Bitcoin (BTC) Morning Update: More Detailed Explanation of Triangle vs Bear Flag
SUMMARY
Overnight, price action has started bouncing off the bottom of the price with the MACD curling back upwards. This can be seen in the below chart for the triangle pattern which is my primary count. If the bounce is hapening now, then $16,206 should be the wave d zone and price should then decline towards the $13,821 zone to complete the e wave.
Below is the chart for the bear flag alternate count. The MACD also is curling up just like it is for the triangle pattern but price in this bear flag pattern could enable a bounce towards $18,277 for the blue E wave. So the key is that if price exceeds $16,206; then likely the blue E wave is in play. IF price bounces down from the $16,206; then likely the final red e wave of the triangle is in play. So, let's see how the day time price action carries on.
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Tutorial on the use of Fibonacci & Elliott Waves
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The master Haejin has taught me well! Posted this an hour ago:
https://steemit.com/bitcoin/@benkalashnikov/bitcoin-btc-analysis-63-potential-profit
Nice work - deserve some more upvotes
Thanks, appreciate it!
Although @haejin has suggested if a bearish flag...it won't hit new high but hit around $18,000 and come down hard...
I guess we have to pick our poison....
how would it be a poison if the triangle turns out to be the correct pattern? and even if it comes out as a bearish flag then thats even better since I will get a pretty decent discount then.
nothing to be worring about at all
25k by the end of Jan. Perfect buying opportunities at the moment. We've seen this pattern many times.
well yes, thats basically what @haejin's projecting for the last couple of days :-) good luck :-)
Thank you :)
I have found last night's and this morning's analysis to be some of the most informational of all the videos you have made. The market is very uncertain at this micro moment. The price may go up or it may go down. We all know that BTC will eventually go up way much higher eventually. But in this moment uncertainty prevails. Knowing that the probability of movement will depend on where the negative bounce might occur makes one more comfortable with the result - regardless of whether there will be further price reduction or not. The discussion really taught me a lot. Thanks.
Nice work @benkalashnikov ! Great detail!
It's amazing BTC is holding it's own, considering all the setbacks it's been dealt
Its picking up !
Well explained and your predictions are quite logical. Learning a lot day by day by your posts.
appreciate for the update.
I'm excited to see whats happeneing next, I'm ready for both scenarios :-)
Hi @haejin I see you are using 100% power up option. You might not want to do that. I wrote a detailed post explaining why, you should read it.
DON'T USE 100% POWER UP - You Will Lose a Lot of Money
thank me later ;)
https://steemit.com/steemit/@scarlet7/an-agreement-has-been-reached
There is a reason he is doing it, but your post has value to others...
Thanks @matthewwarn I understand your clever answer
I think he made an agreement or something of that nature? To appease the trolls. I would never do anything to appease the trolls, myself :-p
see the agreement with berniesanders
Isnt it weird that now we are all praying that bitcoin doesn’t exceed the 16.000 dollar ( if you are in the hope it’s a triangle) or praying that it reaches 18.000 ( if you hope it’s a bear flag) which camp are you cheering for? I am really hoping it’s a triangle, I bought the dip, don’t need a lower dip, but if it does dip more, I’ll buy the even lower dip.
Video didn't work. Thanks for the update, Haejin. Good analysis as usual! I also get tired of people who expect you to predict the future. Thanks for showing multiple price pathways. Things like that are necessary to keep the trolls at bay.
Cheers, brother.
No reason to get excited, here's the Gann Fan and the Fibonacci to show that we might be in for another dip to 11500 (0.5 Fib), but we had that - and overall, the grey Gann field should be our trading channel.
Bugger off, FUD ! Hodl on, what else. The chickens who fled will eventually be back...
Hello Everyone! I am trying to figure out if this figure has just formed a cup and a handle or is it forming a triangle. Your insight is highly appreciated! Thank you so much!
It may have been a cup and handle for three months, then failed likely because
doge shot up - would be interesting to see if it succeeded against fiat.
I would now treat it as a triangle that should break out soon, but that's hard to say at this scale.
Could you please analyse Gulden (NLG)?
Could you please do an update on district0x? (DNT)
It's a solid coin with a dev. team putting in consistent effort into it.
See my thoughts on Gulden here:
https://steemit.com/bitcoin/@macmanux/nlg-gulden-500-profit-potential