Bitcoin (BTC) Evening Update: Bitcoin's Crash Can Wait! New Target towards $15k or higher.

in #bitcoin3 years ago (edited)

SUMMARY

Bitcoin (BTC) price action during the day pinned higher and newer all time highs! I've updated the Elliott Waves to show how wave iii can complete at or around $9,400 to $9,600 or so.

The below shows a very ominous looking bearish wedge and a possible a,b,c correction that could knock down Bitcoin by 42%! It's something to keep an eye one.

I now detail out the wedge fractals that occurred prior and how each declined to the start of the wedge. Now view the third fractal. I've MOVED the wedge a step down. Compare this with the chart above. This means that the third fractal has already executed with the recent expanded flat correction. And BTC price now is continuing up with minor, healtjy corrections. This is a significant distinction and a sizable departure away from what many analysts are now calling...a top. I disagree.

Based on the below chart, BTC is in a bullish uptrend and has already pierced through the upper channel trend line. If this Elliott wave count is correct, the blue wave 3 will trumpet the arrival of $10k followed by a healthy correction and then to $13k and then higher towards $15k or so.

The video has TONS more details and ties in everything much better. Please consider viewing it.

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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My family has a Thanksgiving tradition, in which, one by one, we share what we are grateful for. This year was easy for me, and I offered two words, Haejin Lee.

I am very humbled.

Forward discerning the current pattern, I expect my family to toast to you, Haejin, every Thanksgiving, for countless generations. I begin to grasp the full power of what you are creating here. My massive profits are meaningless. I am here for your True Teachings. I am very bad at a great many things, but I always recognize Truth when I stumble upon it. It's my redeeming quality. We raise our glasses, and we toast to you, Sir.

Thats Lovely,

Thanks haejin. This is very informative. There are lot of ways to look at this as you've shown and its a wait and see which ones will complete and confirm. If ever bitcoin goes into a massive 42% correction, any suggestions on which altcoins to best park our money?

FIAT

Do you have any recommendations for an up to buy for BTC? I have heard purchase up to $10K. I want to buy BTC to trade more Alt coins but don't know if that is the right mindset.

@solisrex Nice call man. Cool to see @haejin spell it out for us and discuss it. Love to hear all the angles. Thanks guys!

Wow! The vids keep getting better and better. I'm really starting to see the charts through @haejin 's lens because of the vids, tutorials, and books. Already seeing results! Thanks @haejin !

I wish you MASSIVE profits!

15k......unbeliebable!!

Without the un anything is believable

Thank you kindly.

Yes how is it possible? @joseph242 🐧🐟🐡

Without the Im anything becomes possible

Thank you kindly

Makes bits of cents from a space well spent.

Thank you kindly.

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The King of Wealth!
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Hi Haejin, just watched your laddering video, really great advice!

I have a question however, I am in another country and local exchanges are limited compared with US, some don't even allow limit orders so have multiple accounts also so I can access more coins.

Use bittrex to get XWC, SPR, GRS and couple others however I cant buy using USD so I send BTC or ETH or something in, sell and then buy the coins I want, then the issue is selling, i have to sell to BTC, send back to my local exchange or wallet to sell if want to get some FIAT out to my bank.
Hope this is making sense, so I can only set limit buy/sells in BTC, which really only works very short term.

Can you make any other suggestions, as this makes laddering very difficult and spending a lot of time checking prices constantly, ALTHOUGH VERY GRATEFUL so far as am making money and in profit! Also thanks to the amazing info you provide!

Then buy/sell only to /BTC but still ladder. /usd is used only as example in tutorial video.

Upvote & resteem ... follow @lurehound

too the moon with one eye opened for a possible correction, pls can you analyse Qwark. Thanks

👍👍👍👍

Would you recommend we take profit at $10k and then repurchase after the correction?

Profits are always good to take.

Apart from your crypto analysis and i also like your words for people's well being in Crypto world.You show genuine concern for peoples growth in crypto world. You underline the concept of "gain and share to regain" rather not to just accumulate. Thanks for that :)

@haejin, you pose the question in this vid, can the altcoins rise if Bitcoin takes a nosedive. I think they, altcoins, can, because they are gaining in holder confidence because of the ideas they represent. It's a maturing of the market. To me, BTC is a currency, and a store of value. Some alts are currencies, but many more represent great business ideas as the blockchain grows as a utility. I think increasingly, alts will survive independently of BTC. Thank you, as always, for your TA insight. I don't own any BTC, but if there is a major correction, as in the 42% that has been alluded to by others, then I may get back in - and hold for long term. My opinion is not based on TA, but sentiment....

Such distinctions will be apparent after the major crash of cryptosphere. When the dust settles from a near extinction event. We will see which cryptos remain standing. Just like the dot com bubble. Most importantly, we would also have exited and sitting on piles of profits watching the massacre.

@haejin Any thoughts on holding bitUSD (bought, not borrowed) through the cryptocrash?

I like bitUSD. The genius of Mr. Larimer had it so that bitUSD has a 200% collateral. In other words, even with a +/- 200% variation in the price of BTS, the number of BTS assigned per bitUSD will adjust accordingly to provide stability. Absolute genius!

This is also the reason why I think Amazon and other merchants could see bitUSD as attractive because it provides a stable currency model. Merchants won't have to try and cash out bitUSD to FIAT like they do with other cryptocurrencies with high volatility. A stable currency provides greater confidence.

Now, when the Crash of CRASH comes, I would be almost all in FIAT USD and not bitUSD. The bitUSD 200% collateral won't suffice.

Even with a Stock Market crash, I would first choose USD or Treasury Bills (shortest term duration). Deflationary tsunami which will crash the market again as it always has, means USD becomes king. What causes deflation? Debt bomb bursts. Just like the housing bubble. Not sure what the next event or news migh be to trigger the crash. Note that my aggressive ETF portfolio has TMF which holds treasuries and this ETF will take you out of equities should there be a crash by being the highest % gainer.

From now to about 9 months or so, I think we'll see the DOW nearly double. The same for SPX. The Nasdaq 100 could triple! The equities are also entering its parabolic phase of the mania that started in March of 2009.

Your guidance through those troubling times will be a massive gift, indeed. I see a pathway, where one man transforms an entire planet. "Haejin's Heroes," they may call the first wave.