Bitcoin (BTC) Morning Update: This Correction Too Shall Pass....!!
SUMMARY
We live in a world of impermanence and so the only constant is change. Overnight, price decided to finally give its direction and that puts the corrective mode more solidly in the a,b,c pathway. For those who have been following my blog since the beginning, we've seen these types of corrections before during the June and early Fall of 2017. As they had, this correction too shall pass, IMHO.
The below chart shows the updated Elliott Wave count for the a,b,c pathway. The subwaves of wave C can now be counted and projected. The first prospective landing zone could be at around $8,364. It is at this level during which I plan on casting my buy ladder. Yes, I see it as a buying oppotunity. For me, this is NOT the time to be selling, but plan on BUYING at projected correction bottoms. Most everyone will be panic selling but I will wade in with my piles of cash and fearlessly cast my buy ladders.
As the directional resolution is now clearer for Bitcoin, subwaves will be actively counted as new price data comes in. Subwave counting allows a good estimate of a "geo positioning" with regards to Elliott Waves. The below chart shows the subwaves of blue wave 3 of red C. Blue wave 3 could target $9,400 or so.
Here is the MACD with a fresh all time low reading of -369 and with additional Herculean effort, sellers could bring it lower. The bottom line is that as this rubber band streteches, sustainability becomes less likely.
Legal Disclaimer: 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.
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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Youtube video not working for me...
Loading fine for me.
I check the Bitcoin price now which was around 11200USD. So the price of bitcoin is decreasing too fast. It just amaze me. I want to invest in Ripple. Please tell me which coin can be profitable.
Looking into $Monk, I'm staking it on https://stakeunited.com/Jordentan
About 1% of Reward a day!
it is always the same, it needs some time for youtube the list a newly upladed video, just hang on for a few minutes...
thanks for that analysis. Most appreciated. Upvoted as usual. Please return the favor. Thanks.
This chart has been posted here, on the haejin's blog, 8 days ago
With the following comment:
....A reversion to the mean down to 8,500-9,000 would be the bare minimum. A weekly close below $13282 implies continuation all the way down to the lower $4K. And that is what I put as the BTC target for 2018.
https://www.mql5.com/en/charts/8134910/btcusd-w1-simplefx-ltd
same
you should read this article bitcoin ripple
https://steemit.com/bitcoin/@maykocan/why-is-bitcoin-are-being-asked-to-create-the-wrong-perception
Bitcoin next leg
https://steemit.com/bitcoin/@salahuddin2004/bitcoin-will-retest-20-k-before-30-march-2018
YouTube doesn't work for me either. Also getting the error "This video is not available". Previous YouTube videos worked fine.
HEY @Haejin just wants your UPVOTES.
He don't care if you make any money on Crypto.
Will it fall over, or will rise like a bird? Bitcoin please go up, you making me have a pre-heart attack. My heart can't take it no more.. One last buy...@haejin we need to trust it that it will rise-- again! Hope that the worse case scenario won't happen.
While everyone panics, we should do the opposite and be contrarian. It always is a winning strategy to buy when other won't and to sell when others are buying. Today while everyone is crying, I'm smiling and trying to move dollars as fast as I can so I can buy, buy, buy. Buy BTC cheap and then buy the alt coins on crash sale. Trust me, we will look back at today as one of the biggest missed opportunity to buy, if you didn't. Put on a smile and see this as a gift:)
well said. just hang in people
pPlease I need a follow
https://steemit.com/@gloryjacobz
https://steemit.com/bitcoin/@rohitpatil165/a-complete-beginner-s-guide-to-bitcoin-in-2018
Good now :)
For any traders out there that are interested in a pump and dump, we are doing a pump and dump tomorrow morning. This is the link for anyone interested: https://discord.gg/4uJECJU
Don't fall for this pump and dump shit guys, only the leaders make profit because they buy the crypto well before they announce they are gonna pump it, meanwhile when you manage to see the notification of the pump and then get a buy order filled the price has already flew through the roof.
Sad that people do this to other people honestly.
