Bitcoin (BTC) Evening Update: Is Bitcoin now Phasic with Bitcoin Cash? Check out this Analysis!!
SUMMARY
On this morning's Bitcoin (BTC) update, I had projected the below price pathway with a potential symmetrical a,b,c,d,e pattern.
However, I've updated the pattern and Elliott Waves to reflect a downward pointing bull flag pattern and count. If this is correct, there could be one more low for the final e wave of the a,b,c,d,e channel. This would complete blue wave 4.
Now, view the Bitcoin Cash (BCH) chart which is completing a downward pointing symmetrical triangle pattern. This formation started on November 17th and is about to comlete. Now, look at the above chart of Bitcoin (BTC). The downward pointing flag started on late November 16th. So, overall, both BTC and BCH have been declining in their respective patterns. If so, their non-phasic relationship could now be becoming more phasic.
Bitcoin Cash is expected to breach out and above its triangle pattern. If Bitcoin does the same from its bull flag pattern, this phasic stage could progress.
It was interesting how when Bitcoin was correcting recently and Bitcoin Cash was skyrocketing rumors, news and events were being conjured to justify the forecast. I'd be keen to see if the phasic cycle progresses, what news, rumor or events might be put forth to justify the forecast.
In the video, I also have a special coverage of BitShares...don't miss it!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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 slightly puzzled in relation to your bitshares prediction haejin. You consistently throw around some pretty huge numbers in relation to the gains to be made there. You also consistently say that it's all about the technical analysis. What is it you see on the bitshares chart that makes you think this particular coin will make those kinds of returns? Why not the upgrades, steem or eos or one of the other relitavly low value coins creating the cup and handle or another bullish pattern?
I don't know exactly what news or event will arrive to justify the forecast...but I don know that they shall arrive.
I only use my Elliott Waves & Chart Patterns to discern possible price pathways.
I fully respect your great work. Thank you !
100% upvote and resteemed
I wish you MASSIVE profits!
HitBTC market just opened a new order type that they call "Scaled" ordering. Essentially, it is an automated laddering system with parameters that you can adjust, set, and forget. Very Useful addition on a trading platform.
Read about it here:
https://blog.hitbtc.com/introducing-scaled-orders-on-hitbtc/
May need to look into that exchange. I haven’t used it before. Have you used this new tool? Is it intuitive and straight forward to use?
I've actually been playing with it for a couple hours off and on tonight. The only downside I can see with it currently is that you cannot yet put in stop buys at higher than market price. It's eats up those buys at market value as soon as they're submitted. Not much point of inputting a higher price in the buy scale until they add in "if/then" or just stop/limit buys automatically on the scale of buys.
All in all though, I love it! Especially setting it to ladder into a potential terminal end to a correction. You can set it to spread the buys into 70 buys or 4 buys or any number, at whatever price spread you want, AND you can make them balanced or heavier on the high or low end of the price scale you input. SUPER easy and simple to use and figure out. Once they add auto limit buys on the high end of buying and low end of selling with it, it will be a near perfect auto laddering tool. Also they need to add a cancel all orders button, seeing as you can set it to hundreds of orders.
Sounds great. Any idea about the exchange itself? Location? Regulation? Solvency etc?
I would always prefer that you find out for yourself how comfortable you are with an exchange. I hear so many different things about different exchanges, it really dirties the waters. I've have good experiences there....avoid the trollbox, it's called the trollbox for a reason. I go there to try and help people sometimes and try to get them to sign up for steemit to be part of the discussion if they are real people not trolling "buy this, sell this, pump coming"
They are backed well from what I have read, but please research that stuff yourself, and if you find anything damning, please do let me know....I haven't yet.
The have a HUGE ICO market.....I don't like that, because it attracts alot of uninformed traders....so again, avoid the trollbox. But they do offer new pairings all the time. Probably at least once a week. They are growing fast too. Volume used to be a huge issue on some coins, but it's much better now.
They allow (or don't stop) bots, which is annoying, but it doesn't change the market much.
One cool feature is in the top right you can re-arrange the whole page layout however you like it, and they feature their chart or you can switch to Trading View charts.
