)
SUMMARY
The day time price action was uneventful, at most. Forward discernment of price is evidence based. Based on the preponderance of evidence, it very clear that Bitcoin loves triangle patterns. Just in the vicinity of current price, two symmetrical triangles can easily be identified. Thus, I project that the current consolidation will likely take the form of a triangle as shown. It would be good to see an a,b,c,d,e type.
In the video, I detail out the reasons why Bitcoin is not expected to top out of what's being called the "bublicious" peak. First, the Altcoins are undergoing a bullish chart parttern speciation event of three types: Cup & Handle; Jaws of Wealth Pattern and the Downward Pointing Bullish Symmetrical Triangle (video has much more details).
Second, I'm calling it the Bullish Popcorn Symphony of Altcoins. We are already seeing more and more Altcoin prices are POPPING....no, EXPLODING upwards. I liken this to making popcorn in the microwave. At first, you hear intermittent pops which crescendo into a symphony of popping! Thus, until the Altcoins sing their bullish price solos, I belive Bitcoin will not top but rather sustain its uptrend with healthy corrections.
Third, many analysts are calling the BitCoin top day after day and failing. They are likening the top to an event and that is incorrect. A top is NOT an event. A top is a process and to see it as an event is wholly missing the forest from the trees. A different perspective and conceptualization are required to view topping as a process...and thinking like that is a departure away from herding.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Legal Mumbo Jumbo: 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.**
dont put your coins on exchanges and there is a big altcoin rally about to come
I'm waiting for Exodus to add Ripple, then I'll be totally off the exchanges.
whats your view on cardano ?
This made me more hungry than it should have :D
Let keep up the Energizer Bunny routine in the Alts!
Speking of jack off fantasy, I can hardly wait for....
"The smart one's got out early."
I too love microwave popcorn and I think we will all need some when futures go live!
Please tell us what exchange wallet and charting software you use. Information is very good but if we lose all her money by using the wrong Wallet it will be useless. Hope you understand 🤗
Haejin uses TradingView for charting. It's quite good... and free to use.
I'm not sure about the wallet. I've been thinking about getting a hardware wallet (Ledger or Trezor) as it seems like the safest option.
Hardware wallet definitely the best for longer term holding but if you trade regularly you will need to leave coins on your exchange/s as its time consuming and costly to keep moving coins back and forth. I use a trezor having been burnt by bankrupt exchanges before.
I highly recommend ledger or other hardware wallet. By far the safest and support for more coins being added all the time. Plus any erc-20 coin can be used even if it doesn't have native support by using myerherwallet.com.
And Tradingview is awesome, it has changed my life
I know. It's great isn't it. Have you sprung for a paid membership? I'm just wondering if it's worth it.
I use a Trezor, but lately I discovered - Thanks to Haejin - Bitshares. Which is a decentralized exchange that practically eliminates the risk of getting hacked. You should definitely check it out. Haejin also believes it will be worth $300+ over the long run (and according my personal research, he's analysis might be even conservative).
I should say, do your own research, but if you are ready to become part of Bitshares, it would be nice if you will consider registering via my link. If you don't like so, feel free to remove the referral part of it. ;-)
https://wallet.bitshares.org/?r=newlife8
Already on the Bitshares train. The risk of the exchange being hacked is eliminated but the local risk of your point of access to your wallet (your computer/phone) still remains.
My understanding is that a hardware wallet removes this local risk. So, a combination of the two sounds like the ideal situation.
+1 for ledger nano s
For Bitcoin (btc) I highly recommend blockchain.info it is the best one in my opinion.
Can we store ALT coins purchased using BTC to Blockchain wallet?
I have a Ledger Nano S.
I enjoyed your insights about time and sentiment, I agree.
As I listened to you, I had a flash back to my childhood of my mother playing the accordion.
The accordion would expand and contract as the tune was played out.
The interesting point of this metaphor is that with the accordion (time), the tune (price/sentiment) is played out when the accordion is expanding or contracting! And if you close your eyes, you can not tell if the accordion is expanding or contracting, as you listen to the tune being played out.
Thanks HAEJIN , you cant quite imagine the positive impact you have had !!!!
Thx Maestro for this performance!
Anyone can explain me pls how to set limits and stops when it’s against btc? we are reading about limits in usd, but Bittrex works only in btc and it moves all all the time. So if I want to sell for example BTS at 0.47usd how do I count it?
