more than the next average joe. He’s been calling for a bottom for a month all the way since 17k. Keeps on redrawing his wedge everytime it gets proven incorrect. Has been incorrect on all his altcoin counts. And often contradicts his own TA ideologies like with XRP. First ignoring hurry up and wait syndrome by posting that bottom is near and then changing tact to say hurry up wait syndrome is in play a 2 weeks later when he’s been disproved. He seems to be posting just for the sake of posting which makes sense for him monetarily.
Notice how his posts on altcoins have significantly reduced now that pretty much all his prior posts in last month and a half have been proven duds. He’s been calling for imminent bull swings for the last month. With titles like IMMINENT EXPLOSION. $14 STEEM DEAD AHEAD. None have eventuated and in fact could not have been more wrong. Price literally went steaming ahead in the opposite direction for most of his predictions.
Kevin dude, you're a textbook example of someone projecting their guilt (born of bad trades) on others. You need to get a handle on your emotions before you continue investing, and continue your journey in life. It's embarrassingly and glaringly obvious that you have an elementary level of emotional awareness. I'm not going to sit here and explain the merits of TA to you, because I've done it, and it obviously fell on deaf ears. TA is a mathematical process of elimination and probabilities, it's not a crystal ball. Go take a nap buddy.
@erit2018 i dont think you understand the point of my comment. Im not saying TA is necessarily bs. Im just pointing out that Haejin on his objective record is shit at it. Why deny the objective truth. Why do you defend him like a blind soldier. He said we’d never see 5-6k BTC quite strongly. He’s been wrong on essentially everything with his primaries. Going down this far has always been his last alternate count.
You’re literally fighting the facts. I congratulate you if you’ve made money in this downtrend but it’s clear from not following Haejin’s advice.
Don't feed me bullshit last week you were trying to convince everyone that Elliot wave is inherently flawed and cannot be objectively used. Keep moving the goal posts lol.
@erit2018 Dont let Haejin feed you the bullshit predictions. Last week he was saying 8k was bottom, now it’s 3k. Keep moving the goal posts lol.
Your complaint has to do with Technical Analysis in general rather than @haejin's application of it. All the analyst does is apply the principles as they see fit.
Even if TA has little merit in the practical sense, it provides the user a calmer appreciation of price movements - and in this sense it gives the investor a better starting point from which to invest. So from a purely psychological standpoint, I understand how it helps people cope with the stress of investing. I'm not totally convinced that TA really has some basis, but the point of watching these videos is not to follow them blindly, but trying to find value and disagree/agree as you see them.
To me at least, whether or not he is accurate is besides the point of these videos.
Technical Analysis to me is simply people who have figured out the algorithms of life and are applying it to the stock market. Just like a sunflower builds the fib sequence so does our emotion. Just like you can't argue a sunflower's seed pattern you can't argue EW/TA, it's a fact of life.
somebody who has an ideea of what he s talking about. I need to remeber.
It's beautiful isn't it? i fell in love with TA.
It's absolutely beautiful; it's almost poetic.
No, im not complaining about TA. Rather, pointing out Haejin’s objectively poor record at it.
You’re literally arguing against objective facts.
"I don't believe BTC will fall to $6k or $4k as others are saying."
https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-one-more-lower-low-for-wave-v-of-c-what-does-this-mean-check-out-my-analysis
I still believe BTC is finished. TX backlog and fees really exposed the flaws in BTC. I made more transactions with LTC and BCH.
@kevitos. Hey, let see your counts. How about your ideas on boligin band, standard deviation. BTW. Sorry you are not making money, it's frustration, I know. I am making money, even on it's way down. The difference is that you are completely on the wrong track of learning. You should spend your time learning from the right ideas. You can write a whole book about how wrong Haejin is. Still you won't make no money. I feel very sorry for you kevitos. Go take a nap.
how are you makeing money? i m making only Bitcoin... :) on the way down.
@ropaar are you a fuckin idiot. Did I say Im a TA analyst. Why is your argument everytime lets see your count. Fucking morons like you should die.
I congratulate you if you’ve made money in this downtrend but it’s clearly from not following Haejin’s advice.
Haejins TA gives us invaluable market knowledge that has made us a lot of money. If you just started following Haejin, looking for handouts and still haven't taken the time to watch his tutorials then this information may be lost on you. It's been a tough two months and guess what we are all subject to the market even Haejin.
I hope so...
