Bitcoin (BTC) Morning Update: The Sellers Are Weakening!!
SUMMARY
Since the beginning of this correction, the sellers have been giving all they had to try and cause a Bitcoin crash and it still hasn't materialized for them. The uncanny a,b,c,d,e triangle pattern is tiring the sellers. Their mojo is depleting! That's what these consolidation patterns often cause and it's confirmed by the noticeable decline in the volume. If the d and e waves of the triangle complete, then volume will decline to a only dribs and drabs. The contracting lines of the triangle are quite effective at tiring out any mass of sellers because as the volume declines, so is the population of sellers.
The MACD is curling upwards and has crossed bullish. I believe if BTC passes $14,630; then wave d is in play. Let's see how the day time price action carries on.
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yeh bitcoin wil move up big time
Have you seen a chart lately? A lot of people took it in the shorts on this one. I like Haegin, but there is too much jumping from coin to coin to do any good.
His calls have become a "Jack of all trades and a Master of none"
Just like they Karl talking about the S&P going to 400 for all these years Heajin has refused to knowledge this reversal for weeks.
Just my observation. How can you move so quickly on 4 waves and then stall forever on wave 5? I think that is more evidence of a reversal than a continuation but that's just my opinion.
When BTC goes under 10K maybe everybody will concede that we are in the middle of a trend change.
Well, that's true... But sometimes we get into spots where it's difficult to know exactly where the direction is going.. Like Haejin says, it's more about probabilities and betting on the one you believe the most in. I talk more about bitcoin in my latest post:
"Game Over For Cryptos?"
https://steemit.com/bitcoin/@benkalashnikov/btc-update-analysis
Great observation for a first post !
What sort of trend change - you mean that in a World of booming stocks and rising public interest, crypto will now be a bear market for likely the rest of the year ?
Or maybe not crypto but just Bitcoin, because of what ?
Or are you just saying that we're in a sideways market since 3 weeks, and that the bitcoin brand has been successfully damaged and needs to be damaged more ?
Because that is what has indeed happened, Bitcoin/Bitcoin Cash insiders have effectively damaged their brand, and now people just hesitate buying the coin because this entire business depends on TRUST. Bitcoin was the racehorse in the market and now it isn't.
Grave depletion of trust because of naysayers who gave it poison when it stumbled.
It's humans who make "economy", it's a game they play among themselves, so they are responsible for its ups and downs, and when they INSIST on haven a "reversal", they can have that of course...
While @haejin here is doing the opposite with his posts, but then he's not on cnnbc or other shill channels the sheeple prefer listening to.
In a more serious vein, I have to point out that "seller weakening" really is an excellent buy indicator, one of the best.
nice post. I agree with the greed of the people behind BTC and all the forked versions, and i cant wait until alts are decoupled from BTC.
With that said there are just as many sheeple following haejin. People have lost a ton the last two weeks because they are blindly buying his alt recommendations. Well if alts follow BTC and BTC looks to be dropping with all the news, then why post about buying alts? heck even his own TA suggested that possibility. I sold out most of my coins to fiat after the fake rumors about korea and warren buffet comments. Because stuff like that causes fear, which causes selling.
So now most of his new followers are probably down a good 30% or more, and they bought my sell orders. I am now waiting to buy back at significant discount. So who are the sheep exactly?
I've sold my coins several times over the last months, and rebought at better price. problem is, if the 1% (China officials or Buffet) keep proving their higher intelligence to the sheeple in such an antisocial manner, the market will be dead soon, and in their hands. This is obviously their motivation, and it works like a charm. I have explained it over and over, but sheeple read positive posts ONLY because it pleases them more.
I've long held that this is exactly the way evolution works and the idiots are shaken out, as they cannot follow abstract reasoning. The real problem is that the Elites somehow seem to think they need to keep idiots around and even dumb them down some more via migration, to keep selling them gadgets, like tiger oil against impotence or mega headphones etc - which proves that they're not really that far apart.
Humans are all sheep of course. They're buying themselves here, and cheating on each other. They've been cheating on the entire biosphere for so long that they cannot do anything else, they evolved that way, it was a huge success and guess what's coming up now ;)
Well I am glad you can think for yourself, know when to buy and sell and take everything into consideration, we need more people like that.
I agree and that was my point, the sheep are not just following the warren buffets, the jamie dimons, but there is the opposite of that spectrum on here where people think everything is going up, we are all going to be millionaires. Now the hammer is coming down, but people only following haejin alt postings were thinking its all rainbows and gum drops.
