Bitcoin (BTC) Morning Update: What Would Signal a Bottom?
SUMMARY
Bitcoin (BTC) overnight price action has maintained it within the wedge pattern. The Bull Wick allows a rapid and clean washout of remaining weak holders; the would be sellers. Many have panic sold during the temporary breach of the lower wedge support line. The chart below shows that I would like to see for a bottom to be declared. The video has more details on this; but basically, three rounds of impulse would be ideal. As shown, these three rounds sum up to an impulse of higher degree of tredn (blue waves). The second round of impulse would ideally take price out and above the upper white wedg trend line. However, still, price proximity to the Apex of the wedge is about 15 to 17 days out. For a bottom, I'd ideally like to see the proximity shring to less than 10 days.
This chart shows the fractals as had been presented before the the Head & Shoulders. However, note also the V-Neck reversals after each. The size of these V-Neck reversals also reduce and the most recent bull wick is the smallest. Having one more, much smaller repeat of this fractal would be ideal, as shown in below chart. It'll bring price peoximity to the Apex closer.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
@haejin, my analysis is very similar in targets to yours :)
A small difference in the waves but same destination.
Please check em out theres a lot more :)
https://steemit.com/bitcoin/@crypto-outlet/btc-analysis-short-term-bigger-picture-yesterdays-targets-hit
I present a count where wave 3 is in progress already and we should see more upward momentum on a short term.
What do you think is wrong with this 5 wave count? not considering the extra candle wicks?
is there anything else I am missing that doesn't make this a more probable count?
Leading diagonal
A good plausiblity for sure. It would become invalid once a full impulse is in at five waves up.
nice!
That would clearly enable a breach of the upper line of the wedge and a breakout! Then it would have happened too far from the apex...not the most ideal. I'd much rather suffer through another lower low potential and get a much stronger bottom breakout.
anyone help me its going up?
I believe it isn't quite done yet. Still more weak hands to shake away. Positive news yesterday though from the SEC has helped restore a lot of people faith though.
I feel like we're not quite done yet either.
Why does my comments on haijen's posts get hidden yet I get a lot of votes on them? I am no t being disrespectful or anything so I am confused?
when you on their list, they will downvote just everything of you, they are doing it with my comments since my first comment on haejins posts
Bernie and a bunch of bots automatically downvote any comment directly on @Haejin's posts. He's on a vendetta against @Haejin and has no problem downvoting minnows. Sometimes @Haejin will make a comment after he posts and people just reply to the comment instead because the downvote algorithms only downvote comments to the article not replies to the comments at this time. Sorry you got hit with the downvotes, I'll give you one of my little upvotes on your reply to try and help!
Thanks for the explanation mjo
It doesn't even matter, reputation is irrelevant (from what I've researched) unless you're trying to start your own blog and want the number beside ur name. Haejin would potentially be able to boost you up if you get too low of a rep hopefully.
If someone could explain rewards pools or link me to something because I see Berinie's flagging war as futile and irrelevant.
I'm also being targeted. My rewards are being voted away. What is it he thinks he's accomplishing?
It's funny how bsanders tries to convince everyone in the comments that haejin is responsible for all of this, yet he continues to indiscriminately downvote the exact same people he is trying to influence. The result is that all of haejin's commenters end up feeling the same pain that he does, for the same reasons, and it exposes the narrative that this is all haejin's fault as the grift that it is.
It's clearly not the case, I commented at one point a suggestion that we don't use Steemit anymore so that Bernie and his losers can circle jerk each other off and we can have our own platform and Bernie protested about that idea calling me a cry baby, so he clearly benefits from all of this. Typical wannabe politician, looking for publicity anywhere they can even if it's nefarious.
It is a downvote..
Bit harsh to get a downvote for saying I don't think bitcoin has hit the bottom yet, oh well
fixed and reversed.
True gent, thank you
Berniesanders is mass downvoting with his bot army.
but why is he doing so? maybe he is blacklisted
Dan Larimer dubbed him the "Bad Whale" and knocked him down to -18 for his sociopathic tendencies.
The godfather putting in work ;)
there truly is a reason his initials are B.S. lol
thanks for the article and upvote @haejin
If I understand your analysis, the BTC will continue to go down?
Best regards,
@Yehey [ Witness ]
I believe there is a probable scenario for that because proximity to Apex is too far. Closer would be more ideal to enable a much stronger breakout and reach towards the unavoidable all time new highs this year.
"All time new high" that's music to my ears. I guess to everyone's ear.
Thank you for taking the time to reply to my inquiry.
Cheers for now.
You misunderstand this analysis.
@haejin [Witness]
Would be nice to hear your thought.
@HAEJIN [WITNESS] !
I followed you to learn more.
Cheers mate.
.
Nah! Freedom is always the best in any day.
Come join me at discord https://SteemChat.com
Best regards,
we going up.correction complete.
https://steemit.com/btc/@salahuddin2004/bitcoin-update-07-02-2018
What's going with your reputation at -5. What happen?
i spoke truth about haejin that's why haejin downvoted me @yehey
dont worry next is you.
Blind Witness?
Stop posting salahuddin2004's shit, he never was right until now...
lmao I remember the salahuddin2004 BS - he was so wrong
Chain Death Spiral?
BCH
If so completes, the volume would complete! Well done Friend!
what does it mean, Haejin? thanx for reply
Thanks, coach.
Okay its going up
God. Why me
Nice Sir, How will this effect ETH /BTC?
ETH/BTC will lag the ETH/USD; usually it does. I'll post on that later.
ty haijen
감사합니다^^
Starting to understand why there is a possibly of a A-B-C. The B wave is caused by the bulls buying at the cheap prices. Aware of this the BEARS buy also, but when it get up too high the BEARS get nervous and take profits, the sudden fall creates panic and in a space were everyone in walking on egg shells as it is we could have one lower low.
Remain BULLISH but haejin teaching and study is really starting to pay off. Being in a Bitcoin corretion, for me, helps to understand the process of all corrections.
Thus feeling more confident trading the alts in the weeks and months to come. All awareness makes you a better trader.
do you mean bitcoin will dip some more? i dont think so. btc will continue mooning