Bitcoin (BTC) Evening Update: The Decline has Been Controlled and Methodical in the Abscence of Panic

in #bitcoin4 years ago (edited)

SUMMARY

Bitcoin (BTC) decline has been orderly and not panic induced. It's pattern still remains a downward wedge. The daytime price action has now put in blue waves 1,2,3 and 4 as shown in the below chart. Again, these compose the red B wave of the blue D.

A close up showing how the blue waves align to price. IF this is correct, then wave 5 of white (C) of red C remains. This should take price to the mid $7,450 or so to provide the proximity to the apex and ideally a breakout.

The daily MACD 12 day white moving average line has crossed down through the red 26 day moving average. This is not necessarily detrimental in that if the chart above shows that the red B wave is completing, then the impulse up that follows should allow the white line of the MACD to turn up again.

Needless to say, the longer term support line shown below needs to hold. If it is decisively breached, the next support line will be in the mid $5,652 or so. The bull flag potential is another pattern variation and remains valid.

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today is a bear market and we need to hibernate and be patient. :)

I see it going slightly lower (on Bitfinex data). I know charting on 30m makes little sense, but still, it's what I came up with.

I feel 5th wave of C is still ahead of us and we're working on finishing wave 4 at this moment. The decline could go a bit lower, around 7200-7300, then impulse should take us up, but only to about 8500-8600.

Let's see.

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For future viewers: price of bitcoin at the moment of posting is 7879.90USD

Not looking good at all

the whole world has hurt

Holy shit. ^ this dudes page is just a huge smear campaign against you Heajin, looks like you are doing good work if even the haters have a fan page. 😂🤣😂

So you mute me like a little fucking pussy!!! Afraid to hear the TRUTH!!! That's ok, you won't make any money from @Haejin's blog. Good luck following that circle jerker.

This made me laugh. Sorry Heajin.

It would be nice if he would laugh once in a while. But seriously, it's not too funny the amount of money he gets paid for each of the post he makes. Anyone can draw on a Chart & say the coin is going to go up or down.

What anyone obviously CAN is to write comments in internet. People having absolutely no skill tend to attack others, so they feel just a bit more... useful. Problem is, they're not adding anything.

In every community we have a few who create something and huge amount of useless bystanders who either try to learn to do something themselves or bitch around to feel they participate somehow.

Every lake has fish, plants and floating trash. You, dear sir, are this old toxic barrel at the bottom. Can't really help the ecosystem, but wanting soooo much to do something, anything, so You slowly poison the water.

Generally I see people saying "anyone can..." as useless, unambitious trash, kind of noise in the background. Anyone can, but You won't, because You're too good for it, right?

Your silly words have no effect on me little girl. Move on to your next lake.

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

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