Bitcoin (BTC) Morning Update: Triple Decker Inverted Head & Shoulders
SUMMARY
On a longer term, there could be a triple decker fractal of inverted Head & Shoulder Bullish pattern in the works. I've referred to this fractal as the mirror image of the H&S Top fractals the correction has gone through.
Bitcoin overnight price action has now made the critical junction of around $12,150 that much closer. The below chart shows the next resistance level BTC needs to breach. How it either gets repelled by that level or how it breaches it will be the details I'll keep my eyes one. Thus far, price is departing more and more from looking like a three wave.
The closeups show blue wave iv could be complete and if so, targeting $12k towards the critical junction.
A more bullish count shows that if wave iii is not yet complete, mid $13k would be in the probable picture.
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This scenario looks very realistic.
Can you please look into CVC for me ?
Good work again sir Haejin
i tend to agree with the one where the 3rd is not done
some jealous autists use bots to downvote every posts on haejins blog, sorry for you, you dont deserve the flags
i ll just repost.
i tend to agree with the one where the 3rd is not done
Have you enjoyed a trip? Thanks and happy new (korean)year!
okay..... this happening again..................................
HAHA
is this your primary count? being a veteran i serious doubt it.
In 1997 , there was a dot com bubble, the internet started exploding, because everybody believed that this is the next big thing.
Since everyone wanted to make money, people simply started throwing money at every new tech company, thats why new companies emerged every day!
In fact, over 1300 companies were created during that period and among them were google, amazon and many others.
The stock market was going through the roof because everyone was investing, so the media was obsessed about it and never stopped talking about the financial boom that was going on in the stock market, which drove even more people to invest and that led the prices to increase to unbelievable numbers.
And as always media started raising the panic again, that if that this is the end of the world, and that led everyone else to pull out their investments. And the result was that, Most of these companies went bankrupt and people lost billions of dollars.
Only few companies could survived the crush and today they are leading the tech industry. The same thing happened in 2008 by the way and now its it is happening to cryptocurrencies.
Dotcom was 3 trillions.
Stock market ( dow jones ) can go to 40K before collapse
Crypto is 5 billions... it is nothing.... 1% 1.5% of the population into it... projection 10%-15%
Market cap 1-2-3-4-5-6-7-8-9 Trillions (with inflation from 2000).
So yes it will come but not so fast ;-)
So, we have some time. 😀
The Dot com boom at peak was $6.7T actually and happened on dial up with the internet far from the omnipresence we see now.
As of today the total MC of crypto is $509B - I assume you are using USD?
Hmmmmm true, very true. So, what do you suggest people do this present moment?
I think we should invest on better technology like Cardano, Tron, Icon
I hope this was ironic...
I agree with you, how long will bitcoin remain the top dog? Since Ethereum, Dash, Litecoin work better. What coin does nobody know, that will remain when the others fall behind?
eth dash and litecoin only work better cause they dont do millions of transactions a day. Wait to they do that, then compare them to Bitcoin. Bitcoin is the leader because it 7-10 years ahead of most coins.
And if it gets lighting, you can say bye bye to over 1300 coins.
According to Block'tivity, Bitcoin's record of transactions in a 24 hour period is 497,349Tx.
Also ETH does more transactions than Bitcoin
If I remember correctly Bitshares holds the transactions record. If you are looking for a coin yet to moon / generally unheard of, that could be a future dominant force I'd look at ELASTOS.
looks like a project that I genuinely cant wait to be able to use. Whats your price prediction for it? its hard when you don't know what the market cap or total supply is.
But they can handle more transactions right. IMHO I could see the limits that bitcoin has kill it faster than the competition will be able to. But he that’s my 2 cents.
So choose the right project.... You gotta risk it to get the biscuit!
No one asked for your story
In your second picture is so obvious that this growth is not sustainable, like the one in december. I mean, isn't there any sign of whales manipulation somewhere hidden in the details? (I'm no TA so I couldn't tell)
@heajin sir..goood post
so i like this post
Crucial moment for BTC.
Great analyses.
can you please say if EOS/BTC looks like Cup and handle? or what is going on with EOS/BTC it keeps on dropping slowly and with low volume
Wave C must be lower than A
So you think C will have same value as B or should it go below it?
I think there its time to think about the entire market cap.
It stagnates at about 500M.
Which means, the raise of BTC price is a converting from altcoins to BTC.
Thats why BTC pairs fall constantly
Breakout needed on usd
does iii look impulsive or overlapping? Consider wxyxz?
:) Needed, but accomplished, so now $10 is the next stop according to your analyses, then 9.6 and then higher. hmm
Thank you very much, VERY good chart. I see 4.618 happens frequently with EOS
The broadening pattern well applies!
Yes, but do you think the handle coincides with wave 2 or 4? It makes a big difference on depth of retracement.
I think this is the path it will follow (Chart of BTC/USDT - Binance) :-
(1) Wave 5 (and correction Wave A) to complete at around 12.4 - 12.9k, Expected 22-23 Feb.
(2) From here could start the B wave which would make a wonderful right shoulder. This could be confirmed by the High volumes there. Wave B completion expected 26-28 Feb. This would be a fantastic buying opportunity again, not to be missed. Could be extended to the first week of March.
(3) Wave C starts from here for a target of 17 - 17.5 k..
Learnt all this from haejin. Let me know what you guys think. I am quite convinced and am going to trade accordingly.
Cheers !
Very nice channel. Any ideas on the EW coun prior to the ABC?
I studied it carefully. I have my doubts because I cannot find wave 4 to be lower than the bottom of Wave 1. This gives me a feeling that Wave 5 of the downtrend is yet to play out. I have pasted both the scenarios here, what do you think @haejin
Scenario 1 (Sacry Bottom target) :
Scenario 2 (Bottom already in for the time being - Wave Count - But Wave 4 is higher than low of Wave 1 or very close) :
Let me know what you think.
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