Bitcoin (BTC) Update: Primary Count Still Says Lower Low Likely
SUMMARY
NOTE: Only video and no summary today. Very busy.
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Heading for a $6k bottom and then a bounce...no chart necessary.
In order for BTC to rise again, it's going to need to innovate. I see no real innovation in it's future.
@haejin. Great info. IMO trading is harder than investing. If people don't have the stomach to ride the ups and downs of cryptos, better just invest on a regular basis, cash out the principle when get a chance and let the rest ride.
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Thanks
OK, You have gained back my respect now.
His name...was Daniel Paulson.
I esprcially like your long term outlook. That we should be aware it could be wave A we have seen so far. I hadn’t realized this fact yet at all, but it could fit in the fact that it has taken time to get this high, the correction therefore isn’t over yet. People need more time to get to a buy in. I believe that fact, I see people doubting, they want to, but are afraid. I think they need more time to buy in.
@haejin The RSI is currently in new lows. If the weekly candle close at current value it will surpass the 14 week RSI support at 53. The 5th leg that u mention could well be at the 50 weeks EMA, which next week will be 6700. Now my concern is this chart looks astonishingly similar to the typical bubble bursting chart that i got from google image.
A Bubble moves in an impulse, but an impulse doesn't imply a bubble. Make sense?
You can rest easy, as that bubble chart isn't even close. Compare the dot com bubble with cryptos and it's not even the same ballpark. Could crypto bubble some day? Sure, it's a possibility. But one must zoom out and consider all the factors... we aren't even close to a bubble yet.
Very good information. RSI though is not oversold until it's below 30, so it has a lot of room and this would support the a trend toward your 6700 target. The overlay to the typical bubble bursting chart is freaky similar. Thanks for sharing.
Thank you Haejin. You have the best TA out there.
Once again, great work @Haejin. Yesterday I was counting what looked like impulse waves (motive), but then they started to fall apart and break the rules of Elliott Waves. OK, then, now the information has changed, so I had to adjust my approach. That awareness-- of how to adjust, mentally-- has been invaluable, so I really appreciate the work you're doing. Corrective waves are very difficult to track, and since nothing has been clear-cut for me, I've been holding. Need to keep learning, so I don't lose so much value at the end of the next bullish cycle and next round of major corrective waves.
hi @haejin thanks for the great info! can you share the name of the software you use for analysis in your videos?
Wow, nice analysis @haejin . A huge overall "ABC" would be stupendous! I would love some 3k BTC :)
Screengrab: