Bitcoin (BTC) Evening Update: Sideways Price Action Means Symmetrical Triangle

in #bitcoin4 years ago


Bitcoin's (BTC) price action today basically went sideways. Per below chart, it's either putting in the finishing touches of the white abc or another pattern needs to be assessed.

This pattern looks quite fitting given the sideways action. It could be labeled as complex but the symmetrical triangle pattern provides as much sideways action but the price is moving very well to the contracting lines. There should be one more smaller up and a down to bring price closer to the apex.

The longer term bull flag pattern remains valid and in progress. The final C would touch or briefly pierce the longer term support line.

The MACD is or price has not yet invalidated the wave 1 and 2 relationship. Let's see how the overnight price activity pans out.

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I would say 50% think were at the bottom and the other 50% say were going to 6k i don't know what to think any more lol

We will see! My guess is when all cryptos bottom out a few led by btc will rocket and people will wait for some Alts to rocket and
Miss the launch again

Luckily i sold all my alts in to bitcoin a month ago, I knew alt season was over lol, It's def bitcoins turn to rally again before we see another alt boom. USDT and BTC only for me :)

Good job you have been upvoted for making a wise decision!

Yeah it is a good idea especially if you can withdraw straight to fiat. But with alts- don't be afraid to grab some on the cheap that you interested in. Because when they rally, they go up fast. I am using this time to buy some coins for masternodes

I agree. There is pressure both ways.

Ive never seen the market so undecided lol And the manipulated looking chart right now is crazy !

This is what is making it so hard to judge and making TA pretty much useless. It isn't following a trend, anyone predicting it is and keeps plotting triangles is just guessing. There will always be triangles or channels that form, that is the nature of a line graph, it is just simple geometry.

It is easy to keep looking for triangles, channels and plotting subwaves after the fact but lately I've found most of the TA I have been looking at is rarely correct and typically only for short term (hourly-daily). So if you are constantly watching it might help you out, but for most of us following this doesn't help.

Just go look at past charts on trading view from "PROS" or even back track on posters on steemit. You will find 25-50% that got the call right that day. Go to a week, their might be 10/100. A month maybe 10/1000, if that. It is pretty much a guessing game at this point.

Use the simple TA tools first: support and resistance. All substantial support has been broken above the 6900 level so look for a test there.

I agree, that is pretty much the only TA that I trust. We have bounced off of support prior at our current level, so if we don't bounce here we are going down to 6900 levels, then 6k.

A (major) reversal may occur once we test the 6900 level. Not until then.

And that is what happened. Does Dark Cloud Cover portend another decline?

Clearly a gator pattern is emerging. If the gator loses its hodl , the market will go underwater for a while.

You definitely understand your crypto!!!

$350 move, can we get another update?

Is forex is better than cryptocurrencies?
Haejin any suggestion please?
Anyone opinion would be awesome.

Forex gains $5,580 in 3 days.


This hourly candle Doe.... Ewww

Do you know any new decentralized exchange platform that will be released soon ?

Thanks great articles

Lisk DEX in q4; waves? Bitshares is already out. Omg want to release one as well. And EOSfinex of course


Your resilience in providing us information is truly commendable @haejin.

nice post

Owsam information @haejin

you are starting to think bullish when the bitcoin was 16K but now we are talking 8000. it has not bulled yet because we have to admit it is bear market now !

@Haejin, you got your lower low. $7,600. If you have to have the bull wick, my thought is we lose a lot of subscribers who will sell out. It's scary cause then the fear of 6,000 is out there.

I'd expect a more impulsive return move up if that was it putting in the bull wick

Thank you for the information

very important news for us

What do you think about this analysis?

Thanks for sharing this, I have invested a lot in bitcoin I just hope it comes back to its apex.

very usefull post that you share here,,,thanks a lot

Remember, people. There are only 16 Million (or so) BTC out in the wild. The only reason BTC drops so much is because you all panic sell it.

It would just take 16 Million people buying 1 BTC and refuse selling it... for the price to go to the moon... and then, to Mars, maybe even to Jupiter.

Stop panicking, start accumulating.

Lol this is true, but also the dumbest comment I've read. That's like saying hey if everyone in the world just gave me 1 cent, I'd be a trillionaire! It's that simple!

I think your math is a bit off

Congratulations @haejin, this post is the sixth 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 43 and the total pending payments to posts in these categories was $1795.77. To see the full list of highest paid posts across all accounts categories, click here.

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Thankyou for giving technical insight in BTC. I think that is BTC is able to stay at this support than it is definitely going to grow steeply in future. After all time will tell what will happen next?

Man can we please stop with them big waves already. 24k ain’t coming anytime soon. This is long term bear market after 2 years of bull run. All you can do is save up cash and buy the bottom. Forget bull run for now, accept the bear market.

Very clear charts . I'm learning so much with your method. Thank you Haejin, thank you Haejin !

Most whales I've viewed on this platform are philanthropists who help newbies grow. But @haejin is not one. He doesn't reply your comments, he doesn't upvote your comments all he's after is to write about 10 posts a day which gets him over $1k. You're here wasting your time trying to make nice comments that will never attract him.

That hasn't been my experience with @Haejin. I have had detailed conversations with him over the past few months right here in the comments... I think it is encouraging that someone has found success on Steemit. It should give people hope, but all I see here in his comments is envy and jealousy. Focus on working hard like Haejin has and perhaps we will see similar results.

Wait? Even though Steem and SBD has dropped a lot, and @haejin is not earning those absurd daily amounts anymore... this stupid war is still going on? I though we were over that already.

I know @banjo & @cleverbot have not panicked. So why have you?

Lol interesting.

You asked the question and I didn't know the answer so I asked you what the answer was.

From your account I can see that you're also struggling like me. You've been in contact with him for the past few months and you've not actually grown. See be sincere to yourself. Don't support evil because you're looking for favor. Thanks

Explain your "evil" comment.

I don't see someone who posts material that he could be exclusively charging for on a private paid website as evil. Just because someone can't help everyone - that doesn't mean he is EVIL. I truly believe that @haejin has found success through consistency and hard work. Struggling - yes - we all struggle. I am sure haejin paid his dues as well. I am paying mine at the moment. There are no shortcuts. Work hard and put in the effort. If what you are working on has value, you will eventually be rewarded (paid) for it. It's not evil to focus on your own work. I respect @haejin because he has earned it, not because I want him to do some shortcut favor for me.

Well, the purpose of reading these charts is not to ask Mr Haejin to read my comments. Most importantly, he's producing an amazing quality content, with the necessary pedagogy to teach things, which are very very very expensive if you had to go to a seminar and learn from other professionals. With all energy he is putting in, just put some energy to learn and use what he is assessing. You will learn trading, and how to be safe because he is reassuring. He mistakes very rarely, has top down view. So, I don't see the point of asking him to reply to my comments neither yours. For this , try facebook :-) Cheers

His analysis is enough for me - I don't expect more. When he answers question in comments, which happens for me from time to time, it's a nice bonus, but I'm not angry he's not "supporting" me this way each time.

If my purpose here was to grow my account, I would be posting my own analysis. Mindset "he's bad because he's not giving me more" is wrong. I honestly think he's giving us enough, consistently, for more or less a year now, most of this time being paid almost nothing.

If You ask me he can get paid any imaginable price per post - I tend not not to be jealous when someone else is doing well.

And cheers for everyone who thinks people on the other side, driving this war against Haejin, are doing it for nothing. They basically live off spreading this hate. I see them as true cancerous tissue in Steemit organism.


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