Bitcoin (BTC) Evening Update: A Healthy Correction in Progress; Bitcoin is NOT collapsing! It's correcting!
SUMMARY
Bitcoin (BTC) is having a well deserved and a healthy correction. I've updated the Elliott Waves below. The video analysis is best to understand this blog analysis for Bitcoin update.
The correction from recent top looks very three wavish. To these, I've labeled the red a,b,c along with their subwaves (blue and white a,b,c). Red wave c has five subwaves labeled (purple circled 1,2,3,4,5). If this is correction the red wave c should bottom somewhere around $7,183 or so.
The chart below presents the same trend channel as shown earlier today. However, the blue Elliott Wave 4 outlines the current healthy correction.
The below are the primary very BULLISH species of chart patterns that are rampant throughout the cryptosphere. The Bullish Downward Pointing Symmetrical Triangle, Cup & Handle and the JAWS of WEALTH!! In this background of bullish setups within Altcoins, Bitcoin is NOT forming a Double Top which often causes a MASSIVE 40 to 60% collapse.
Bullish Downward Pointing Symmetrical Triangles
Cup & Handles Bullish Species:
JAWS of WEALTH Species:
I believe in fact that it will be the Altcoins that will ultimately signal the top. In other words, once these Altcoins all have completed their Bullish Setup runs and reached MASSIVE profit heights....then a top would be probable for Bitcoin....but I believe we are not there yet!
Video has Tons for details!
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
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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.**
gutted. I'm off to bed now so I'm hoping nothing big is happening! I'm looking at you Haejin!!!!
Truth is not a handle
Thank you kindly.
I wonder what Dragonslayer is?
BTX activation after BTC difficulty retarget.
https://fork.lol/pow/retarget
This pattern is pretty sexy!
Mentioned this 3 hours ago https://steemit.com/bitcoin/@haejin/bitcoin-cash-bcj-the-bottom-could-be-complete-and-so-prices-to-go-up#@crimsonronin/re-haejin-re-crimsonronin-re-haejin-bitcoin-cash-bcj-the-bottom-could-be-complete-and-so-prices-to-go-up-20171117t234559720z
I could be wrong.... but...
To me the best double tops are on daily or weekly scales. The 15 minute scale is too short of a degree in time.
I agree; 1D. But it also has one on the 1 day. However, I also acknowledge we are still in a bullish channel overall, so a double top isn't confirmed yet (and many analysts don't "believe" in double tops...so I will take that on-board too)
What you call the "jaws of wealth" is an "ascending broadening wedge", which is bearish overall. Even in a bearish trend you can make money going long (just enter at the bottom).
I'm not sure if any of your comments were directed at me, but I'm not emotional at all. I don't care if it goes up or down; I'll make money either way -- Unlike you, I'm happy to short (which is a personal choice obviously) -- I'm also happy to sit on the sidelines until it plays out. There's always more opportunities to make money in the future.
But you sounded quite emotional in the video. We are just discussing ideas here.... I'll listen to all analysts' ideas --- including your's --- just in case I missed anything. Always be humble... as you said.... 5 years you thought you were good, 15 years you are aware you are still learning -- we are all learning. You seem extremely confident in your current analysis, but right now I'll remain flexible until it becomes a little clearer.
Thanks again for the video and the comments.
Comments directed at other analysts calling for double tops.
Fair enough. I didn't get it from any notable analyst. MarkP mentioned it, but also said it's not part of a triple top unless he see's a solid reversal. I consider him to be one of the most level headed analysts on TV.
I still feel the broadening wedge ("jaws of wealth"), posted in my above post and updated below, is still in play... and still a sign there will be a bigger correction downwards.
The weekly is even clearer. The TD on an 8 (so one more week to play out), it's breaking BB, and is a mile away from the ichi cloud...
ALTS = Moon!!!
ypu are the most talentuous of the Elliot Waves, but you never saw the BItcoin Cash rebound... retracement .55 BTC
haha, like it!
Hi Haejin,
](MOD_2017.11.17.jpg)
Is there enough price data yet for you to do an analysis on Modum? All I can find is from coinmarketcap, and I get this, which includes all price data since trading began:
Thanks!
Excellent labels!
Thanks for reviewing!
Nice find. I think you nailed it. As Haejin says, "hurry up, and wait."
Thanks! I like this one as at least a partial long term hold (I got in on the ICO and have sold about 40%, about at the B high). Successful commercial pilots in the bag (they do last mile logistics, with pharmaceuticals as the first use case), going fully commercial Q1 of 2018, expect to be profitable in 2018, and share profits with MOD holders (distributed in ETH). Blockchain agnostic - still reviewing I think about 6 or so possibilities.
Also, the hurry up and wait isn't too bad on this one. That whole chart is only three and a half weeks, so it shouldn't be much longer now. Getting listed on Binance was big I think.
You still get an upvote because its worth it.
sorry mr lee asking about BTS/BTC chart in the video i saw it from Indonesia trading platform, did you make analisis about it?
(12)000..00 CAD btc is on its ways one apostle of the 12 at a time and the. The 13th shall arrive. In the coming days of December.
Great blog/post
Thank you Kindly wise Wizard of this day