Agreed... I actually wish I had some more capital set aside for buying into this dip. I think it is possible that BTC will bottom out at $7-8K.
You really need to be disciplined and have an overall strategy with currencies, and it is much more healthy NOT to get caught up in the dips.
Yeah man, I keep hearing $8k from so many people, I think it is destined for that price now, almost like a self fulfilling prophecy!
Indeed! ....it's below 11k as we speak. I'll tell you, the cryptocurrency world is a real trip! LOL
https://steemit.com/bitcoin/@rohitpatil165/a-complete-beginner-s-guide-to-bitcoin-in-2018
Hi, Upvoted as always. The video is not loading. Can you include links to the video platforms itsself so we can watch it there? Thanks a lot!
I will keep trying to get to the video.
it is always the same, it needs some time for youtube the list a newly upladed video, just hang on for a few minutes...
Agree with your idea. If "C" is an impulse, the 3rd wave there should be longer, then the 1-st, so probably we will get a bit deeper. Here is my analysis:
Thanks Haejin witness voting power has been transferred. Keep up the great work. Subscribe to a Haejin on twitter guys so the haters downvoting doesn’t hide his posts from you like the last BTC update
Good post! I just posted my take on the Crypto Blood Bath, might be valuable to you guys!
https://steemit.com/bitcoin/@benkalashnikov/btc-update-analysis
This is what I'm seeing as most likely scenario also.
the last BTC update contradicts his alt suggestions. why would he suggest people buy into an alt when BTC is dragging everything down. Everyone should have sold out or stand pat while BTC was falling, not dropping money into alts.
There are two possible scenarios
I think he is smart, and his TA is great, but when he contradicts himself, you start to wonder his true intentions. anyone with half a brain would not be buying in the last week.
I've been following haejin and philakone (who also do TA) for a while now. People need to know that TA doesn't project time line, and perhaps Haejin need to emphasize that in all his TA. All his altcoin's TA has a high possibility of coming true, but nobody, including himself, will be able to tell us WHEN it will come true.
Besides, he has also been clear of his "alternate" counts on BTC, and we cannot fault him when the market decided to take the secondary path/count instead of his primary. With this, he teaches us that there are many possibility and ranked them in probability of each happening by citing which is primary, secondary, etc. While he does this for BTC, do you expect him to to do the same in-depth analysis for ALL the altcoins which he has covered, giving all the different counts and pathways? If you do, then you are not here to learn from his generous lessons and teachings but merely expects him to give you the fish (and blame him when the fish escape).
Granted, many here just want to be given targets and numbers - but if you follow blindly, don't fault the teacher when their predictions doesn't come true the next few day you bought in. Again, TA does NOT cover timeline, just like he always emphasize in his BTC TA, the targets have high possibility of reaching BUT the paths they take will vary. Everyone know BTC is the main driver for all altcoins, and everyone who has been following actively should then know that BTC has high chances of further correction - so can't you relate these two yourself AND expect that altcoin will also be volatile?? Did Haejin ever put a timeline on his altcoin projections?
His TA doesnt project time, but timing is everything. He also uses words in his headline that suggest something will happen soon. When someone says explosion is imminent, how does that not reflect time? or the bottom is most likely in? well the bottom is good right? so suggesting its the bottom = buy in.
I do not expect updates for all the alt coins, but why continue to post alt suggestions when his primary BTC was wrong and it was likely to follow his alternate count. You do not need to do any TA at all to know alts would drop if BTC would drop hard(following his alt count), just dont post anything other than BTC updates.
I have only used him(and other good posters on here) to back up research i have already done. i am not saying he is a bad poster (he is quite good), I am saying that his posting of TA when he knows damn well its useless right now is taking advantage of people. Those that don't know better are losing badly, but he is making a killing off them
I do not follow him blindly and i was out as soon as the news broke out a few days ago which has paid off.
He isnt stupid, he knows if he posts alt suggestions people are going to immediately go and buy some, and with BTC in turmoil all his alt TA is useless.