That's the folks I mean... the Jubels - the other half are right now thinking too much, like bees who all fly away from their hive and then stare in from outside shocked, saying "there's nobody inside that hive but a few drones, something must be wrong with it" ;)
It's amusing really how this herd animal mentality works. An individual doesn't have much chance to evade it.
This is actually a great chance to see these things on display, we may all turn into crypto-anthropologists soon...
just of december of 500 dollars it went to 16000 dollars showing its still have a tendency of increasing the more
cryptocurrency all the way
As much as we all "want" BTC to surge, until they get their issues fixed, it cannot be viewed as a viable means of exchange. If that's the case, then what's the rationale for an increase.
Time to buy some cheap crypto!
totally agree, hodl what you have through crashes, buy more at bottom of crashes!
Good to know. thanks for your great posting as always.
Many people like your awesome posts!
I've been watching BTC closely over the last couple of weeks, and it's gearing up for something big I think. A new ATH soon would see the media once again fall dizzy with 'crypto-mania', which will introduce even more new money to the market.
It's going to be a bumpy ride over the next 12 months, but it's very exciting!
I agree! Something huge is getting ready to take place in the crypto space.
Banksters get their wall street bonuses today look out their billions going to get prices set to steem ahead!
I agree with you. Volatility will rule as the media cranks up the volume of fear and greed. I'm not playing. I'm holding most positions and trading some additional opportunities that have good trading set ups that haejin is showing.
BTC Correction not over yet. Reversion to the mean required. Likely 10,000 area depending on time of correction. More here:
https://steemit.com/btc/@bodaggin/btc-correction-not-over-yet-reversion-to-mean-required
Great observation from my experience in the stockmarket and seems to carryover for cryptos. Thanks for sharing.
On the daily BTC charts it looks like there is another up wave and a down wave still to develop, The finalwave would take BTC below $10,000.
https://www.tradingview.com/chart/XivohC7n/
Appone I suspect we just completed wave 3 of the C wave down. I don't have the sub-waves drawn in here but picture 5 waves down within C. A slight bounce up in 4, then finish down in 5 satisfying Elliott Wave and Reversion to Mean models.
Then potentially rally. But I'm cautious. Aside from TA this crypto world still satisfies many criteria for a valid bubble. Possibly that burst occurs over this next phase potential rally. Use extreme caution here. Bullishness is excessive which often means downside risk.
Why do people try to be first in reply??!
Lol I think the tradition started on youtube. It would be great if the statement “First!” was followed by poignant remarks concerning the discussion but that’s as rare as finding a computer with forgotten Bitcoins on it
First has existed long before youtube :) I am "old" 32. I remember it from the 90s.
What media do you remember it from? Haha that would be completely ridiculous if someone posted a selfie on myspace or did the cinnamon challenge on their Facebook and someone yelled “first!” Lol
Just to avoid confusion, it's annoying as hell so don't, please.
So there was this guy who would post a detailed game review, as far back as like 04' after Eagles games, on their message boards. People would always try to post "First!!!"... the sad giggles they got from it kind of make me smile now.
IF you think you're old at 32, you need to work out and eat well bro.
Sound advice..but I didn't say I feel old :)
Hmm... I guess it has to do with upvoting and getting those steem power dollar/votes or whatever. Notice how the first post got some dollar amount. I've also got some steem but yet to figure out how to optimize its use. The system seems to allow bots or bullying by whales and such. Anyhow, hejin I've upvoted you and showing my appreciation genuinely. Keep up the great TA!
One important trick is to dumb down your language, use uncomplicated verbiage and stay away from grammar ! Never try to express complex thoughts, be positive, fast, and people will upvote you, especially if you have nothing constructive to say. It's not about that, it's about status within the herd. Comments like "Cat great, good haejin" with an infantile gif attached have a success guarantee - but yeah, why not use bots ;)
GREAT POST. 2 GOOD THAMBS UP FOR JU!
Yes early or first upvotes can help with curation rewards but can be easily eclipsed by whales with giant upvoting power. It helps to power up as much as you can whenever you make some steem or sbd
autism?
Because its easier than being the last!
they think haejin will vite them lol
BTC dropped today by $4K
in the past week of widespread FUD, it's always calming and comforting to read your analysis and see the bigger picture :) Thank you!