Bitcoin (BTC) Morning Update: Beware of GIGO Analysis!!

in bitcoin •  2 years ago  (edited)

SUMMARY

The video for today's update has been made more instructive on Elliott Wave counts and analysis, please consider viewing it.

The below chart shows the ascending right triangle pattern we left with last night. Price seems to be tracking the c wave of the a,b,c,d,e. The video details how exactly to lable these and the rules associated.

The below is my 3rd level alternate count in that an expanded flat a,b,c correction is in progress. An expanded flat also known as irregular flat is when the b wave rises above the prior peak and the c wave is well below the low of wave a. This chart shows that if this is correct, then BTC could correct towards $15k. But, again this is my level 3 alternate.

Here is my Primary count. I believe the a,b,c expanded flat is complete, as shown in the chart. We should be starting a new impulse towards $26,400. I also detail how analysis can become contaminated when news, events and fundamentals are mixed with Technical Analysis. The video has all the details on the meaning of GIGO: Garbage In, Garbage Out!

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!!

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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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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.**

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I'm following daily now. This is a good blog. @haejin i have a radio show I'd like for you to come on. It's sunday nights based on the time in NYC. Want to join me? Come talk to me in Discord: https://discord.gg/y27zTD

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Sure! I tried the link but no mesage shows up. Please contact me at [email protected]

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Please update if this happens. Would LOVE to hear an interview. Thanks guys!

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Me too. And I'd love it with lots of talk about markets, economics and personal philosophy. We are already getting the TA stuff. So let's get something different on a talk show. We need diversified @haejin.

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me too!

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definitely!

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morning haejin i also nominated you for @steembasicincome thanks for your guidance and teaching us to be self sufficient

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Ditto @haejin

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  ·  2 years ago (edited)

+1 please announce it early enaugh (I need to set the alarmclock, stupid time difference with europe :D), I would love to listen to the show!

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Lucky.....I've been pushing for a podcast lately.....but this is even better! Thank you for your Support!

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I love the idea! Is there any way to listen to your radio show worldwide ? I'm located in France.

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I'll tune in for that!

오늘도..
감사합니다 혜진님.

Another great update. Thank you :)

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I agree to! I miss the forming triangle in my analysis. And @haejin's point of view also predict that no major correction is ahead.

We shall see. Happy trading!

I thought my college years were GIGO but I don’t want it in my crypto-analyses. I’m glad I’m learning from Haejin

Garbage in Garbage out!! Excellent upvoted!!

Excellent last analysis for XRP. Haejin, can you please an update on XRP / USD? Price consolidates below psychological level of 0.50 usd. I see the price much higher in the coming days. The first price target would be 0.75usd, and the second 0.98 usd?

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Thank you! Now I saw that it was done.

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he already did another for ripple..... predicts 1 buck coming up next phase

Really good job man carry on

I hope you guys realize the PURE GOLD KNOWLEDGE being dropped right here!

  ·  2 years ago (edited)

Only $26,440? That's Litecoin next target too! 🚀

Hey @Haejin, will ETH stay bullish as BTC goes to 26k? Thanks for all your help...my family thanks you too!

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I believe so, $1,000 or higher.

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  ·  2 years ago (edited)

Right now it is but you have to understand that right now, day traders are handling the scene and are in FULL CONTROL - they jump out of bitcoin and litecoin and into ethereum to drive it high (bitcoin has just fallen by 800 while I write this), then they stop the eth pump and jump right back into bitcoin or ripple or whatever, they're on this all the time, there's always dozens of them betting together, they hand out in chat rooms... so this is what causes the elongated flat jumps.
In such a scenario, all the nice triangles only hold if they are long-term triangles that span a week or more... the same is true for Elliott Waves.
While otherwise, there's strong signals of bull exhaustion as money has stopped flowing in. It's hard to tell that from a "major correction" (bitcoin just fell by a full one thousand dollars since morning, that will cause a panic in many newbies I'm sure), and I wouldn't be surprised if haejin would now say that I just found an explanation for his 3rd scenario prediction.
Both approaches are valid, obviously... so lets wait for the eth hystery to end as it soon has to - stay alert and consider taking profit before the next dip - or hodle through ;)
Day traders are not averse to ethererum going up to $1000

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It's not about who's moving the market or us against them or good and bad or right and wrong.....this is trading....it's about being in the right place at the right time.

I know you were exaggerating a bit when you say "FULL CONTROL" - but still....that's a bit over the top. They can't be in full control unless they own everything. Awareness and foresight is the key here, not being in or out when they make a move....because unless they own most of the market...and they don't, they can't do much to it. Yes, large groups can certainly move the needle a bit, but any hysteria is lodged within the person who expresses it.

Everyday I hear or read about this group or that conspiracy that's going to do this or that, or is doing it. To me, it's just another day at the office. The only control they have is over their own funds....anyone else making moves is doing that on their own accord, and if that's reactionary....well that's on them for not understanding the fluctuations of the market place.

Just another day at the office.

I get confused when he labels them a,b,c,d,e subwaves. Are those the same as the 1,2,3,4,5 subwaves?

