Bitcoin (BTC) Morning Update: Let the price flick around like a fish out of the water!!
)
SUMMARY
Bitcoin (BTC) overnight price action is likey panicking a good number...the fear of a lower low is just too much for many. This is when awareness, keeps the panic away. Technical Analysis is nothing more than identifying as many possibilities, narrowing them down to a handful of probabilitie and selecting the primary and alternate price pathways. This process allows one to become aware of most probable future price pathways and even if the primary count is not executed, the resulting change almost always fits your alternate or near alternate. This reduces the "shock" effect as you were aware of that scenario and more importantly, ready to update your analysis accordingly, calmly...without greed or fear as dominant emotions.
The below chart shows that the overnight price action could be working on a wave 2 of the impulse wave up. If this is the case, its supported by the red a,b,c waves, an attribute of corrective sequence. The retrace of wave 1 by wave 2 is a bit steep but does not breaky any Elliott Wave rules. Let's see how the day time price action takes places.
Should there be a one more lower low, then the original count will be back on the table. This means that the waves will look again like below as had been shown for a couple days earlier. This will bring back the $10k or a little below target for red Wave C. Panic? Hello NO! Be glad! I'll be casting another buy ladder in this scenario.
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?
Follow me on Twitter for Real Time Alerts!!
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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.**
I wrote two articles to help the three thousand new users who came here because of @haejin in the past week.
They've both been attacked by the angry whale troll army. The first is about Steemit tools that can help you here; the second is about witnesses and my recent experience with a nasty one. The first is visible, but I'd appreciate some upvotes on the second so that it regains visibility after their attacks.
https://steemit.com/steemit/@libertyteeth/steemit-tools-for-new-users
https://steemit.com/steemit/@libertyteeth/what-is-a-witness-who-should-i-vote-for-to-witness-let-s-move-some-witnesses-up-into-the-top-20
Thank you for helping to raise awareness. Onward and upward! Thanks again @haejin for all that you do and are.
Sorry if I'm just about bitcoin rather than bernie ;)
This guy does very rational TA (though not as detailed as Haejin), here's what I commented on the video :
Good of you to upload this - we're all waiting for the final dip... glad to see you also noticed the head and shoulders. I did a fibonacci retracement from $3000 (September low) up to the highest high and the moderate (0.618) retrace goes down to $9500.
This coincides with the head and shoulder scenario, so I would wait for a 10k low to buy in... however, even lower is not impossible.
Was it yesterday that Mike Novogratz said he would withhold 500 million investment form his hedge fund because "Bitcoin might sink as low as $8000" - now that sounds a bit like wishful thinking to me - no doubt he likes to buy in cheap, as we all do ;)
What do you think of this? I'm very new to TA, so could be completely bonkers :) I think it's gonna go down drastically soon... my buy ladder starts at $10.500 USD..
It just broke out (and up) of the yellow triangle ;)
Oh dawg, this is driving me nuts ;) Downward triangle doesn't mean it won't break out tops... though in this scenario, that would be likely... remember we had that big head and shoulders, and we did NOT go down all the way, then we had the smaller head and shoulders that's still visible second from right in your pic above, and nothing happened except a small dip... so, triangles can be drawn at different places and different angles, see below... i'm hoping for a real dip soon, but I'm starting to doubt it will come. Bitcoin might be kicking straight upwards again by now if the volume wasn't so low (the blue lines resemble an earlier trading channel, we may be easing up into that channel again).
All the newbies panic-sold and now it's Christmas and they hesitate to get in again, because they're thinking exactly like you and me ;)
Ive been attacked and lost little to what I had in steem RIGHT before my hour. Its really terrible what this "down vote" ability is doing.
In addition, I wrote this post today, in support of @haejin and his followers, indicating my current intentions:
https://steemit.com/steemit/@libertyteeth/i-m-going-to-keep-reposting-my-helpful-posts-like-tools-witnesses-etc
In case anyone is interested in RIPPLE/XRP, it's just trying to break out of a triangle
5 hours later... still waiting... damn, there's just no volume...
Merry Christmas ;)
I got some STEEM on hit BTC the other day, but I can't send it here yet for some reason...Anyone else having trouble?
is haejin gone?
Haejin,
Thank you for your dedication and for keeping us informed even through the holidays. Wishing you and your family an amazing Christmas. If you do go private count me in. You are the only reason I come to Steemit and the reason I created my Steemit account to begin with.
Guys - the time to act is now. If you find Haejin's posts valuable all you have to do is add Steem Power to your account and upvote to combat this attack on Haejin's blog. After Haejin goes private this service probably won't be free anymore (that's just my guess, since Haejin will probably have costs associated with managing his own website if he goes private). But if you find this information valuable, like I certainly do, take the steps to add Steem Power to your account to help keep this amazing service free.
I'd prefer that BTC just does a run up.
BTC will be in range of $17750 -$11300 till it will not break upward $17750. This BTC hype is big one ,so it will not break down side range of $11300, and will be in Range for few days, and then move upward towards $20500 next range.
Interesting. My target is about $70k but it'll have to exceed $23k and then $26k
We play safe level to level . Right now Long term flag formation, any breakout trigger will decide direction.......
I hope that it will not go under $11300, my btc position will be liquidated on $8700. Please Do you have any TA that support your expectations.
I've been wondering about the possibility of a triangle forming up here.
looking a bit 3 wavy and not all that keen on impulsing down to the lower C.
I suppose at this point it's not about whether to be buying but when and where.
The destination is the same - UP! right.
Everybody!
Please don't let the bitcoin price drop or raise spoil your christmas spirit!
It's this time of year that everyone should spend peacefully with their family, friends. No matter what happens to the bitcoin price, don't let it affect you please :)
Merry Christmas Everyone!
Been waiting for an update from you for quite some time Haejin. So glad you are awake and analysing.
I think this might be the market trying to reconcile with the fact that btc was unique but now isn’t as useful as other high market cap coins, i.e. eth, steem or iota.
Bitcoin has had its exponential growth. Now, it's time for the Altcoins to sing their solos.
please help me @haejin. I have been downvoted by your haters.. this is what we get by supporting you?
https://steemit.com/steemit/@haejinfans/haejin-is-been-attacked-and-now-there-fans
I upvoted your post . We should upvote each other to minimize the damage .
Thank you @abhicrypto... yeah we need to teach them a good lesson
Thank you . Please keep on updating on both twitter and steem at same time for all posts . You missed some posts yesterday .
I couldn’t agree more! The only things alts need to do is get more distance between themselves and btc so a btc crash won’t effect them. I think eth will be the way to do this but bch has potential to.
Learning a lot from you haejin. It would be unfortunate to see you leave Steemit. I've never seen you attack anyone else or treat anyone else negatively, in fact I only see that you bring value to the platform, and so it's a shame to see berniesanders doing this down-voting stuff.