SUMMARY
The very short term IHS pattern for Bitcoin (BTC) has been invalidated with the decline towards $8,466 but as the next charts will show, the bigger picture remains unchanged. The below chart shows that the decline is patterning out to be yet another wedge (blue). Price being so close to the apex should rise out.
The wedge fits into the larger IHS pattern and a riseout would allow the completiong of the Right Shoulder (RS). For this pattern, the $9,700 remains a critical juncture as the the Neckline resides at that price level.
The below chart still shows that the primary pathway is likely to be the white arrow. The long term support line has held and is expected to repell upwards another touch if it occurs.
The blue D wave option also is still valid and the subwaves of the abc is still in progress. Let's see how the overnight price action plays out. Zooming in and out from short term to longer term allows much better perspective than a single segment myopia.
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Am I reading this right @haejin ? Looks like what we're seeing is the end of a few days correction flat ABC correction.
Looks like we need one more 5-way rise up to complete D wave in large triangle. I wouldn't be surprised if there is a bear wick at the top (I didn't put it in chart), followed by a decline that will create E wave.
As for trading - not to be late with my buys, I assume E wave will be short and won't touch long term trendline support. Why? It's just how I read sentiment now - market is fed up with this correction and wants to go up. I think I see it in lower degree symmetrical triangles, both in BTC (one triangle is marked on my chart) and alts. More often than before, E waves end up short or even very short.
I'd love to hear Your comment on this one.
Cheers and keep up the good work. All I know at this point is thanks to You. You made me want to start learning TA :-)
Yes, the E wave is often the shortest and that is the primary count. The below chart also shows that the E wave is NOT always required but breakouts can occur at the D:
So, it proved to be zigzag after all with deeper retracement toward previous wave 2 rather than 4. Other than that, nothing really changed yet and primary count (C of ABC up, creating D, probably followed by E down to the level of longterm trend) isn't invalidated.
Getting really angry seeing so many comments of people panicking BTC decided to take a slightly different route to the same point. Thanks for Your reply.
@haejin i am very fan of your prediction and believe that bitcoin will be fine again we just have to have patience so that truely the price will be changed.
Hell yes...
Great analysis Haejin. Keep up the good work.
Im liking these charts, it would be awesome if we got a bull run soon, Something to lift our spirits lol
Is the bear period over and bull started
My thoughts here: https://steemit.com/bitcoin/@rmartin/bitcoin-3-25-18-the-way-to-7k-or-10k-here-s-how
your a donkey
we should be serious many people are worried
Your consistency never seizes to amaze me. You make updates on a regular basis.
Nice analysis. Nice update.
Very useful, informative, educational and we'll detailed.
Thanks for sharing @haejin ✌ ✌
good post, agreed
Thank you @haejin
Bear market
Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 128.49 SBD, based on the pending payout at the time the data was extracted.
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This is an one of the importance post.
This market sucks so bad thats why you should have money on the sidelines and only arbitrage when you can...get arbitrage alerts to your email as they occur
Looks like I should load up on Bitcoin about now.
it is difficult for bitcoin to be maintained and in these period where the cryptomoneda are receiving persecutions by governments, tax payment, binace, security, banks.
Every day a new cryptomoneda is born, investors come and go. other currencies that are growing and investors change for the bitcoin to rise to 15000 before July has to see balance and stop the chase and the morbid bitcoin
Oh, wait, what happened to Ripple? It was going to overtake BitCoin and it was $3.40. Now Ripple is $.64 and falling. So much for Japanese bankster coin. Bitcoin Cash was "the new Bitcoin" and now it is number 12 in market cap. Ether was $1300 and now it is just holding above $500 to stay out of trouble (I still have hope for Ether though). It is going to take an asteroid to extinguish the Bitcoin dinosaur.
Bitcoin is really trending these days with so much value in various online systems and we hope it value will keep on increasing.
I Like It 😊🎵🎧
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I am happy to see, read and enjoy your post amazingly innovative. Thanks for sharing.
Seems like 5 waves down is a must!
lol that's not even a thing "5 waves down", Flat? Zig Zag? Expanded Flat? Go read about EW before posting bro
Keep it simple and watch what will happen in the end..
Lol making up your own TA rules isn't "keepin' it simple" lol you couldn't be more chaotic
The chart is still valid :))) watch closely! Whatever name you call the pattern is not important; the important thing is that we are aware of the ongoing correction.. 5 waves downwards.
Your chart is both invalid and literally just lines on a chart, there's no information presented sorry bro
Hi @haejin, can you comment on the MACD on the weekly BTC and how that aligns with your cycle count please? Many thanks!
I like it
Bitcoin will not 'moon' until May 14th when the Consensus Conference starts, thats when all the big players make their announcements, so we'll have to sit tight until then
Dear sir @haejin,
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@mers
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BS on tap, like clockwork!
can you provide a link to an article about this please?