Bitcoin (BTC) Morning Analysis: A Correction Potential at around $6,400 or so....Find out how low correction could be in this analysis!

in #bitcoin7 years ago

SUMMARY

Bitcoin (BTC) is cruising to the path we had indicated. But as Elliott Wave states, all five waves have a requisite three wave retracements. This means that the blue roman numeral waves i,ii,iii,iv,v map out fives waves of roman numeral circled white wave iii. These five blue waves must be followed by an a,b,c (red) correction and these red waves will make up the sub waves of white circled roman numeral wave iv. The expected retracement could dip to around $5,400 but as low as $5,100 which is in the zone of the prior wave 4 of a lesser degree.

Once that red wave c of a,b,c is in place, a renewed impulse upwards should provide a last hurrah climb to $7,200 or as high as $9,000; depending on the vigor of the rise. However, every $100 incremental climb saps the bull strength and that is indicated by the the second chart of the MACD. Once this MACD is tapped out, a sizable turn can be expected to occur.

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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.**

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Thanks for the post. Are you using fib levels to hit your targets or how are you hitting these numbers with no resistances to go on?

Yes Fib but more importantly established relationship of price length and time duration. For instance, if Wave 3 is extended, Wave 5 is usually equal to Wave 1 or 0.618 of it.

Ok thanks. I need to learn more about the waves. You seem to do pretty well with it.

Thanks haejin. Have a great flight to Germany

Thanks! I wish you MASSIVE profits!!

i ordered both your recommended books very exciting!! thanks hyung

nice stuff Haejin

I wish you MASSIVE profits!!

Haejin, what do you think about this scenario?
Haejin.jpg

  1. We will reach 6200-6400 on a negative MACD divergence.
  2. We will fall to the previous ATH price at around @5k.
  3. After the hard fork the 5th wave will begin.
    Why do I think so? We have already seen the drop before the BCH fork, then the prices flew to the sky. Now, when it seems everybody buys BTC to earn some free money, I think it is just perfect for bears to make profits.
    Thanks!

Nice analysis buddy and hope it will get an uptrend & reach higher destinations.

I wish you MASSIVE profits!

Nice analysis buddy and hope it will get an uptrend & reach higher destinations.

Hey thanks again Haejin! can anyone tell me how to get the MACD bar on trading view? I am new to that site and can't seem to find it(I'm sure it's right in front of me) Thanks!!!

Click on 'indicators'

So, 'c' will be at around 5400$ and then will be a good point for buying, isn't it?

For traders, yes. I would Ladder in and range down to $5,100 on the entry rungs.

great update! uprooted & resteemed.

Thank You!

Thank you for this post. Can you analyze XEM/BTC? Thank you!