Bitcoin (BTC) Morning Update: A Tug of War Between Buyers and Sellers
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SUMMARY
Overnight, Bitcoin (BTC) completed the projected a,b,c,d,e triangle and this morning, EXPLODED out and UP! THIS IS THE POWER OF TECHNICAL ANALYSIS!!
There is no magic or crystal ball required, this is a technique that all can learn and I freely share all my secrets and know hows to all who wants to benefit. First, consider studying, not just viewing, but studying my tutorials linked at the end of each blog. These contain almost all I know.
The below chart shows the bullish downward pointing symmetrical triangle with completed a,b,c,d,e waves and the resulting price explosion. One might ask how exactly and why exactly does this kind of pattern work so well in predicting future price pathway. Much more details in the video, but it all has to with a tug of war between the buyers and sellers. At blue wave 3, there are plenty of sellers and they are winning the tug of war. At wave b, there are less sellers and at wave d much less sellers. These sellers are selling into this decline and sap the sell strength until the bulls overwhelm and then start taking the tug of war towards their side. The further impact is really derived from two emotions, fear and greed and these are the dual sentiments that drive price. Again, more details in the video on this valuable lesson.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: 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.**
Thx haejin, learning more all the time...
I was talking to people during the day saying "OMG everything is crashing,whats going on, is it futures, shoudl I sell???" I'm like "Relax, it's just a healthy correction, give it a few hours. And go to the steemit blog of @haejin"
Well done!
Great explanation of the tug of war analogy going on during the A B C D E. Gotta love those triangles.
That helps me understand what’s going on better thanks
hopefully, alts won't be lagging miles behind yet another time until the next BTC correction, preventing them from bouncing in a vicious circle, if you see what I mean...
Wish I had stayed up for your last nights update..."paniced" and bot back in a bit high for fear of missing out...but price spike makes me feel better...you seem to have BTC analysis pretty well figured out...especially in relation to all the alts showing bullish upward trends...incredible...
I was hypnotized yesterday mid day watching GDAX screen as sellers and buyers...green vs red walls...fought back and forth to take control...market capitalism at its finest.
Meanwhile...hope you are enjoying the early winter snow we had...the first one always so stunning when contrasted against all the Christmas lights...
Finally...is the spike up a "hurry up and wait" moment? And if you now connected the upper line of your triangle to the new tops...does it create a bullish flag?
Stay sharp...
It's the hurry up phase
So triangle looks like flag per mid day report.
Btc is writing a piece of our history and you dear @haejin helped me a lot in understanding how to be part of it in a profitable way. A lot of gratituted for your advices and your free tutorials. I keep upvoting . Wihs u the best
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Let's see how many upvotes we can send.
Mighty grateful!
Vimukthi, this looks good, Im in:)
Just Powered UP all my STEEM, but I'll still check it out and do it once I get some more.
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ahahha, nice ! this is war, like a poker or chess :)
That's why so many poker players, chess players, musicians, poets, theoretical physicists, psycologists are so good at Technical Analysis. They are good at asbtract concepts.