I totaly agree and tried to warn everybody around here to KEEP AN EYE ON THE BITCOIN. When Bitcoin moves everything moves. And speculating stockmarkets all has to do with time. Otherwise both parts always are right. I say it's going down, he says it's going up. Seven months after the fall it went up again. Both persons were right!
Yeah but timing is everything :p
I think it will go back up, some of the alts he suggested have good teams, good whitepaper, and i think will easily recover 3 or 4 times over but some are literally shit coins. But that isnt taken into consideration, he just does TA
I agree, any analysis on altcoins while bitcoin is dropping is bullshit. Yet he posts this crap every day and people believe him unconditionally. I guess the only way people learn is through financial loss
To his credit he's mentioned an 8k Bitcoin bottom possibility MANY TIMES and I kept that in mind, but I agree the headlines for newbs suggest "EXPLOSION" within seconds, etc.
But that is my point, his primary count was wrong and his secondary showed BTC to 8k, so why still continue to post alt TA when the BTC would make it useless. he should have suggested taking out profit and holding fiat until we correct
Waah!.......Waah!
great insight
Same as yours just a lot more to the point.
Yeah because its amazing for someone to advise people to buy some crypto at the worst possible time and profit from it.
If people took my advice that i posted in his blogs they would have saved themselves a ton of money.
I upvoted him when he gave sound advice, but now that i disagree with his suggestions its no longer valid?
But your right, me saving someone 30-40% in a couple days equals waah!... waah! in insight.
sheep following a sheppard off a cliff
I agree, and I also enjoy the posts. I'm a relative newbie; I've invested in cryptocurrency as a whole; I'm not a day trader, although once in awhile I play around just for fun.
I don't think this form of analysis has much practical predicative value over the long term. I've watched five hyped predictions, and none of them have come true yet.
I agree that the posts have a sense of urgency that is not reflected by a good investment or trading strategy. The first post and analysis I saw, I blindly leapt on board. Now I've been watching, and I have observed that a more common sense approach to day trading would have yielded much better profits.
Timing IS the key.
I do find it all interesting.
https://steemit.com/bitcoin/@rohitpatil165/a-complete-beginner-s-guide-to-bitcoin-in-2018
People that aren't ready to adjust their TA, or the BLIND FOLLOWING OF SOMEONE ELSE'S TA FOR THAT MATTER, at an instance, should just get the fuck back to their dayjob as this is no playground for them.
Oh i agree, they are sheep and are the enablers. but bad advice is bad advice, so i dont really have an issue with it getting downvoted. i upvote him when i agree with him and thats it
LOTS OF SHEEP HERE
consider reading the post thoroughly and you will see that he recommends laddering in. he never gives a BUY target because he wants you to ladder in over time...please do not be negative without looking for the positive.
I do read the whole thing. I am saying to suggest buying into alts when BTC is falling (even his own TA suggested it) does not make any sense, laddering or not
Actually the btc pairs will profit from the dip. In the end you will be able to sell them for more btc and have some nice btc stash after the dip.
So? The better suggestion would have been to hold fiat and wait for a dip, not take the slightly lesser of two brutal blows
This is where he has made most of his money from my conversations with him...it's the hardest thing to do when there is blood, but if you ladder correctly on the way down taking little bites (as he would say) eventually your bags will be filled and ready for the next push whenever that might be...i also have a few very successful investor friends that have done it the same way..it goes against all logic, but this is the way the wealthy do it
That my friend is the upmost difficult thing to do. Make one mistake and you're busted. These coins fall back with 10 - 20 - 30% very easy. Points are making themselves very clear afterwards. Not at the front of their being.
I understand that. But when you have a bunch of negative news coming out, your primary count is wrong, and your alternative count spells out doom, why would you suggest to people to buy into alts?
I have family members that have asked for the past couple weeks for me to put money in. I bought a little for them at the beginning but the last week i told them i wasnt comfortable putting any money in. If he actually cared and wasnt doing this for money he would have done the same
That's exacly what I was thinking: "Would you tell your best friend to get into coins now?" Then why stay in it yourself?
