Bitcoin (BTC) Morning Update: Two Patterns Converging into One
SUMMARY
Yesterday, I had presented the below wedge fractal patterns. If the smaller fractal is labeled, waves a,b,c and d are complete and e remains, as shown by the red letters. Wave e completion would mean that price could likely re-enter the $7,500 range.
Last night I also presented the below symmetrical pattern and how price is carving out an abcde (blue) set of 3,3,3,3,3 waves where each wave is subwaved by an abc three. Once blue e is complete, the correction length would have reach about 4 onths and price would be bullish proximal to the Apex.
When the above two charts are combined, they converge quite well. The two wedge patterns fit snugly into the larger symmetrical triangle pathway. If the decline from the $20k level to $5,900 was a large blue wave "a" then the recent bounce completed blue b and the second smaller wedge is trying to put in c with d and e still to go. The sideways action provided by this provides ample time for price to churn and consolidate before the next leg up.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
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Hello Mr. Haejin,
I would like to know if you want to have a civilized discussion about why you and @starjuno flagged my latest posts.
Is it because i am tracking the performance of your advice?
I would like to say that i started to do it because i don't see you providing the results of your advices anywhere else, and i got curious of how good Technical Analyst you are, and started tracking your performance myself.
So far, on 4 days fell 19,16% of the invested value, while the same amount on BTC only fell 14,88%.
Doesn't look good so far. But it seems that you know that already, since you only downvoted the posts and didn't provided any insightful comment.
Don't worry. I will keep tracking your portfolio in real time, and also do some backtracking on past months as soon as i have some extra time.
Aren't you curious of how is your performance?
Have a good day.
How is you @lyndsaybowes side dish?
O man why is it going down? I am crying.
I have my all investments in bitcoin and it is playing hide and seek with all of us.
what do you think what affect Google's ban on ICO ad has on bitcoin.
The advertisment ban surely isnt good for cryptos since the market needs fresh blood for it to regain strength. Just check out the google statistics, the overall interest fell simultanousely with the price of BTC. We need that hype to come back!
Yes @born2crypto, you also turn into ashhole and post nonsense here?
I'm pretty sure that Google's ban on cryptocurrency-related ads only has a very small impact on price. If anything, the ban by Google is actually very good news in my opinion. I've made a Steemit post about that here: https://steemit.com/bitcoin/@mjglqw/google-bans-crypto-ads-good-news-short-post
I agree that the Google ad ban has its positives, with scams not being promoted left right and center. However, this type of news is always seen as bad from an investment perspective and in a market where a lot of the investors are just regular inexperienced people, in my opinion it certainly has an impact on price in the respect that people won't buy more because of it, but people will certainly sell because of it.
I think buying in general right now is trying to catch a falling knife, however the $8,000 price level for Bitcoin does have a lot of support as price bounced up a good bit when it hit that price. Just need to wait and see if it levels out or goes lower!
Buy Steem it's green today!😀
Buy Red, Sell Green!
:D
Sell, not buy :)
I don't think it's the Google ad ban. The markets react very negatively to regulation hearings. That's where I would put my money on why the market is dipping again. On my charts, 8.2K is the 0.618 fib level. I expect we bounce off that several times today. If we break down further... then I would be worried
Bitcoin is still correcting. We'll get that double bottom. Might even break a little. I have cash ready but for alt coins.
At the start, when using Google to find an ICO, NEVER CLICK ON THE AD! It can be a fake account leading you to a fake website or it can be placed by someone luring you into his affiliate program to make money out of you.
I don't think the cryptomarket needs the Google ads to grow.
I don't understand how bitcoin could emerge bullish if it remains under 200 MA too long.
In technical analysis, momentum over time measures the rate of change of price change and I have read it works like rubber band. Yes, rubber bands can pop, but most of the time they can stretch out really far then they contract. BTC is in some of it's last, but most aggressive, days of stretching downwards. When it contracts the price momentum will move upwards again. How do I know this for sure? I don't at all. But I personally believe the price will come back. My belief is based in technical analysis. Specifically chart patterns and Elliott waves (which Heajin inspired me to begin researching). I believe he is an expert analyst, and his tutorials at the bottom of his posts helped me a lot. Check them out, digest and you will probably agree. But even as he says all the time, "technical analysis is based on the probability principle".
I admire your ability to stay cool during this nerv wrecking correction, I really appreciate your steady content which is the only constant for me in this wild times :-) highly appreciate it!
Diversifying a portfolio into markets such as precious metals, real estate, ETFs (Haejin has good recommendations for that as well) and Peer-to-Peer lending (Prosper.com or Lendingclub.com) helps to make healthy and inevitable market dips less nerve-wracking. When one industry is falling another can be rising unlike a portfolio that only holds cryptocurrency.
You are totally right. Not long ago I've started getting into ETFS and got my broker account verified.
Agree, price is stuck between $8400 and $10000...which has become my no trading zone. If the buyers at $8400 can't hold off the sellers, price will go down to test buyers at the $7600 level.
You are very powerful, will consult more later
It's time to get rich . Selector free tokens at AIRDROP
Nice charts and technical analysis. We'll all be happier when bitcoin finally diverges out of this bearish sideways pattern and starts pulling the market back up into new all time high territory again. I sure hope it turns around soon. If it keeps on this narrowing descending wedge/triangle patter you show all the way to the apex, chances will be even better for a sharp dramatic spike to the upside. It's just been soooo slooooow and patience is the key for now.
My guess is a lot of people are waiting to see how things go at the G20 meeting in Argentina this weekend through Tuesday with respect to proposals by some Finance Ministers and Central Bank Governors for global crypto regulations, but who knows. All the best
When do you honestly see Bitcoin returning to $15k+??
LOLOLOL Why are you asking @Haejin? He just wants your UPVOTES. He don't care if you make any money on Crypto.
Haejin care more than you do. All you do is post silly pictures about him. Have you even watched a Haejin video before? He shows so much info in them.
Hey Pal, I'm not here to start a war with you or his followers. I'm just trying to help show how @Haejin is providing FALSE INFORMATION & STEALING MONEY from the #Steemit REWARD POOL. I did check out your blog & it is cool. I like some of those Air Drops you blogged about. If you care about STEEMIT you should join @FlagAWhale.
Everybody shower in the hands and build your own place stop thinking you are smarter then others
You also hypocrite, just pretend love @haejin, eh?