Bitcoin (BTC) Morning Update: Plato's Allegory of the Cave
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SUMMARY
Overnight price action for Bitcoin (BTC) shows that purple wave 1 is most likely in and so an a,b,c retracement must occur. The below chart shows the modified labels. The $23k target remains and once the purple wave 3 is initiated, we should see very aggressive up moves since wave 3s are always full vigor.
In the video, I also discuss how Plato's allegory of the cave has uncanny similarity to Technical Analysts who co-mingle news, events and fundamentals with price analysis. The reason why they are not able to depart away from their old ways of habits and beliefs is rooted in the meaning of the Allegory of the cave. To get full details, please see the video!
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.**
thanks for good post
@haejin thank you for your service! I NEVER saw anyone post 10 times a day and every post be so valuable!
I just wrote a post i think you MAY find interesting. its a story about discovering the meaning of life whilst trading Crypto! Might be right up your street!
https://steemit.com/spiritual/@eco-alex/the-path-to-enlightenment-initiation-2-of-9-the-meaning-of-life-and-why-are-we-really-here-a-story-of-enlightenment-trading
thank you!!!
Oh YES! Lol this is great
lol
Yep still on path to 23,000 I think too.
4:15 pm EST. Trying my hand at the count using the Coinbase chart.
Hi Haejin, Thanks again. Why did you not count subwaves of wave 1 this time? Are we not currently on subwave 4 of purple 1? Maybe I'm missing subwave 1? thanks- Wish you the best.
I saw that too and had to look twice, I can only assume that he is counting from the last time it touched the bottom line in the bull flag and the few red candles along the top line make up wave 2. The only other thing that I can see makes wave 3 the shortest and we all know that can't happen :)
Ahh, I see the bottom of the flag is a lower low than what I was seeing. Okay always unsure about on corrections at time to find first impulse.. Will have to study this more. thx
How do we incorporate the fact that new waves impulses up that make a higher high? Is this usually like the subwave 3 or 5 after a 'normal' correction.. I also have to study degrees of correction.
If you have not upvotes @Haejins previous Steemit post maybe take the time to scroll down and add upvotes to a lot of the previous post for him.
Target remains the same and price following your prediction. Many thanks
Nice work and allegory Haejin, thanks!
Love Plato's allegory of Cave @Haejin ! Great stuff !🔊
Fen Shui for the Crypto Cave under construction♨
LOVE YOUR WORK HAEJIN! Thank you for all the wisdom you offer to us!