Thx in advance!
thanks, thanks, thanks!!!
Have been following your posts for a while haejin - but only signed up to steemit yesterday so I can at least upvote your posts.
Your TA are all very much appreciated.
thanks for the info once again , i think were all gonna get rich lol
i hope!!!
Thanks for your analysis!
i saw this video and thanks for sharing bitcoin update
YES, YES, YES, YES, YES
Every post of yours deserves an upvote. Great work Haejin. As always.
Bullish PopCorn...
interesting, thnx )
I got over my intitial fear of Tulip Mania and took a proper look under the hood of this blockchain technology.
Hey, I am new this crypto world. What I understand from this post is that BTC would drop a bit and wouldn't touch 25K and the ALT coins would surge for some time, is my understanding correct?
Good Night 😇
@haejin - I"ve come across many technical analysts who've admitted that Bitoin's charting pattern isn't something that follows the norm of charting.. When you expect a correction, it breaks out and when you expect a consolidation, it still breaks out with no warning too... Given that technical analysis is primarly about determinng the course of movement based on patterns which have historically shown to move in a particular way in the past, I'm never really convinced about tehnical anlaysis on Bitcoin anymore because it seems to defy charting rationale most times.
Many analysts use both technical and fundamental analysis together . This is a mistake because technical analysis begets the news events the fundamentals and never the reverse.
When the two are mixed, predictive value fails quite often. Technical analysis and fundamental analysis are two very different modalities . Place is the most direct reflection of sentiment. Therefore price alone can actually project future pathway.
Hello, I am a fervent follower of yours, I would ask that you could do an analysis on the direction you will take now Iota and if the increase in bitcoin will lower its price. Thank you
Mr. Haejin I wish I could earn enough money to pay yo back, however someday, I will indeed, after I reach enough money to move to another country, I need to migrate from here, too difficult and dangerous in my country.
Have you seen the POWR chart? what can you tell us about it?
Thank you for your insights.
Excellent analysis again Haejin. Thankyou. Can I please make a request for an analysis on Power Ledger also? It's a coin I have much interest in :)
Can anyone tell me where I can buy verge with the dollar? All I seem to find it xvg/btc
For any coin of interest go to coin marketcap.com and search for the coin. Once on the page for the coin of interest click on the Markets tab. This tells you all available markets. For Verge 80% is the BTC market on Bittrex, but usdt is available on hitbtc. In my view the $ feed drives the market and will be even more true as more noobs enter the crypto market. Tradingview produces a $ price feed for Bittrex even though there is no $ market by applying the market exchange rate from their site. Hope this clears things up so you don't have to keep asking the same question 😉
about to pop off!
@Haejin You have gained my utmost respect and trust. I closely follow all of you posts and upvote you every day!
Trying to ladder in some BTC buys around $14,000...a bit confusing since GDAX price seems about $500 higher than Bitfinex chart you are using...does that suggest I should target a higher buy in for GDAX?
Possible to get a NEO update...it just hasn't broken up like other coins...thanks...
best analysis @haejin
Thank you very much
sir, one on iota please.
I was looking for an answer for this situation.Thanks haejin.
Huge Crash! Not really... Zoom out.
https://steemit.com/bitcoin/@xsid/huge-bitcoin-crash-not-really
https://steemit.com/bitcoin/@jerseynash/bitcoin-futures-what-to-expect
For someone like me your super smart, artistic grasp of the blockchain marketplace is really enlightening. It's like you are looking at things from the highest vantage point while also keeping your eyes rooted to the ground.
The Bitcoin run is over.
Steemdollars goes up in the next two years.
This is a nice technical analysis. Let's see what happens.
Interesting enough to upvote
Congratulations @haejin!
Your post was mentioned in the hit parade in the following category:
Great analysis. I wrote an analysis on the "red weekend" and an outlook after the introduction of Botcoin futures (in German):
https://steemit.com/cryptocurrency/@osac/kryptowelt-wie-geht-es-nach-dem-red-weekend-weiter
Excellent analysis Haejin. I appreciate your work! What you say makes sense. We'll see how the triangular ride goes!
Im new to this market with no formal economy knowledge so who ever wants to share their views on alt coins with me im very open I need to find a place to get my footing and secure my livelihood I want to come in to this get some upcoming savings from it and live a life worth living.
Alts love it when Bitcoin is strong up, then sideways. My fave alt moves recently are IOTA and Litecoin ;)
Upvote ol