Bitcoin (BTC) Morning Update: CORRECTIONS are HEALTHY!!
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SUMMARY
Corrections are HEALTHY!! Corrections are needed for prices to go UP! I believe we might have another healthy correction in front of us and the likelihood is increasing as the below H&S Top pattern further develops.
I'm getting more cautious about the below Head & Shoulders pattern. It's clarity is becoming more and more uncanny. I've added the Neck Line and labeled the Left Shoulder (LS), Head (H), and Right Shoulder (RS). IF the RS completes, then confirmation will require the breach of the Neck Line (white horizontal line). So, the $15,571 support is important. If this pattern executes, we could see a correction target of about $11,479 or so. I'll be watching this carefully throughout the day and will send mid day update if required.
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.**
YOUR AWESOME HAEJIN! ABSOLUTELY AWESOME!
I FOUND ALL BERNIE SANDERS BOT ACCOUNTS! CLICK THIS LINK TO SEE THEM ALL AND FLAG ALL HIS POST OR AS MANY AS YOU CAN UNTIL HE STOPS HURTING HAEJIN PLEASE
https://steemit.com/berniesanders/@uknowjpbitcoin/when-berniesanders-pisses-you-off-here-is-a-list-of-all-14-of-his-accounts-just-go-and-flag-all-his-post-so-he-looses-a-ton-of
All the doomsayers will come out againat 11k
BTC dead! Everyone put blockchain back on the shelf, fiat is a success!
yes
Thank You Buddy.. Great Post.. You Always Rock!!!
I FOUND ALL BERNIE SANDERS BOT ACCOUNTS! CLICK THIS LINK TO SEE THEM ALL AND FLAG ALL HIS POST OR AS MANY AS YOU CAN UNTIL HE STOPS HURTING HAEJIN PLEASE
https://steemit.com/berniesanders/@uknowjpbitcoin/when-berniesanders-pisses-you-off-here-is-a-list-of-all-14-of-his-accounts-just-go-and-flag-all-his-post-so-he-looses-a-ton-of
DONT JUST DO THIS FOR HAEJIN DO IT FOR ALL STEEMIT MEMBERS. HE HAS DONE WHAT HE IS DOING TO HAEJIN TO MORE THAN 20 PEOPLE
Amputations can be life-saving as well ;)
Wondering about dash right now... I'll stay away from the bitcoins for awhile.
Give it a break till the twp Bs have settled ?
Day traders say they're glad to have BCH, they can now hop it as it will always go against the BTC tend, and vice versa, a hedge. Now that's okay for day traders... but for hodlers ?
So let's be honest, this is simply BCH taking its 4k bite out of bitcoin.
As long as BCH won't fall significantly, BTC won't significantly climb.
Must invest in altcoins now, obviously [yeah, this is not investment advice, only my opinion].
So what about dash ? LTC and ETH are too BTC-dependent it seems.
Just saying.
I'm so glad I buggered out of BTC yesterday, I immediately went for the head-and-shoulders scenario (call me a pessimista;) and I now see some BEAUTIFUL buying opportunities coming up, yee-haw !!!
If those damn BCH miners don't manage to use the BTC weakness to even increase their part of the market share, because this is obviously a concerted attack.
What was that about dash ? I mean, we all know the STEEM/BTS futures by now.
I see almost everything dipping... and I'm in USD with almost everything, so I'm smiling, planning what to buy... at his time, one could probably buy anything, with the exception of Bitcoin and Bitcoin Cash ;)
Come on Bernie show some love and get MASSIVE profits.
If this happens, many will panic sell. Might pull out of BTC before others drop the price too much. Idk yet. I will follow closely for an update from you and look at the charts continuously to track the changes. Let’s see where this goes. This drop could be bad for all cryptos
I agree that many will panic sell if there is no sign of a turn around. However, I think that the more damning thing will be the 270,000+ back-logged transactions on the bitcoin chain, that Ether and Steemit were able to complete 1 million transactions in a 24 hour period, and a general uneasiness about crypto's following the allegations of insider trading with coinbase's support sales/trades of bitcoin cash.
Which coins do you believe someone should jump to in a situation like this?
fiat.
May I ask why you are promoting fiat currency on a cryptocurrency platform and how, in your opinion, is fiat currency better than cryptocurrency?
it's called selling your bitcoins and then buying back in after the correction.
this is why social media is so pointless.
That is not what fiat currency is. You are simply describing the age old adage "Buy Low, Sell High"
;))
Steem ;)
I think that cryptocurrency markets are going to be more fluid in its adoption and abandoning of individual coins than traditional currency simply because of their nature. This, imo, is a good thing as it will force coins to continually evolve to provide better services, at a lower rate with quicker transaction times.
Edit: Fixed incorrect terminology.
Yeah. Bitcoin wont be around in the long term or at least it will lose its spot at the top
The question is do the forks of Bitcoin suffer from the same technological limitations at Bitcoin itself or did they redo the blockchain completely. If it is the former then all the forked Alts will go the way Bitcoin does. If it is the latter then the only reason to fork Bitcoin is for the name recognition and the inclusion of Bitcoin is not necessarily indicative of the veracity of the alt coin.
I "panic" sold at a good rate, about what I had gotten in last, yesterday when there was a brief raise... that was lucky. Panic can be a healthy reaction, so to speak. At this time, the only coins that're ricing seem to be Ripple, Lisk, Dogecoin and a few lesser known ones I'd never buy anyway. Now's the time to buy. Surprisingly, Litecoin almost didn't react, and seems to be recovering first...
Just remember that prices often fluctuate wildly right before a major move, selling because of those jumps is what makes many miss the massive profits, has happened to me several times in the past :(
Me as well. I just had a hunch that this time, it would be really bad... I don't mean to make it a habit. Damn, BTC used to be so reliable.
Btw, everything is rising again... it might take till next week/New Year till the hodlers make good on this completely unnecessary fear-and-loathing scenario.
Lol your hunch was right! :)
Destination $23,000?
https://cryptofresh.com/u/haejin1970 - Please explain. Why are you selling your BTS ?
Let me put it this way : I'm waiting to buy some BTS but there's no hurry, so I'm watching them fall as we speak ;)
Dip ahead. MacD is pointing straight downwards since awhile. Probably just temporary, you might as well hodle through. Isn't everything just temporary ?
Destination $23,000?
这也正是我想要问的，不过选择相信haejin。因为他完全可以通过其他未公布的账号来进行交易，但是他没这么做。
this is really concering for me as well,BTS is @haejin 's golden child. is there something we dont know ?
He already explained that, see the latest update on BTC...
What happen haejin ? You dont believe in bts anymore ?
Good catch. :) Never trust in Haejin!
Perhaps he wants to sell high and buy back at the next dip. Some play the sub waves and others don´t.
We'll see....thanks Haejin!