It's important to avoid subjectivity and maintain a certain level of skepticism. I've done my due diligence, and enough research to say I'm confident it's not going to crash.
Thanks, Haejin.
Similar chart, totally different story. Just because the charts look similar does not make the situation the same. I think many people need this current situation to fit into something in the past. Then use it to extrapolate the future. It does not have to. Bitcoin is less than 10 years old.. most likely everything is for the first time.
From here going to 20k
https://steemit.com/cryptocurrencies/@salahuddin2004/bitcoin-journey-from-current-price-usd6180-to-20k
Support is at 6k. What is your prediction for 4q 2018? I see 25k.
After the price action we saw today do you still think this will continue upward?
I dont know about@haejin
This guy is just misdirecting.
At first i liked this guy and started to follow him. But later i saw that he is literally wrong about bitcoin and whatever he says about it. But i still follow him maybe he turns about to be the Mr.Perfect
Just upvoted u @heajin
Post below this comment to unite us like Voltron...
Man, I don't know what to think anymore. I used to follow many of your calls, but they mostly turned out to be wrong. Just a few weeks ago, you completely laughed off the idea of people panicking for no reason and BTC hitting $6-7k. Well, BTC hit high $5k range. I lost of lot of money by following your calls. I think that if I do the opposite of what your call is, I will make money.
@maciekgt3. You don't make money because you are new to trading. Trading is no easy as you think, and cryptos are volatile. If you think doing the opposite of what Haejin's call is, why don't you do the opposite. I am making money, even on the way down.
@ropaar are you as much of a dog in real life as you are online? I bet you’re from a dog country like India. Fuckin dog.
Maybe you could use use @haejin's analysis to augment your own due diligence like he recommends. Due diligence doesn't mean looking at his charts and setting your buy and sell orders based on that then blaming him if it doesnt work out. It means collecting information from many sources and using your own judgement and making your own decision.
...or you could just blame your problems on other people.
Thank you for addressing the truth. Honestly, Haejin has been calling for a bottom for a month since 17k. He just keeps reinventing his TA everytime it gets disproved.
He says he intends to do no harm but he’s doing a lot of harm by posting for the sake of posting to generate income from posts. And convincing newbies that he’s some sort of guru so he can sell them his “tutorial” services for a sizeable fee. Many people have lost a ton of money following him.
Moreover, an average idiot can pull up the 100 day and 200 moving averages and say yeah we’re going to revert to the mean. He literally adds nothing on top of what anyone who has followed markets for any period of time knows.
@kevitos. You comments are totally pointless. I am sorry you don't make no money. I am make money even on the way down. You need a loan? Go learn some more or pay some other people to get their trades and see what happens. You clearly don't know how to trade. I wish I could be stronger in my words to your response
@ropaar Objectively his calls have been all wrong. Why are you arguing against objective facts. Ok money man.... why dont yoh stop boasting and die like the dog you are. Your family too. Dog.
I congratulate you if you’ve made money in this downtrend but it’s clearly from not following Haejin’s advice.
TA is not a crystal ball and won't be 100% accurate. Even the best lose money during massive correction periods.
Welcome to trading...it's not based on a certianty principle. Counting corrections are a challenge to any analyst because for each turn and twist; there are 36 possible combinations.
You're more than welcome to trade on your own analysis. Mine is only to augment yours if you want it to.
Where do u see bitcoin going by the end of this month?
Please do and prove to us. Everything seems so obvious in hindsight.
yeah hindsight is always 20/20
I watch every one of Haejins BTC videos and he has made clear that multiple pathways exist with this being his primary. Yes as time developed the triangle was advanced that's the definition of analysis. Only you are responsible for your trades research and make your best calls. Blessings
How'd you lose money? You made a long call and then sold on a stop loss? I don't recall Haejin ever telling you to sell anything... weird (sarcasm)
You made the classic error of buying Greed and selling Fear. You're just a statistic; learn from your mistakes.
Strong assumptions. Im hodling.
Video not there!
this might not be your area of expertise, my opinion lies with much more use for the crypto is essential to the success of any crypto.
Can you see any areas where we can put pressure to companies to accept crypto?
Also.
Should we try to establish a currency and have it secure? maybe 5 or 6 currencies established,
I was going over your chart and I saw what might be a head and shoulders formation.. It plays well with your thought of reaching the BB mean @ $9k before starting right shoulder..
hey that's quite a good find there. well done
Good forward discernment!
BTC go to 3100 please :)
3100 would be nuuuuuuuuuuuuuts