Bitcoin (BTC) Evening Update: A Breach of Upper White Line Scenario

in #bitcoin3 years ago


Earlier today, I had indicated a couple breakout targets, depending on the starting point of the breakout. As price has been holding up well throughout the day, the below wedge pattern is now very close to having the upper line breached. So, does the bull wick indicate the bottom?

Thus far, price has been moving well within an early channel formation (blue parallel lines). This is often indicative of an impulse that can be sustained. In this morning's update, it was written that I often look for three impulse rounds. The first has already been placed (blue i,ii,iii,iv,v) followed by the requisite correction (red abc). We have likely started the second impulse round (white i,ii,iii,iv,v). Overnight, this round has a very strong chance to breach the upper white line and if so....then yes, the bull wick could mark the bottom! The breach MUST be DECISIVE and not a fake out where promptly falls back into the wedge. If the decisive breakout occurs, a buy ladder is cast in the region of the white circle.

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Thank you haejin. Following the path of the second impulse round >>

Its essential to get a decisive breach.

BTC showing some strength as of late. Dips are getting bought and futures showing some upside strength. Personally not sold on this move yet.

this opinion is not based on a chart but a probability % i have no idea of.

the rise before Christmas was a surge of investment to get rich quick, with the fall in price, due to people selling media coverage or other reason. the price return to its previous low point of Aug/Sept last year. Some will have kept their original buy in, these will not be new investors perhaps not putting more in now unless the price is below their original buy in.

After that surge of investment in the currency before Christmas 2017, The new comers also learnt of all the other currencies and a bit about markets elliot waves and other stuff, More will diversify their investment and Bitcoin will rise slower to gain a new high. reaching the 40 K in 2018 is probably still there, but a more realistic outlook might be to 25 - 30 by Dec 2018.

all alts have pairing such as btc,etc,usd,usdt. as of now the btc pairing is the most widely used, we could see the alts go down when btc go down because that altcoin translates to how many satoshi and then only derive the usd value. If you trade in an exchange and find that btc is moving slowly. When you sell you see the pairing for btc vs the pairing for eth , at times maybe you see more profit in btc than in eth (as said because btc is rising slower) thus most likely you sell in the btc pair. For this I think is one possibility that btc may gain when its price is moving slower. In fact, gaining slowly , constantly. what do you think? this is just one of my thoughts, probably a good one to hear feedback.

If bitcoin goes to 25-30k by end of 2018, like less than 500% gain, would have the worse performance year.

I'm a HODLer and obviously I want to see BTC go to 100k ;) but he may have a point there. BTC is getting all the attention from the media and slowly it will start being less volatile. Also, Futures doesn't help...

Lol! Yet still beat every hedge fund

40K, thats too low. And heres why. When it starts to rise again in march and passes the 20k mark they will be plastering it all over CNBC again in the hope of causing an even bigger crash.. as it rises MORE AND MORE people will get in on it which will drive demand.

Mines can only make so many Bitcoin a day so if the demand exceeds that then you could see the price double in a month if not more.

What people fail to realise is Bitcoin is new technology. Its as important as the invention of the wheel. I recommend everyone to study Bitcoin, there is a reason its the KING and will always be KING.

Why do you think it will rise in March and Not in Feb or in July? Why March?

We should not forget, that in the past years, there was a bitcoin and few alts. Now there is a bitcoin and tons of alts. If Bitcoins Capitalization is to rise more, there are 3 main scenarios as a theory:

  • More dollars are invested in Cryptocurrencies.
  • Majority of new investments go to Bitcoin
  • Investments in altcoins are moved to Bitcoin.

I believe only the first one is practical and if this is to happen in near future, all this bans from banks and governments should stop and open opportunities to invest money without barriers.

Kinda "shooting from the hip", That's why we're on here analyzing the price movements so we can get an idea of the sentiment short and long term. At least you're honest with yourself saying your analysis is purely subjective :P

Thank you for the multiple analysis per day. Appreciate them and you.

I sure hope we have already seen the bottom for this dip!

Amazing Post I agree With you (Web Developer , Crypto Master)

im buying ripple tonight! resteemed 👍

I wouldnt give my money to ripple, Chris Larson holds 5,190,000,000 xrp according to Forbes.... They might keep cashing out as you put in...

ripple after the pump and dump. I wish you good luck with that.

short term buy. haejin says bullish indications and that it may jump up close to a dollar today.

Signed up steemit account to follow you! haha

^Me too. This is why @haejin's presence is very beneficial to the steemit platform as a whole. The trolls are wrong on so many levels.

Its around this time where you have to deattach from your feelings. Yes, we all want it to go up but the angle at which it is doing so is as if we have learnt nothing.

This surge is caused by the greedy and those with money buying as much as they can at the low prices. The impulse fools people into thinking the correction is done.

Of course no one wants to hear this but deep in my gut i feel this it not over. When the buyers have loaded up there bags with cheap coins. The volume will slow down, the BEARS will panic and sell and this will fall one more time to a lower low.

This is what causes a A-B-C, we are currently on B.

Yes 6-7 weeks for a correction seems along time but when Bitcoin is in a BULL RUN it can rise 3000-5000 a day.

This is not what people want to hear but it is what i feel. @haejin

I also think that it is still very quiet right now and we could still see lower than 5

i appreciate your work friend!

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One thing that keeps bothering me about this wedge, is that the E wave in this wedge (and all other wedges I draw) falls to the top of the wedge, which means that the price is likely to bounce down. @Haejin, can you comment on this please?

really helpfull post...price are constant....

[email protected] @reesteem done

I agree with your insight, and also I would called this a fake breakout since the price broke out of range but in the candle it got back up, so this is definitely a fake breakout that was a trap for all bears out there, keep it up!

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could it be a reverse cup and handle??? is XRP/EUR

I am residing in India. Many of the mainstream media were wrongly announced that India banned Cryptocurrencies but that is not the case. The Indian government said that they would explore the blockchain technology for bringing into Digital India. They also said that they won't encourage the Cryptocurrencies as payment in India.

Hi Haejin, could you pls look at Pillar (PLR), thank you

good information, thanks.

excited and waiting to put a position in, hopefully will will do better after the second impulse round.

Thanks sir for your update

I agree this impulse is looking strong, the ABC correction bounced off the 0.382 Fib level. Intuitively I feel like this is a bullish scenario (vs. it bouncing from the .5 or the .618) but I have no empirical basis for my assertion.