SUMMARY
Corrections are notoriously difficult to Elliott Wave trace and path given the 36 possible price twitch combinations. This is when patterns provide that additional guidance. The below chart shows a potential triangle and if $10,890 is targeted as wave d of the abcde; then the e wave would be next. However, when the e wave is at the top line; propensity of price is to decline.
IF the secanrio of the larger ABC is to be valid, and BTC is currently carving out the red B wave; its subwaves are shown as blue abc. Since c waves always have five subwaves, this means that the blue c wave needs to be impulsive as shown by the white 1,2,3,4,5. It's still in that mode and not yet invalidated.
The descending wedge pattern is not yet off the table. This means that the small uprise of price that seemed to be like a breach of the upper white line could be a bearish wick. The decline would be a welcome trajectory towards $8k or $7.6k or so to mark the bottom of this correction.
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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Thank you Haejin, we all curious where this will go the next days/weeks!
One thing is for sure...we will go up in the long term!
This time next year should have most much wealthier!
looking forward to that journey the next 12 months!
I hope so. Here is what I am looking at this morning on the 30 minute Coinbase chart
Interesting viewpoint, but with this market cap I think we are far from stability
that would only be the start ;-)
this guy is not an Elliot Wave analyst. Mixing up both shows how much you have zero knowledge in TA and how greedy you are. Go back to kindergarten.
i was only replying to the 14K ;-)
Unreal, this guy makes $$$ off of copy paste posts, with very little content multiple times on a daily basis. On one hand, well done financially. On the other hand I’ve seem some incredibly inciteful original posts on steemit. I rarely find them trending and they never seem to credit the author much. All that aside, I am new to steemit and glad to be aboard. I’m not a huge proponent of TA, this seems to be such a speculation/whale based market. Rumors make $$$. I do however use regression lines (several monthes) as a guide of when to buy/sell. I generally use these rules for alt coins. I will post some original content soon about my thoughts on the crypto currency world. Happy trading and good luck, Mark
I agree his analysis is general rubbish. He is pushing out original quality content by spamming stemmit.
Circle of competence is not followed by most crypto investors. Most don't even know how BitCoin operates, how many coins are in circulation or how many are mined a day - or when mining STOPS. Half of them don't even use GDAX they are on CoinBase paying crazy fees. So why are we surprised they follow this junk. As long a someone says BitCoin is going up VOTE VOTE VOTE as if it makes a difference. ^^ As such Mark this is the only sensible post you will get to your comment.
Check out https://steemit.com/@cryptovestor this guy is good. Get following him. I have watched him for a while he is using his knowledge of Forex inside Crypto. Clever aye? Going long or short he is going to provide you with news feeds ahead of time to help balance out those trades. As you know news feeds mean EVERYTHING, they move the markets. We can't predict those feeds but we can be ahead of the market by knowing about them FIRST.
Stay on top of Asia that is my tip. Those guys can move mountains - as they do in Forex they do it in Crypto.
I wake up at 2am every night to follow those fellas. Thanks for the feedback, I followed your guy, looks good.
Anyway, interesting to see if those predictions are going to work.
A wise man uses every tool in his toolbox paying particular attention to places multiple methods converge.
Sometime i feel these technical analysis is not really a right thing for crypto market (for time being)
https://steemit.com/btc/@coinhelp/reasons-for-crypto-bear-market-jan-2018-why-bitcoin-is-down
Have a good week, keep posting no matter what, people love it!
Steem on ;p
This correction has only been a few weeks, but it feels like forever for some reason. Lets see what Feb has to offer.
Here's my sentiment summarized.
Yes, that's the more of a bear flag scenario.
No longer breaking out. It's taking a real beating now.
btc will rise in feb after 10 feb it can reach 13k easily my calculations
Why exactly that date?
Chinese New Year will have passed
Many possibilities but all lead to the same direction...DOWN!!!
for now.....after that correction we can look up again. Personally i would be happy with the correction ending instead of the thread of it not being finished yet!
