Bitcoin (BTC) Morning Update: A Correction Bottom is NOT an Event but a Process
SUMMARY
Overnight Bitcoin (BTC) price action has taken prices to sub $8k temporarily. The bottom line of the wedge pattern was temporarily pierced and price returned back inside the pattern in a hurry. So, is the bottom in? Well, it could be in; but a correction bottom is never an event but a process. That process is measured using Elliott Waves and Chart Patterns. If the final five waves of the diagonal is to complete, the blue waves show a probable pathway. It means that the current bounce could place the wave 4 and that means one more lower low. This low could pierce the lower line once more and generate another bull wick by coming back inside the pattern. This pierce could take BTC to $6,800 or so and to me that would be ideal as it would wash out the final remaining weak hands.
The sellers are running out of bullets! They have fired most of their ammunition and there is a finite number of sellers and that number is dwindling with each passing day of this correction. That is why price is well within the wedge pattern. Given the potential liquidity shortage that occurs when there comes a point where not a seller can be seen as they've all sold; Bitcoin can explode violently upwards. The below chart shows the near precision crossing of the Apex by the 0.618 Fib level zone. This is significant because it's not just coincidence but rather because it's a level of likely bottom region.
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
I'm starting to have my doubts that BTC will turn around from these levels.
Hey Haejin. Don't forget that old coin... you now the lightening fast one. Super cheap transactions. Incredible scalability. So undervalued it makes your eyes water. Oh yeah, I remember, Bitshares! :)
Wall street entry,Bitcoin flying
https://steemit.com/bitcoin/@salahuddin2004/update-for-bitcoin-as-wall-street-jumps-in
Dude salahuddin was talking shit about Haejins TA and was talking about BTC not going below $8500 lmao! IT HIT BELOW $8k last night! Stop spamming his posts, he doesn’t know wtf he’s doing
He was actually absolutely sure it wouldn't break 10k with conviction. In life I have discovered, anyone who preaches absolutes in anything is 100% full of shit. I am following him as of a week or so to see if he ever actually gives ANY analysis with his predictions. He just mentions resistances or fibs... dude seems like a farse to me.
oké
Saluhuddin is trash. He was spamming last 7 days that btc will NEVER reach 8.5 k , that it is silly dream. It went to 7.5k. He is not a serious guy.
Who are you? Deep Throat!
It's just a spambot.
BITSHARES FOR LIFE!!!! <3
Yes, Bitshares are very interesting ...
market sentiment isn't based of off functionality, it's based off of familiarity and price momentum.
My charting looks like BTS might be done the ABC... correction might be over. If I didn't have a steadfast rule to covert to BTC upon correction before buying any more alts, I would be a buyer now.
My chart says theres still wave 4 and wave 5 (this chart was from a couple of days ago) it’s a flat (3,3,5) correction so we should see a wave 5
I believe zigzag
Hmmm I'll share mine when I get home from work. I had the same pattern, I may have been wrong on the count.
I admit, if you put this on 4h or longer my green A is kinda of a stretch...probably wishful thinking... I'll defer to the on wave 4 thought
My Bitcoin price targets for the end of 2018! https://steemit.com/bitcoin/@investingtips/bitcoin-price-targets-for-end-of-2018-preview-the-moon
i think it will rise now
the market doesn't care what you think ;)
yup
really hoping this is the bottom, thanks Haejin!
Thank you as usual :)
Great video... starting to ladder here... my trigger was $7,780 so the first got triggered... maybe fib for the next step. Will we get a 61.8% retrace from the top?
Hi Haejin,
Thanks a lot for your very detailed morning update. Here is my question :
I noticed that you have changed the previous ABCDE labelling of the correction for a 1-2-3-4-5 count. Do you think this wedge will break to the upside and directly lead to the next impulse or you think this is only the first wave of a larger ABC correction ? I must admit I am a little bit confused since I thought a leading diagonal could only be contained within a first wave (wave A in an ABC correction).
Thank you !
Yes, as a leading diagonal, it could be an A
The rise needs to be counted carefully. If three waving or impulse
Thank you !
Try clearing your web browser history to fix your mouse. Ctrl + Shift + Delete change to "all time" or "Everything" and restart your browser.
Can you readdress this Market Cap H&S that formed?
Yes, I’m aware. It was presented early in the week
You presented it earlier this week as something to keep an eye on if it completes. It completed; That's why I asked if you'd readdress the analysis, and possibly explain outcomes as the neckline has breached. I believe this is also the sentiment of people who up-voted me. Thanks for the help.
upvote this comment cause it is a very very good point.
Can you link to @haeijin's post discussing this?
This is mine. Enjoy and follow me!