SUMMARY
Note: Video has more details!
Overnight price action for Bitcoin (BTC) has delivered a decisive breach of the Neck Line of the Head & Shoulders Bottom pattern. The pattern is now confirmed and complete. So what's next?
Belos is how the subwaves of white wave iii could play out. Video contains exactly how the wave price heights were determined. This means that BTC is in wave 3 of 3 which is often the most extended and moves most violently. The target for this wave 3 of 3 (purple) is $12,457 or so.
The current breakout could rise high however, the nature in form and fit of that rise needs to be observed keenly. IF it looks very three wavish, the broader ABC could play out.
However, IF the rise if very impulsive looking, then the broader ABC could be de-emphasized and likely all time new highs would follow.
Legal Disclaimer: 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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Elliott Wave Counting Tutorial #1
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One question @haejin - like in Your previous update, I think we just had a 4 day long triangle consolidation.
How do You decide where to start counting new set of waves?
I did it yesterday:
You drew wave one starting where my wave B of triangle is.
After overnight price action I wanted to change my chart to this:
Is there any way to discern, with current info we got, whether wave 1 started:
a) where You drew it (wave b of my original picture, effectively with no triangle)
b) where it is on my second picture (making a correction ABC symmetrical triangle)
c) where it is in my original picture, but with wave E unfinished due to bull pressure (ABCDE triangle)
When unsure where to start counting new set of waves, it's hard to draw detailed, lower degree waves up.
I'd love to hear Your oppinion on this.
Not all triangles go to E. Sometimes they complete at D.
Your ABC option isn’t correct because the C must be below the B
Thx!
Ah! So there are no symmetrical ABC triangles? Didn't know that, shame on me!
Still, You drew wave 1 in the place of my wave B. If I understand correctly, it means You assume correction finished in the bottom of right shoulder and the rest of this triangle was in fact start of new set of impulse waves.
Is it also correct to count is as a ABCDE triangle, with wave 1 starting from unfinished wave E? Like this:
I've seen plenty of partial E in triangles. I'd say it is the most common thing to happen.
And You still didn't learn, silly child.
Surging inflation helping to lift both precious metals and cryptos today!
I think it's very likely the broader ABC follows too... and reach new ATH after that later in May!
Violent and Vigorous Wave 3 incoming in 3...2...1...
@haejin appears to be accurate with his prediction. Look at the date at the bottom of this graph. History tends to repeat itself. It’s looking like BTC will go up to around $16k-$17k before correcting again. Hopefully wave C doesn’t take as long as it did in 2014 to correct but it might do it would be wise to take profits like Haejin said when it hits this point.
Or maybe it is a well working scheme on how whales trade? 😉
Good to be in the green again!
let's see for how long it lasts this time. I'm not against another dip for to extend my shopping trip
Greedy bastard! 😂
as always very accurate and on point :)
What would keep BTC from going up further the rest of the day?
Sentiment drives the price. So sentiment will be the only reason to change the price.
Thanks for explaining.
No, I have not heard about these contracts.....So, the movement up and down long and short periods cause the market to move in real time?
Why not share your trading strategy to us now?
why so high?
complete of target H&S and then all bets ar off !Right?
Plus everybody is saying that at 12k is a mega uber resistence
PLUUUS you said that this is a leading diagonal. if it s a leading diagonal the correction is not over... right?
Thanks Sir
Thanks for the update. Why not use the fib extension/retracement tools when plotting out the next waves?
Absolutely I can use the fib charts but there is a slightly different way of doing it and I’ll show these in another video
I'm looking forward to it!
looking forward to it since I am more familiar with Fib charts than Elliott wave method.
Good thinking, johnnypez.
Nice information @haejin ,I flowing+vote! Comment
thanks for the update
It's looking up, up, up!
Are you saying we will be heading for a new lower low after wave 3 is complete?
Depends on if his alternate option plays out. If this is another ABC correction as stated at the end of his last video then we can see lower lows. Need to watch to see if this wave is an impulse or looks more "3 wavish"
I think you should check out the basics of EW, go see his tutorials. I have no idea how you come up with such a statement, gosh.. also it is always a game of probabilities
Please consider reviewing the free tutorials link at the end of each blog post.
should be bullish for a little while longer! blessed
I was looking for the $9,100 mark to be breached and it took nearly a week longer than I expected. Keep in mind that the healthy up and down pattern we've been observing has included swings of $80 to $150 in range.
That in mind, we should be healthy on $150 dips. The $300 dips we saw a while ago will push toward testing critical support levels so do your homework to know where those are, and to know if the trend may have been disrupted.
Great work Haejin!
Thank you, @haejin. Gazua!
good post
https://steemit.com/free/@riann/free-coins-airdrop-14-02-2018
FREE COINS airdrop 14/ 02 /2018
Cant wait to ride the green wawe :)
Perfect song for those today that are in romantic mood:
Haejin, Great post as always! If you want to keep track of your Crypto holdings and all crypto news check out the easiest to use crypto portfolio tracker - https://hubwallet.io
what do you think are the possible reasons that would act as a hindrance in the upward movement of the bitcoin?
I was hoping for the dip to $5200ish, but now i'm getting all tingly at teh prospect of the bulls coming back, or even the big ABC pattern to raise massive amounts of cash to buy back lower. So many great opportunities now matter which scenario occurs!
Hi! @haejin, I see your recent updates on steemit..... thanks for share with us. @upvoted this post.
Excellent TA showing alternatives......as usual. I look very forward to your updates throughout the day. You are one of 3 analysts I follow consistently and appreciate your insight & willingness to share with and educate the community!
One thing that I think is not shown is the $10,000 resistance we will hit on the way up. It will be hard to get through.
There was NO resistance at 10k last time.. 9200 is an important level and we just blew thru again 11200 was a the next if memory serves
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Keeps testing 9500k
hopefully breaks soon
everything is magnetic to BTC
Thanks for all your analysis!
update chart ETH
Thank-you! Appreciate the effort!
Yay! Glad that the neckline was broken, I am keeping a positive attitude that the trend northward will continue in a good way.
Thank you for your analysis!
BTC/USD
Watch for the next positive media coverage of bitcoin, the price will rise shortly after, this will come after a rise in value due to purchases of bitcoin.
LOVING YOUR TA. I am monitoring it closely. THANK YOU ~~~
Hell Yeah!
thanks for sharing your ideas.
movin on up!
Thanks again for keeping us posted. Bulls on parade!