Bitcoin (BTC) Morning Update: Beware of GIGO Analysis!!
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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.**
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
Sure! I tried the link but no mesage shows up. Please contact me at [email protected]
morning haejin i also nominated you for @steembasicincome thanks for your guidance and teaching us to be self sufficient
+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!
Lucky.....I've been pushing for a podcast lately.....but this is even better! Thank you for your Support!
I love the idea! Is there any way to listen to your radio show worldwide ? I'm located in France.
I'll tune in for that!
오늘도..
감사합니다 혜진님.
Another great update. Thank you :)
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?
https://steemit.com/bitcoin/@haejin/ripple-xrp-bullish-explosion-out-of-an-a-b-c-d-e-triangle-what-does-this-mean-see-this-analysis
Thank you! Now I saw that it was done.
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!
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!
I believe so, $1,000 or higher.
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
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.