Bitshares (BTS): Is More Mature in Elliott Wave Progression
The TREE COUNT for Shorter Term Traders:
While the correction might not feel bullish, it never does; the microcounts often miss the bigger picture. However, it can still be profitable for shorter time frame traders. The below chart shows an updated abc correction for the wave 2 of an initial set of impulse waves up. IF this can be sustained, the $0.47 target remains.
IF Bitcoin decides to put in a lower low; BTC and all of cryptosphere will follow. To that scenario, the awareness of the below chart could be helpful. The blue abcde waves could complete at $0.18 or so. However, this is NOT my primary count.
FOREST COUNT
If you're looking from a perspective of a longer term; the below chart should jive well with how BTS has already put in the higher degree (blue) wave 1 and 2 and the current activity is around waves 1 and 2 of 3. Most coins, including Bitcoin are at the blue wave 2 equivalent stage. So, for Bitshares, wave 3 of 3 would be next....would now be the time to be selling or buying? Would panic sell if $0.18 rolls around or buy?
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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Good analysis on multiple scenarios. Hopefully BTC doesn't break down so that the impulsive up wave can continue in BTS. The longer term picture for BTS looks very promising and BTS can get some traction to start that progression.
@haejin, do you still have a long term target over $300 for BTS? It's so fascinating and has a lot of potential! And thank you for all you do!
From my understanding, the coins that rose to these levels like ETH and LTC brought something new to the cryptosphere, just like BTS did. So I believe $300 can happen !
Probably someday but as for now $3 would be life changing for me and my family. I can imagine when BTS gets to $300, Bitcoin would be extremely high and fiat might not be as important anymore. Who knows what’s going to happen with the currencies in the future. Scary but exciting for us who are early.
All those bearish months I was preparing myself for those $3 or more levels. It is actually really hard to "accept". I'm still learning and trying to understand how to do it right. And this price trip from $1 to $0.15 was very refreshing. 😂
It will be the greatest transfer of wealth in the world!! Long live BTS!
#BTC continued its decline and is now trading near the $ 9800 mark.
There is a possibility that the cue chart, like all crypto currencies, formed the "bubble blow off" scheme. This has already been two times: a fall from $ 32 to $ 2 in 2011, and a fall from $ 1175 to $ 230 in 2014.
Now 2018 and I'm guessing blowing from $ 20,000 into the $ 4000-5000 zone. Yes, there is a future for bitcoins, but realities at the moment are not the most positive. As they say, everything is cyclical. And now. The market punishes the weak and greedy players.
From a technical point of view, the trend is still downward, the trend line is not broken, and therefore further decline looks very logical.
I agree with you but then after the last bottom it will start going up again
super. Write your feedback if you like.
Is EOS a bigger opportunity? I worry that Dan Larimer's creation of EOS may leave BTS in the dust (and allow for an easy replacement of BTS with some other system that could be created on top of EOS)... I know Dan had to leave BTS for several reasons, and I am glad his dad @Stan is still working hard with BTS, I like both of them. Dan Larimer seems like a genius to me (as does stan). I really do hope BTS booms when regulation starts hitting centralized exchanges.
EOS is just a platform for Apps like Bitshares. EOS is an opportunity for BTS.
I live in the forest...always!!!
Just HODL and chop more BTS! 🙌
I always prefer the forest than the trees!! Load up more when it gets to .18 cents!
Well, I sure hope you are right about this one and can't wait to see it grow to these spheres...Thanks a lot for your kind contribution sharing the wealth of your knowledge with us all here on Steemit.com
Namaste :)
Thanks for the update @haejin ! I cannot wait until this correction is over, I want to see $1+ soon again. Hopefully $3 by the end of the year, I would be so very happy.
Does the (e) wave on the second chart seem to be around $0.10 instead of $0.18? Thanks.
That’s how it looks on the charts but maybe he is saying it won’t hit the bottom of the triangle before it goes up again? I don’t know to be honest. I’d like to see $0.10 so I can buy more :)
I will be loading up when it gets that low!
So will I.
Sure it can go that low if BTC goes lower than $5k.
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.
good keep it up...
That's just a disclaimer and a reminder to do your own research. Many people don't take responsibility for their decisions and blame Haejin when they lose money. Most analysts put in a similar disclaimer for legal purposes.
It’s good info. He’s saying don’t focus so much on the micro counts and look big picture. BTS will be over $3 before we know it. Focus on that.
nice analysis.. such a lovely post
cryptocurrency has always surprise us.
many analysis may come true but its still unpredictable
Yes, lovely.......what?
Good work from you
WHAT about DNT ?