Bitcoin Cash (BCH) is Bouncing!

in #bch3 years ago

SUMMARY

Bitcoin Cash (BCH) has not escaped the sell pressure of current market correction. However, it is not able to violate the Elliott Wave motive fractal. The correction is a requisite process after a five wave impulse wave up. The blue five waves on the left shows an extended 5th and the often results in a deeper retrace than expected..often to the level of wave 2 or so. However, for now, I've placed the target to $1,195.

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.

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!!
Follow me on StockTwits for UpDates!!
--
--

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

Sort:  

2 weeks ago Haejin was counting that we were in a wave 3 for XRP and target was $4.11. That was clearly a HUUGE miscount as it is evident now we were in a wave 5. We clearly fell well short of the target. This applies to most of his other calls in last 3 weeks.

I know I’m going to get responses like he doesnt project time and he can’t be right all the time, it’s a game of probabilites. Also, people saying do your own TA and he has a disclaimer it’s not investment advice. But when he is constantly promoting his 80-90% hit rate. Constantly saying he’s a 20+ year veteran. And writing up clickbait titles like “profit TSUNAMI”, “imminent EXPLOSION”. Also, saying how people made huge profits with his tutoring and analysis. What do you think it is going to convince people to do...? it’s essentially screaming out, TRUST ME, and enticing people to follow him. Actions speak louder than words. I can claim i have innocent intentions but do the opposite with my actions. He says he doesn’t intend to do harm but when he doesn’t offer alternate counts, promoting exact number targets and is basically doing everything to try to convince people to follow him through his ACTIONS. That can be very harmful. I believe it’s blatantly harmful to put up exact number targets while at the same time doing things which directly convince people how accurate you are.

In the words of Petyr Baelish, “Sometimes when I try to understand a person's motives, I play a little game. I assume the worst. What's the worst reason they could possibly have for saying what they say and doing what they do? Then I ask myself, "How well does that reason explain what they say and what they do?". Let me point out a little fact that Haejin is currently earning an average of $2.5k a day from his steemit posts at his current rate. His group tutoring with 100 newbies at $150 a pop will earn him $15,000 in 1.5 hrs. Now that’s serious money and serious motivation to gain a larger following.

Moreover, many will say yeah counts can vary and he’s not really wrong, it’s just a matter of time. I’d suggest looking up the oxford definition of wrong and look at his counts in the last 3 weeks. Wrong means incorrect. Going the opposite way. Look at his predictions over the last 3-4 weeks. All of his wave drawings have been completely invalidated from an OBJECTIVE elliot rule set. His counted wave 1s have been crossed by wave 4s. Look at STEEM, XRP, XVG, QTUM, RDD. Let’s just admit his wave count was incorrect. Moreover, other analysts on tradingview were calling for this scenario well before him. It’s pure covering your eyes if you’re going to convince yourself it’s not wrong. Sure, it’ll go up and likely hit his targets from here. But that’s because in a bull market it’s more likely to go up than not. However, to say he was not wrong when all his counts have been invalidated is just pure blindfolding yourself to the plain facts of what happened.

However, I fully expext when it does go up for people to start saying i was wrong “he’s a genius, he was completely right!”. Without looking at how completely revised and invalidated his previous wave counts were. We all forget the losers and promote the winners. Fully expecting a series of KABOOMS with no mention of the times it went the opposite way. This is the definition of confirmation bias.

Funny to see posts like this only when prices aren't working in favor. The voice of this write-up is coming off childish, or maybe being bitter. I mean, do you take everything literally on Facebook? That billboard advertisement on the side of the road when you're driving home? I don't know you, but I would suggest (for your health) to find something positive to put your time into.

If you have taken my post in that manner, it’s clear you have misunderstood my point. I don’t take everything literally on facebook and billboards but many do. That is why smoking was seen as fashionable once. Remember the time when cigarette companies were reassuring people that smoking was healthy despite knowing about evidence to the contrary? That is why we have so-called fake news. When people try to convince other people of things because of ulterior motives. Again, as I said I agree TA isnt an exact science, but it’s like the argument for God. When it goes your way it’s right, when it goes against you he moves in mysterious ways. People always make excuses for when things dont work. But then when it does work - “of course it worked”.

@kevitos don't worry man people will believe in @haejin regardless of the truth you speak. Anyone with an average IQ knows his "technical analysis" isn't worth anything to a serious investor.

One cannot project more than 1 elliot wave at once, and even projecting the next SINGLE wave of price action is very admirable, never mind the next 3 or 4.