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a,b,c,d,e subwaves occur in correcting triangles, 1,2,3,4,5 subwaves is in a elliot wave cycle moving the price I think is correct.

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Thanks for the refresher!

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  ·  2 years ago (edited)

You need to watch the tutorials.....they explain corrections, and triangles.

oh my god I need winter holidays so badly! not for finally to relax but for finally to have time to study TA, I'm so excited, thank you haejin!

I am so glad I found your blog @haejin, your videos are amazing, everyday I learn more and more thanks to you. So grateful, thank you!

Can we get an update on ETH wave 3? I'm going to be taking my profits around $750. But a second opinion from a veteran doesn't hurt. If possible, Do an update on NEO too.
Thanks in advance :-)

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i upvote your daily post and you upvote my this post i follow you thanks and my daily latest posts every day
https://steemit.com/bitcoin/@sagheer46/financial-inclusion-and-efficient-remittance-system-can-save-africa-from-med

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@miti downvote

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@miti downvote

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Why are you silent about SAFEX? it is in full ass?

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Thanks Haejin,
I like the videos where you focus on teaching more than price predictions.
Great video. Good info on psychology of trading/charting.

a very nice masterpiece

Your post has been resteemed to my 2800 followers

Video is not working..

Another great analysis!

Heajin, why are you so blind to others opinion? at least consider those opinions. Shows us that the sentiment of your proposal does not drives you.

Great AT as alway, I have a lot of respet for your knowedge.

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From my 20+ years of doing this, I've learned to be myopic only to my analysis and to none other. Why? I'm human and don't want other analysis to influence mine. Not out of arrogance, but I stopped going to the guru buffet line long ago.

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The world will hopefully follow this trend .. I know I have joined the great -turning away from/of the 'high priests.' When science becomes religion.. watch out.

Very Good Update, Please also see comments of each update and reply.

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I'm doing my best with so many comments.

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Sorry master, but I think that BTC is heading for 11 thousand dollars or maybe less, has several days that can not go up and Wall Street next Monday will want to buy it at a bargain price. I think that here the fundamentals apply more than the technician.

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Good luck with the fundamentals....

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haha geez, I comment ALL day, and he does as much as he can! haha, ITS CRAZY IN HERE......patience please :)

Wow this is such a great prediction model, your analysis is very helpful and interesting and I hope to see more of it in the future, maybe you would like to join my prediction contest/giveaway you seem to know a lot about the crypto space: https://steemit.com/contest/@zephy/prediction-contest-and-giveaway-btc-ltc-eth-win-sbd-and-have-some-fun

Keep it up!

No BCH for a long time bro =(

In agreement - i have your primary count too, as well as similar ATH. Thanks again.

always something new to learn! man, elliot waves are mind boggling!

Nice one, you have been one of my favorite Steemiter over time now. Wish you were in my country, you would have join me on my Sunday TV show on bitcoin.

Sorry master, but I think that BTC is heading for 11 thousand dollars or maybe less, has several days that can not go up and Wall Street next Monday will want to buy it at a bargain price. I think that here the fundamentals apply more than the technician.

If that qualifies as a double top, then bitcoin has advanced through many double tops.

thank you! The concept of GIGO made my day :)

Looks like you may have nailed it once again.... your "level 3 alternate"...saw it just bounce off $15,500 and now heading to the moon...similar with LTC...so thanks for having our backs with your seasoned...calm insights...

Just would like your feedback, making profits on verge. Looking forward to getting some coaching soon, very soon i hope..lol

Just had a look at IOTA today, the weak hands are nearly gone, would like to know what you think of my Jesi analysis?

WISHING EVERYONE MASSIVE PROFITS!!!! This Febraury there are
4 sundays
4 mondays
4 tuesdays
4 wednesdays
4 thurdays
4 fridays
4 saturdays

This happens once every 823years, and guess what called by the ancients, MONEYS BAGS.

Thank you Haejin for inspiring me to study and learn the force, i mean the waves...lol

Screen Shot 2017-12-13 at 20.08.51.png

@haejin you think that bch starting now to fly ?

KEEP IT UP, HAEJIN.

Thank you @haejin
Is IOTA done from correction? Thanks!

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Looks like it! Count the sub waves to get higher resolution.

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IOTA Prices May Fall as Microsoft denied Being a Partner

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news as nothing to do with waves. The waves look bullish.

i upvote your daily post and you upvote my this post i follow you thanks and my daily latest posts every day
https://steemit.com/bitcoin/@sagheer46/financial-inclusion-and-efficient-remittance-system-can-save-africa-from-med

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@miti downvote

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i upvote your daily post and you upvote my this post i follow you thanks and my daily latest posts every day
https://steemit.com/bitcoin/@sagheer46/financial-inclusion-and-efficient-remittance-system-can-save-africa-from-med

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Spamming comments is frowned upon by the community.

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  • Commenting on old posts to hide self up-votes or a voting trail.

  • Copy/Paste comments that serve no purpose or the purpose is self promotion.

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@miti downvote

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