Bitcoin (BTC) Morning Update: Patterns, Patterns, Patterns!!

in #bitcoin7 years ago

SUMMARY

Chart Patterns are invaluable when combined with Elliott waves. They often supplement the EW counts such that you gain greater confidence. On instances when the two contradict, it gives you extra cautionary indications you would otherwise not have if using EW only or vice versa. So, learn to identify the following patterns and become expert at it: Triangles and Flags. Cryptos just love these pattterns!

Overnight price action for Bitcoin (BTC) shows that price breached to the upside above the top line of the bull flag pattern. The MACD also curled up and the red leading indicator crossed the yellow lagging indicator. These have bullish implications and so an impulse should continue towards $23,000 target.

This chart shows a proable symmetrical triangle pattern as well and should price break to the upside on this, then additional confidence can be gained for the $23,000 target.

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!!

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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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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.**

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Thanks for the update. :)

@haejin Thank you so much!

You should do a PPT update, then cover PLR and KICK when you get a chance.

Primary: BTC correction not complete.
Target $15,525

Thanks for heads up! 👊

I feel the same

23k would be awesome. Let’s hope you are correct!!

A week back Haejin had predicted "Something massive is approaching the cryptosphere. Never before seen profits". I guess this is what he meant.
Reading your advice and having confidence in it has completely upturned my wallet. From the silly mistakes I made as a newbie (I still keep making those, but fewer), to gaining substantial profits.

A Good Investor is a Bad Investor who forgives himself for his mistake not to follow @haejin, learns his lessons and tries again!

And a bad investor is not a good investor who does not forgives himself for his mistakes not to follow.

Applying your tuts for XVG, really astonishing how elliot can be a millimeter accurate ; Thx so much to share your knowledge...

Good on you my friend! This stuff is amazing when you understand it!

Hi @haejin always follow your post though I have no money to trade yet as I am currently building a mining rig.

But would it be possible for you to also add negative post or coins you think will be bearish for educational puposes and as well as warn us to exit on our current position

Very good suggestion. Not loosing money is more important than making money. I'd also like to see how a total failure coin would look like on TA. There are so many terrible coins in the market and many will become near worthless. I'm very curious to know how a bad investment can be recognized without fundamental analysis. (Maybe @haejin could analyze TSLA, TWTR or SNAP for a change and educational amusement.)

He does post bear posts when the coin requested calls for it.....right now.....almost the whole market is a bull market overall. Yes some up and some down, but the overall trend is bull bull bull currently.

I just read your comment @haejin that Prechter has been calling a top for a while now.....I didn't realize that. You've out mastered the master.

MASTER HAEJIN, can you please do a IOTA analysis and prediction? Thank you!

BTC network is still pretty clogged though. One of my transfers still waiting the longest I've ever had it: SEVEN DAYS and still 0 confirmations. It's pretty lame.

Been day trading on this lately, buying at 16100, selling at 16700... boring and time-consuming, but good practice. We need some real impetus now, but there's only day traders, and they are more interested in Ripple, which has been surging 300% while we wait.

Thank you!

Looks like the next couple days will be big winners for BTC!

Thanks haejin! Can you provide an updated count for LTC? I laddered in yesterday.

Thank you Haejin! You are a genius!

Next destination: Moon.

Hope LTC follows...hate to bet the wrong horse!

Me too.. i bought yesterday at 286.. i need some moneyyyyyy

I could see a big head and shoulders in formation.

Look this baby haha, the less realistic option but it is an option.Also look the MACD, you should confirm with other time frame.

https://www.tradingview.com/x/9uKWT3sm/descarga (1).png

Good Morning @haejin. Several altcoins (Neo, QTUM, OMG ....) are moving in the same direction forming bullish flag. Even though these looks like bullish patterns they might be the prelude to the BTC ascent and so a further descent. Simple reflecting the flow of profits from the altcoins to the BTC. What's your point of view? Best, G.L

thanks for the update.

Hello Haejin,
Thanks for the update. Would you mind providing an update on Ethereum? Thank you so much!!

Cardano started to move , great analysis on that, bought mt last chunk ;) once again thanks @haejin

thank you @haegin for share your experience and knowledge it help me to understand EW Counts

Thanks

But what about "double top" pattern that is formed- should we expect a drop prior to next run up?

I think your chart is sideways

It looks like it's an ascending right triangle on the 4H time frame. Looks to break out if it is. Either way, it looks good and learning. Thanks @haejin