It's frustrating how people just don't want to see through his BS. Maybe they're not bright enough to see or simply do not understand crypto as a whole and just trade based on this garbage... I wish I could help those people but if they don't want to listen, I hope that one day they'll see it themselves. Haejin is a cockroach in this beautiful crypto community

I may have misunderstood. However, what you wrote here definitely doesn't make clear any point. Maybe try collecting your thoughts before you barf words from your keyboard. From my guess, it's that you simply don't agree with his opinion & actions. If that's the case, i whole-heartily congradulate you for thinking for yourself.

Maybe you need to get a better education to understand my arguments. Just saying, it’s pretty damn clear if you have half a brain.

annnnnd there it is. Thanks for entertaining!

@kevitos. Where is your second page? I couldn't get pass your second paragraph. Let see your charts. Ok.

Did i claim to be a charting expert? Did I claim to have more accurate charting?

@ropaar maybe you should know that Elliot and all other principles and chart patterns were based on the stock market. And if you know anything about the stock market you should also know that the crypto sphere has a completely different personality and therefor Elliot and such are not accurate in the slightest. And he knows that, that's why he posts dozens of them a day al based daily market movement. His predictions from any coin make no sense if you compare all his TA of the same coin uploaded on different days. BTC is a prime example: yesterday it was still going down, today it's already showing bullish signs again. All because the overall market movement was downwards yesterday and upwards today. It's nonsense, nobody should fall for this sht.

That is a proper rant haha.. if his predictions was wrong then thats one thing however I still learnt more from his posts than your ranting.

Glad you believe you’ve learned from his posts. I believe many have. But how can you call what I posted a rant when I’m simply stating an alternate viewpoint with logical reasoning behind the points. Im not saying I’m definitely right - simply stating an alternative perspective. A rant is a post with no valid or logical points and just cursing and anger.

If you don’t believe in people being able to state alternate viewpoints and just brush anyone off who does so under the rant umbrella, I believe that’s the model of a dictatorship or a fundamentalist no? Let’s have a genuine discussion without resorting to labels and pigeon-holing of arguments without offering any counterpoints and discussion. If you had valid come-backs to the points I’ve made Id love to discuss them. Im not closed at all to considering valid counterpoints and will openly admit if I believe you make a good case.

But please don’t simply label any point that goes against what you want to be true under an unjustified denomination without offering any of your reasons against the points made

Eh, I'll dip my toes in this conversation..

Admittedly, until you explained in one of your responses that you were a Haejin fan, I read your words as one of those passengers on the 'Haejin Hate Train'. Regardless of the content posted here, you have to admit the shit show that has played out over the past month has been ridiculous. You have some valid points, but unfortunately they are going fall on a majority of deaf ears given the current climate on this blog. How can a person take a valid criticism such as yours seriously when the rest of the comments on the page are trolls and spammers? On top of that, there's a hate army acting like 12 year olds because they are jealous that someone is getting a bigger piece of the pie than them--yet, instead of putting out better content and being a better promoter, they attack and destroy the very platform that they exist upon. And now a person such as yourself hopes to make some valid points and have them be heard? Good luck, I guess.

A couple months back (when the follower count was under 3000) I asked for clarification on a count from Haejin. He had been calling for a BTC top of a wave 5 at 7200-9000, and then a deeep retrace, a period of despair where people would 'curse the name of Bitcoin' and we could possibly see price under $1k. The count changed, and all of a sudden it was a projected high of $11k, then $13k, with seemingly no regard paid to the previous call. I asked for clarification, and the answer I got was that "These are subwaves of a larger degree of trend", which sure, makes sense if he hadn't literally just been calling for a top and a huge impending correction. It was like poof new call now, and no attention paid to the fact that the old one is off the table. He even had the balls to say something to the effect of 'Prechter has been calling the market top again again and again and has failed', to which I had to post a link to a previous blog of his where the title was literally "BTC topping range 7000 - 9000"
https://steemit.com/bitcoin/@haejin/bitcoin-btc-topping-range-usd7-000-to-usd9-000

So I get it man--some transparency would go a long way in reassuring any readers of this blog about the intent of Haejin's teachings. A simple "I was reading the indicators as displaying this probability, but I missed that one" would probably suffice. It would lower his 'god' status among his readership perhaps, but would seem a bit more genuine in practice. On the other hand, I do take issue with people calling him a hack, a charlatan, or otherwise cutting him down just for the fact that they don't like him. He's made some precision calls, and it would seem silly to call them flukes or merely having the benefit of a bull market on his side. I do not think his intent is to scam or defraud anyone. "Help and do no harm" was where it started. I believe once the drama on Steemit works itself out, perhaps we will return to those days.

At the end of the day, I'd be fine with Haejin leaving the Steem platform. I see value in his analysis that I would gladly support elsewhere outside Steem. But honestly, at this point I'd like to see him stay if for no other reason than he's been unfairly treated and bullied, and frankly, fuck that. It just stinks that his analysis has apparently suffered because of it.

