Bitcoin (BTC) Evening Update: No Crash coming, ONLY Healthy Corrections...why? Find out in this video analysis!
SUMMARY
For my primary count, I've updated the Elliott Waves and triangle lines with labels. I'm of the camp that higher highs still should come.
Thoug would not be suprised by below alternate of an expanded flat as shown below. This alternate has already been discussed before and it means that the full five waves are in and a healthy correction would ensue.NOT a crash, but a healthy correction.
Forward discernment is also projecting the below potential of a H&S pattern and I've laid out how and where the horizontal supports lines can come into play with forming the Right Shoulder and Neck Line and the Minimum Price Travel.
Bitcoin Cash (BCH) should have one more higher high to complete the wave (3) but technically, once can count a full set of impulse already. Either way, a healthy correctionl.
The video contains the rationale and charts as to why I don't think a Bitcoin (BTC) crash is likely!
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
Follow me on Twitter for Real Time Alerts!!
--
--
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 - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
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 personally staying away from BTC till the situation with Tether and Bitfinex comes to some kind of resolution. Did anyone notice how the rally in bitcoin began to stall once the issuance of Tether stopped?
That is a very logical assertion. I was thinking the same today, maybe they started all this tether fud to stop fueling btc, let the money flow into bch, and try another takeover. And black friday weekend is perfect timing too.
Happy Thanksgiving haejin thanks for update 👍
could you take a look at cvcoin please? I would like to share your thoughts with the cvcoin community. !
Here is the update for OMG, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/omisgo-shorter-term-target-usd15-on-its-way-to-usd32-or-higher
Thank you! all your analysis is much appreciated ! but I was hoping you could look at cvcoin as I could share it with the cvcoin community. bringing you more followers.
HeH the Europeans come in 1622 for the American natives to feast off them........ look out BCH ...... BTC gonna "rain on your parade" .... the calm comes before the perfect storm"
Great charting for all my Friend
Thank you kindly
Ps .... all should read "The music of the Primes" ........
Thank you Kindly
Do you perhaps have an update on DGB? It seems dead in its tracks. Thanks in advance
the lull before the explosion
Good
Hi Haejin. I was wondering what happened to the big correction scenario. I'm asking this because many of your long time followers, like me; might be in a bit of confusion right now. So, we had three scenarios on the larger play: 1) direct big correction, 2) extended wave 5 to around 8.5k - 9k then correction, 3) price traction over the rising wedge, moving to another level without the big correction (I remember you saying "if this scenario happens, it's a whole new game"). So which scenario, in terms of EW do you think is in play right now? Thanks!
The fact that there is a bullish setting in the Altcoin (Bullish Downward Symmetrical Triangles, Cup & Handle, Jaws of Wealth) patterns, Bitcoin is not expected to top for a while now. I can't see BTC doing it's big picture correction while the Altcoins are so bullish. So, as said in recent updates, I believe the top will be signaled by the Altcoins once they execute their bullish patterns. When? Not sure yet.
Ready for a little correction
Great info!
Happy Thanksgiving Haejin! If STRAT ever crosses your radar I'd love to see it. Thanks,