Absolutely up after the correction but we must be patient. The possibility that @haejin eluded to of the whole wedge being just "a" in a big abc correction is pretty interesting. Imagine that we drop to 8k for "a", up to around 14k for "b" and back down to a new lower low "c". Two nice buying opportunities for big money to come in and take us to 30k :)
You are so rigth about that....being aware of it could make us BTC on the way up and down!
And not just BTC, if it bounces around the alts will see some strong movement again as well.
Place your bets folks...been hearing for weeks how these coins have to hit a new bottom in order to begin climb back up to new highs...meanwhile...zig...zag....zig....zag....triangle down....triangle up...
Meanwhile...@salahuddin2004 posting that the trend is up...no crash down to $7,000-$8,000 range...so its a battle of the TA heavy weights...
Once again thanks for the update @haejin. I posted about a possible fractal forming in your last few updates and BTC movements seem to be conforming to this. Posting the picture here for the community to consider.
Again, this would add to the position that BTC would revisit 8k levels and below.
coolly noticed!! ))
Well done! There could be one more down.
Bitcoin struggles.
Thanks for adding the tutorial links.
I'm learning I think
it might be another low, more corrections?
I have been waiting for that 8k dip to buy, pretty certain with where the volume is sitting in most exchanges we should see it. It will be brief as I’m not the only person waiting for it just I’m my local group, that sentiment is fairly widespread. Then look at some of the linguistics webbot has put together for this year, huge shift in severity of linguistics used towards price of crypto. Implying a massive divide in confidence for specifically bitcoin, which we are seeing currently but he also reiterated that most of the linguistics point to buyers not sellers again showing intention of fud and propaganda to benefit the buying side not just effect the selling.
Clif High?
Yea got a few snipits from a friend.
LTC is also another great investment you should think about that!
Thank you for your good work Haejinn, it's a pleasure to read your analysis. Keep up the good work!
haejin, or anybody, i have a question..
why is this wedge on the end of the vid not possible to be a triangle ABDCE??
for contracting triangle, is has to be nicely horizontal then or why do i seem to have difficulties to separate wedges from traingles on charts... what am i not seeing here?
is there any logical guideline or can you guide me thrue the books for the answer plz?
thanks a lot!
young cryptowan learning
(edit) the inside of this wedge is easily to see as 3-3-3-3-3, so why wedge and not traingle?? thx!
yeah ok, p51 of EW principles, it then can only occur as w4 of an impulse , wB of ABC, or in final wave X in double or triple combo... can never be otherwise?? is this correct?
for me personally it's also a language challenge :-)
My 2 cents. Any critique and help is more than welcomed.
This is my triangle zoomed in. Again any feed back and comments are welcomed. I am just a novice trying to learn a new skill.
I totally agree with you, thegreatecurrency!
To heajin, in 3-3-5 correction, wave B always retraces at least 90% of wave A ?
Let's see if we get that impuls!
We miss KABOOOOOM Moments :( :(
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I liked this post.
Thanks Haejin, good article once again! Keep it up :)
thanks (^^)b
Thank you for sharing your projection @haejin. Just HODL team! ;0)
What do you think about Verge? Will it breakout with BTC?
Patience is Key...$1.70 is still coming...
I hope so too :P
So what happens to yesterday’s analysis then? It seems contradictory
Yesterday's TA was very clearly labeled as an alternate. It's right in the title! I was a little disappointed that he didn't rehash his primary count yesterday just as a way to avoid this kind of confusion, but this has been his primary count for a week or more
I think that we are not in trend reversal mode yet...Breaking the 13k barrier would indicate wave A taking place. What do you think?
This correction is taking forever :) Patience is the key 😁
I think because it is still a growing market. When more people and businesses adopt these technologies (BTC et al), the prices will go higher.
What do you think?
I feel that Crypto in itself is on the upward trend but perhaps Bitcoin might not be. There's so many coins that have improved on Bitcoin and while it does have a great dev team behind it, I find it hard to shake the idea that most of it's value comes from just being the most popular.
