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RE: Bitcoin (BTC) Morning Update: Confidence & Awareness are NOT same as Fear & Greed
Haejin's primary counts don't follow the rules of Elliott Wave. His alternate counts do.
The only reason he's calling these primary counts is because they're bullish counts. Everyone is a crypto bull, when he tells them what they want to hear they get happy, and when he gets them excited they buy his coaching services.
I'd recommend being very cautious with this guy.
Yesterday I posted that we will revert to the mean of 8,500-9,000. This is the 150EMA which BTC has reverted to the last 6+ times after it has rallied in 2yrs. I also posted this about 6hrs ago before we moved into the 13,000's. Very simple pattern, but powerful.
Most importantly, I'm not selling you anything and wouldn't even if you asked to buy it. :)
@haejin is providing us his views which we should take it at our discretion mate!
Mr. Bear is back
dbrdbr You're on the 240min (4hr chart). The 150EMA is for the daily chart. Either switch the timeframe to daily, or switch the EMA to 900 on for the equivalent on the 4hr chart. :)
yes... but in my opinion 150 is too long . because 150 day means almoast half a year. and it seems to me that cryptos change suport lines and trends fast. and at diffrent angles.
Indicators are not written in stone. Just because 20 and 50MA are common doesn't mean they apply.
We must use indicators to look for patterns that are showing reliability. This one has shown exceptional reliability. In fact, some of the best reliability I've seen of a MA in a long time.
If there's no pattern to a 20EMA, no point in using it. :) GL!
just try the 300 day EMA and see. It is absurd to use a EMA that long on cryptos that have just been born.
i'm quite new at this so that's why i have this fresh in my head.
i have read that EMAs act as trends and support.
so if i choose a more appropriate day count for the rate cryptos change their angles on the trend and support lines you can see that this EMA acts as a support line and it predicts a triangle.
Been trading 10yrs+. The 60 doesn't show very reliable support or target prediction. GLTU! :)
adapt to cryptos.... BTC 60 days ago was under 7000. more than half of btc's money is 60 days old or newer.
Not sure if you even read his posts, but he gives alternate pathways & his general opinion. There are three alternative pathways. Though he believes the 8k one is possible not likely.
Not concerned about price projections, concerned about following the rules of Elliott Wave, which he is not. He's just using it as a means to pull the "bull" over some people's eyes and push a bullish bias. But all good with me. Trade how you wish. :)
Disagreeing with his count, that is more than fine. But accusing him, that is not nice. Especially when you are here trying to get his audience to yourself.