You make a fair point but as said below It can ve read in a negative light. I suppose I have missed a lot of steemit politics regarding Haejin.

60 upvotes, eh? LOL the BS fleet is baaaack!

Disclaimer: I’m just trying to play devil’s advocate. I like Haejin and appreciate the time he has put in to educate newbies. But just trying to point out that we should call a banana a banana and not an orange. Which i feel is what people are doing here with the calls he got wrong. Trying to call a banana an orange.

you nailed it. this platform has a problem and it needs to be adressed. but he's clever and making that amount per day he won't stop with tsunamis and kabooms

@the passenger. Let see your charts. OK! How long you've trading?

i'm not sharing my charts here and I just say steemit has a problem when one person covers the entire trend section, but many people are just fanboys...

Haejin should for all noobs have a disclaimer at the beginning of each post to explain to them that due diligence is required before any investment, that since the time of the post, the market and everything else could have changed by the time you make your investment since the Tweet, Steem or Youtube was posted.
Especially when implying imminent or explosion is happening, the event may have come and gone already and noobs are left hodling crap.
Also, Haejim should explain the volatility of Alt Coins and that profit taking is a key component as a lot of the Alt coins are just pumps sometimes following Haejins lead knowing many of his followers might hodl rather than sell.
But I am a firm supporter of Haejin and good luck that he has found a business in this, but he should warn those at high risk of being manipulated.

Are you going to post a rant like this if he's right? or close to right? No...... you're not

I don’t need to because he’ll post a KABOOM. Or others will do it for me. Let’s count the posts that say master.

You replied to another of my comments stating people only draw attention to when TA is wrong. Can you not see the popularity and visibility of this blog? It’s pretty clear there is so much more attention paid when it’s right.

Also, again please don’t just label it a rant like a fundamentalist who instantly dismisses all opposing views

Yeah, that’s fair in a way. Several of his previous posts have deceived many... And as it’ll eventually go up, he will end up being “right”

which target is good for take out profit?

The blue five waves on the left shows an extended 5th and the often results in a deeper retrace than expected

This is a bit of a contradiction...

thanks for the update!

Might have to pick some up

Crypto currency is going down now.

I totally agree, sold it for now.

I’m glad I bought some yesterday when it bottomed out. I rarely time it correctly

Could you please do an update on Omisego?

Fair play I am learning loads about trading from fellow Steemians.

Thanks @haejin

Any insights on ETH? @haejin

Of course there's no way the correction being experienced in the market won't affect BCH. But I'm happy that, as you yourself said, 'it is not able to violate the Elliott Wave motive fractal' Thank you for your analysis.

Yes, it may be your opinion. But it counts because it is highly informative.

Thanks for sharing and for your advice.

To da moon...

I am not sure, i may hold on

Glad to see it coming back. Would like to see some green percentages today.

I totally agree with you 😅🚶

Always come with the best @haejin thank you very much

great information , you are very clever . thanks bro

When it reaches $1,125 it would be paramount for it to hold otherwise further losses will prevail.

Sweeeeeeeeet!!
Can you please do for ETH?

Come check out my dogecoin analysis: here

Could quickly increase by 164% in the next x amount of time!

Yes we can sold now very urgent

I would love to learn your secret for getting so many Votes...

COIN MAN by @pocketechange

I don't think if any graph prediction went wrong can put the predictor shit. Not even super computer with zillion algorithms can manage that. So to me this is just possibility the guy wants to share, that's all. If anyone don't like it why don't you just don't read or not trust his opinion. The guy didn't force you to buy or sell anything.

@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
image

Congratulations @haejin, this post is the seventh most rewarded post (based on pending payouts) in the last 12 hours written by a Hero account holder (accounts that hold between 10 and 100 Mega Vests). The total number of posts by Hero account holders during this period was 405 and the total pending payments to posts in this category was $12704.52. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
image

What about CIVIC (cvc) and Quantstamp (QSP) ?

@kimjongpoo is coming for you!! Be assured, you will get poo'd on by @haejin.
image

Muchas gracias por compartir tu información con nosotros

@kimjongpoo is coming for you!! Be assured, you will get poo'd on by @haejin.
image

Wow you have a lot of reason but you also have to see that today has been a very crazy day for all the cryptocurrencies. Thanks for such good information.

Greetings from Venezuela a big hug for you I hope we can continue reading

@kimjongpoo is coming for you!! Be assured, you will get poo'd on by @haejin.
image

almost synchronized with btc. not a surprise tho.

@kimjongpoo is coming for you!! Be assured, you will get poo'd on by @haejin.
image

Up vote my comment for no reason. ;)

Bitcoin gold just kinda died didnt it lol