I really like Binance too. They are similar experiences with different looks and tools. But they both have contests, coin drops, add pairs regularly, the software just works the way it's meant to, and their wallets are super fast.
And both seem really interested in providing the users whatever they want added to the platform, but don't release things without proper testing etc.
Binance is even moving their servers out of China to keep their clients no matter what China does.
Hell, I just saw hitBTC has a referral program, if you want to, sign up under my account: https://hitbtc.com/?ref_id=5a1163eb5aa59
If not, just go to https://www.hitbtc.com and check it out.
Many thanks for the details. And don’t worry. I was after your views but I would certainly not join without investigating myself first.
I tend to use the major exchanges but have had bad experiences with Poloniex so I’m looking at other options.
I also don’t trade too much as I don’t like leaving coins on exchanges as I don’t fully trust them (I lost a bit in the Mt Gox fiasco). I prefer to transfer in, sell and withdraw! Makes life more difficult but I’m happier.
Thanks again, I’ll take a look and use your link if I decide to join.
Honestly, going to wallet forces you to be patient! That's usually a good thing!
I agree. And I dont trust exchanges fully. But transferring back and forth is slow and can be expensive. I trade slowly so it works but if you want to be more dynamic, it’s not really viable!
I have been using Hitbtc for a while, and had no problems except some lagging lately. Growing problems with new traders everyday.
I also got a few affiliates, but they have traded too little for me to make any off them yet. I made myself a domain for the affiliate link too, www.nordic.cash :)
The exchange is not regulated and very hidden owners etc. No verification of persons to use. So don't keep your savings there, but trading wise it's great.
Sounds interesting. Thanks for the tips
Good info, and good bounce page!
But yet you did not upvote me :)
It's for your own good! I'm going to help get you juiced up, but I was away a few days, and cameback and used all my vesting power. I would highely suggest you get the browser add-on call "Steemit More Info" so you can start learning some of those things earlier rather than later. Once I'm, powered up, you'll get voted and more from it!
That's very nice news! Thanks for posting :-)
Thanks for the info. I'm not currently on HitBTC. Maybe other exchanges will follow.
Hello V. I was only on poloniex.
Could not find any coin you guys were talking about. Got fed up and moved onto bitfinex, bittrex and hitbtc. Still on poloniex. So 4 exchanges. Does not take a lot to do. Just do whenever you got an hour or so. (Not mine but your speed. I'm much slower. Used to be lightning fast. But not anymore.)
Check out Binance. It's the best growth I've seen in an exchange. I got in because they payed GAS for NEO holders. Then the started seriously developing themselves. Binance has many great coins that are not being traded anywhere else. I wish the charts were better and supported complex orders and margin trading. Other than that Binance is the most impresssive exchange I've come across so far. It's also very noob friendly.
OK. I will.
V haejin is good for the cryptos that are out. I need a good ico guy. I am mot sure if it is possible to get someone as honest and good as haejin but let me ask you. Do you know anyone?
Unfortunately no. But keep looking.
The new Binance phone apps are REALLY well built. Faster than the website even, and missing very few of the few tools they offer.
Thx for sharing
Hello @haejin.
I am watching you analysis and postings with great interest and I have a question to ask, but it is unrelated to this present topic.
Here is a new coin. It is called Shield Currency - $XSH.
https://coinmarketcap.com/currencies/shield-xsh/#charts
My question is can you do analysis for this? It would be greatly appreciated.
could you please provide an update on ETH? It's been up 10% in a few hours, but I'm not sure whether we're still in wave D of an ABCDE triangle or if E is already in, here is why:
So, which one's correct? Thank you so much @haejin!
@haejin Hi! Thank you very much for your thorough analysis. My question is regarding BTS, When do you think that it can even $10? I know it will need few quarter(s) to go there, but how many?
Also, my estimate is that BTS might hit $100 eventually in first half of 2019 and then it will gain momentum as governments starts cracking down. Do you concur the same thoughts?
Let's first get $0.11 then $0.21
Thanks for your effort
i'm with you, BTS!!
So, both will move up the same time?
Let's see