Bitcoin (BTC) Evening Update: Short IHS Pattern Invalidate but Medium to Longer Terms Remain Unchanged

in #bitcoin3 years ago

SUMMARY

The very short term IHS pattern for Bitcoin (BTC) has been invalidated with the decline towards $8,466 but as the next charts will show, the bigger picture remains unchanged. The below chart shows that the decline is patterning out to be yet another wedge (blue). Price being so close to the apex should rise out.

The wedge fits into the larger IHS pattern and a riseout would allow the completiong of the Right Shoulder (RS). For this pattern, the $9,700 remains a critical juncture as the the Neckline resides at that price level.

The below chart still shows that the primary pathway is likely to be the white arrow. The long term support line has held and is expected to repell upwards another touch if it occurs.

The blue D wave option also is still valid and the subwaves of the abc is still in progress. Let's see how the overnight price action plays out. Zooming in and out from short term to longer term allows much better perspective than a single segment myopia.

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Am I reading this right @haejin ? Looks like what we're seeing is the end of a few days correction flat ABC correction.

Looks like we need one more 5-way rise up to complete D wave in large triangle. I wouldn't be surprised if there is a bear wick at the top (I didn't put it in chart), followed by a decline that will create E wave.

As for trading - not to be late with my buys, I assume E wave will be short and won't touch long term trendline support. Why? It's just how I read sentiment now - market is fed up with this correction and wants to go up. I think I see it in lower degree symmetrical triangles, both in BTC (one triangle is marked on my chart) and alts. More often than before, E waves end up short or even very short.

I'd love to hear Your comment on this one.

Cheers and keep up the good work. All I know at this point is thanks to You. You made me want to start learning TA :-)

Yes, the E wave is often the shortest and that is the primary count. The below chart also shows that the E wave is NOT always required but breakouts can occur at the D:

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So, it proved to be zigzag after all with deeper retracement toward previous wave 2 rather than 4. Other than that, nothing really changed yet and primary count (C of ABC up, creating D, probably followed by E down to the level of longterm trend) isn't invalidated.

Getting really angry seeing so many comments of people panicking BTC decided to take a slightly different route to the same point. Thanks for Your reply.

@haejin i am very fan of your prediction and believe that bitcoin will be fine again we just have to have patience so that truely the price will be changed.

Hell yes...

Great analysis Haejin. Keep up the good work.

Im liking these charts, it would be awesome if we got a bull run soon, Something to lift our spirits lol

Is the bear period over and bull started

Yes, Bear period over and doneky period started.
PicsArt_03-21-10.37.26.jpg

your a donkey

we should be serious many people are worried

LOOLLLZZZZZZ😂😂😂😂

Your consistency never seizes to amaze me. You make updates on a regular basis.
Nice analysis. Nice update.
Very useful, informative, educational and we'll detailed.
Thanks for sharing @haejin ✌ ✌

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Hey @gmrbotswana,

Don't waste your vp. You can't do nothing. You are a fuckin kid😂.

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Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 128.49 SBD, based on the pending payout at the time the data was extracted.

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This is an one of the importance post.

This market sucks so bad thats why you should have money on the sidelines and only arbitrage when you can...get arbitrage alerts to your email as they occur 1.png

For future viewers: price of bitcoin at the moment of posting is 8529.80USD

Looks like I should load up on Bitcoin about now.

Bitcoin will not 'moon' until May 14th when the Consensus Conference starts, thats when all the big players make their announcements, so we'll have to sit tight until then

Good post @haejin. I like it that you keep the two options open.

Marketsentiment:

  • Bulls are saying $ 9.600,-- as a first target
  • Bears are saying: $ 5.000,-- / $ 4000,-- and even $ 3.200,--

WARNING TO YOU ALL:
Bittrex announced plans to delist 82 different altcoins on March 30. Of the 82 altcoins up for delisting, 28 have been found to have "broken blockchains or wallets that will not allow withdrawals."

can you provide a link to an article about this please?

Dear sir @haejin,

We are currently making a shoutout for whales like you to please assist us in our fund-raising for the fire victims in Cebu, Philippines. So far no whales have donated yet. If you could just see my post ( https://steemit.com/firevictims/@mers/donations-needed-for-the-fire-victims-in-lapu-lapu-city-cebu-philippines) and help us by resteeming it, we might get the attention of others since you are so famous for your crypto predictions. Sir, I hope you would grant us the favor... Thank you so much .
@mers

Hi @haejin, can you comment on the MACD on the weekly BTC and how that aligns with your cycle count please? Many thanks!
btc weekly 25 mar.JPG

it is difficult for bitcoin to be maintained and in these period where the cryptomoneda are receiving persecutions by governments, tax payment, binace, security, banks.
Every day a new cryptomoneda is born, investors come and go. other currencies that are growing and investors change for the bitcoin to rise to 15000 before July has to see balance and stop the chase and the morbid bitcoin

Oh, wait, what happened to Ripple? It was going to overtake BitCoin and it was $3.40. Now Ripple is $.64 and falling. So much for Japanese bankster coin. Bitcoin Cash was "the new Bitcoin" and now it is number 12 in market cap. Ether was $1300 and now it is just holding above $500 to stay out of trouble (I still have hope for Ether though). It is going to take an asteroid to extinguish the Bitcoin dinosaur.

Bitcoin is really trending these days with so much value in various online systems and we hope it value will keep on increasing.

Seems like 5 waves down is a must!

Screen Shot 2018-03-25 at 12.11.57.png

lol that's not even a thing "5 waves down", Flat? Zig Zag? Expanded Flat? Go read about EW before posting bro

Keep it simple and watch what will happen in the end..

Lol making up your own TA rules isn't "keepin' it simple" lol you couldn't be more chaotic

The chart is still valid :))) watch closely! Whatever name you call the pattern is not important; the important thing is that we are aware of the ongoing correction.. 5 waves downwards.

Your chart is both invalid and literally just lines on a chart, there's no information presented sorry bro

I Like It 😊🎵🎧

I am happy to see, read and enjoy your post amazingly innovative. Thanks for sharing.

Congratulations @haejin, this post is the forth most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 55 and the total pending payments to posts in these categories was $2451.55. To see the full list of highest paid posts across all accounts categories, click here.

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Make sure you downvote all of @Haejin's scammy post!!!

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Fucking @gmrbotswana, Don't waste your VP.😂
I don't care you😂😂😂.

Fucking @gmrbotswana, Don't waste your VP.😂
I don't care you😂😂😂.

Flagged -100%, Disagreement on rewards.

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Hey @gmrbotswana,

Don't waste your vp. You can't do nothing. You are a fuckin kid😂.

PicsArt_03-21-10.37.26.jpg

Disagreement on rewards 😈😈😈😈😈😈😈😈😈😈😈😈😈😈😈😈😈😡😡😡😡😡😡😡😡😡😡