For example, if you're trying to use cryptocurrency in everyday life, something like RaiBlocks would be better suited since it is nearly instant and also feeless. I don't think Bitcoin could ever reach that stage, even if they greatly increase block size as there are other coins doing the same thing as Bitcoin (LTC for one).
Let's wait and see
Next few weeks should be interesting.....Only time will tell if the gods are with us.
My primary;
That would be the wedge scenario.
Is this possible?
Haejin ICO NEWS https://steemit.com/ico/@cryptomarketnews/token-sales-and-icos-report
Good probable analysis..I agree with ur triangle pattern ..BTC going down to 8k and the. Rebound high💪
Haejin, can you stop with all of these different price paths and just give us what's going to happen?
People would upvote you more and you'd earn more steem by just giving us where bitcoin will go next and when. This guessing game is just boring.
Could you just post when and how much it will go up with, please, I need money
Kind regards
So you're asking to be less informed, more confident, and more likely to be wrong? All while usurping your own power to a mysterious figure on the internet? To make you feel less insecure about your situation?
We all wish that it worked this way, but what you're getting here is the cream of the crop analysis, just as an analyst would do it for himself, and a look at how the sausage is really made so that you can make your own informed decisions on a hair trigger when the market signals which way it will move. This is the best format you'll find this information in, with nuance and probability, and becoming more detailed with more possibilities every day.
If anyone gives you information in the format you're asking for, run. Because they have hamfisted various values into 2 or 3 key numbers to spoon feed you, when the reality is much more complicated and if they are worth listening to they will already realize that.
Well said!!!
I think he (@thealchemist1234) was saying it tongue in cheek - as in "stop giving us different pathways, we know you know the future, just tell us the real outcome" ...
Then it would be a great joke that flew right over my head. :D thanks
Thank you Haejin as always. really amazed to watch your daily update.
I know you do crypto TA but can you do TA for Gold and Silver every once in a while cause I thought your TA for precious metal is also quite interesting! thanks!
UK Crypto Trader Forced to Hand Over Bitcoin at Gunpoint
https://steemit.com/bitcoin/@ajaydodeja/uk-crypto-trader-forced-to-hand-over-bitcoin-at-gunpoint
Bitcoin is going sideways dude! Anywhere from 5-35k in 2018.
Every asset is moving sideways. Moving sideways means its moving with time. A true sideways move would indicate no price change with respect to time. 5-35k assumes price will go up and down with respect to time. Its our job to predict and profit from these moves. Going down at the moment - trade accordingly. Best of Luck!
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Please behind the follow
Your informative. I appreciate your hard work. Still curious about Reddcoin. Can we have an update? Keep up the great work, legend.
your eth eos ta is saying deep south ... then dont you think thats not gonna happen unless btc also goes deep south ?
Refuse to listen to nay-sayers. Keep up the good work.
This matches Bitcoin in the trends too https://steemit.com/cryptocurrency/@coolkidapproved/today-s-top-trending-cryptocurrency-coins-for-january-29-2018
nice lets take good profits with btc now!
Just had to let you know I followed you from youtube. your breakdown is great. I have trouble following some people, but not you thanks.
Haejin always thanks for good analysis! How think about bitcoin cash? I think it will be going same with bitcoin. What are u think about?
Check out this new article of mine and participate in the discussion I would like to hear an opinion from other traders.
https://steemit.com/bitcoin/@drumsta/crypto-market-cap-forming-head-and-shoulders-pattern-are-the-markets-going-do-go-down-further
Thanks for analysis. For me the sadest thing is, i only got into crypto in November, and if i had waited to come in now id be better off...lol But then again i might not have entered.
All this talk of this could still be in the A part of the A B C, is a very scary fact. Now more than ever other coin/tokens need to start to make developments. The time for hype is over.
Results is the only thing that is going to get this ball roling again.