A good TA should more importantly be able to identify tops and when to get out of a market. Not just continually predict higher highs in a bull market
But that is what sells, so that is what he does.
He doesnt need to sell, he has someone upvoting him for hundreds of dollars. Even if he is dead wrong
I haven't been paying as much attention because I am in stand pat mode, but I haven't noticed any "immenent" or "explosion" talk of late.
Projections in last 3 weeks of coins hitting all time highs have all gone the opposite way and invalidated his elliott counts. Look at XVG, STEEM, QTUM.
give it time and some patience and you will see....
several predictions just in the last few days of crazy returns. terms like
IGNITING, MASSIVE, BOTTOM IS IN, GROUND FLOOR, KABOOM were all used in the headlines
almost all of which are down big.
Even suggested swapping fiat for coins (AST) and thats down what like 30%
Why does dan downvote haejin, I just noticed that!!!
They see him rollin’..they hatin’. There’s also a lot of people who simply blame the messenger when their coin doesn’t get a lambo after a few weeks
I paid off the Toyota and Hyundai...goos nuff for me.
That’s awesome @tumtum01 😀 seriously some car repairs and a reasonably priced vacation has been much more satisfying than only dreaming of lambos, staring at a 2-dimensional screen all day and never making a move. I just buy more on days like this. Haejin reminds us to “protect your profits” which sometimes means take care of your freakin’ shit in real life and sell some when it’s high
Even i bought the dip , if we get one more dip . I got some cash ready ! Ppl are cashing out for taxation . This dip wont last more !
No comment...
Let me get this straight..."Provide good content that many viewers would like-be respectful and help others-share your knowledge and ideas to the community that provide value-Earn your followers trust".....I see every one of those boxes checked..wow, if that's the case, I've totally changed my outlook on this place...i think haejin will be looking elswhere for a medium to share his knowledge...this is so bad...im really shocked at this
Except its bad advice with BTC tanking. I upvoted him a bunch of times when i agreed with him, but the posting of shit coins (ie BCC, are you kidding me?). and still suggesting to buy coins (even vs fiat) with the market tanking is absolutely terrible.
But if he just provided BTC updates twice a day for the past week and told people to stand pat with fiat in hand, he would have missed out on a ton of money posting terrible advice.
Who is dan?
Dan is a cofounder of Steem and I don't think that he downvoted @haejin from jealousy. I am sure he has a good reason for that.
Jealous. And stupid I guess ... Also really angry but nobody knows why ...
who are the knuckle heads down voting? lol proving that the majority of the market is filled with dumb money
This is best opportunity to buy if you love crytpcurrencies guys!!! Buy Buy!! Follow me @meetkarthik
@kimjongpoo is coming for you!!
more buying opportunities incoming! Woo!!!
You need to start writing books on crypto, your analysis are have always been helpful to me when trading and dealing
✌
lol, because he posted things would go up during a bull market, and now these last couple weeks he has led sheep to the slaughter for suggesting to buy alts with BTC falling?
He’s providing an informed suggestion (in a quantum universe) of a possible good time to buy as it bottoms out. He could keep the information to himself and probably doesn’t need the Steem money at this point. For example, he warns people above to not panic sell. There’s nothing even remotely suggesting he’s led people to a slaughter. Again people are blaming the messenger
He predicted in his own TA that BTC was going to drop. He had alt suggestions just before and after the BTC TA. Why would anyone suggest to buy alts, when he knows alts follow BTC and his own TA suggests BTC will drop big time
I also hope to buy more at below $10k. Bring on the price dive!
buy orders are ready! I love this scenario way better since it is a opportunity to max out on the profits!
You can buy some now, if right triangle 10k$ never reached, but just a few, in case it really dips to 8k$ ;-)
When this whole correction is at the bottom I hope to have more BTC and Alts than I have ever held. Of course the USD value will be far less than before coinbase triggered the fall, but I think this time next year will be a diff story.
The video is unavailable sir, that might be deleted or its not published yet?.. hhmmm