Bitcoin (BTC) Evening Update: A Wedge Embedded Within a Wedge

in #bitcoin4 years ago (edited)

SUMMARY

Bitcoin (BTC) is not crashing, IMHO. The price action has not been a panic sell scenario but rather an incremental decline series befitting an ABC corrective move. The below chart shows that BTC is still slowly working on the red B wave of the ABC of blue D. Blue wave 5 seems to be in its final stages.

There is a small wedge pattern within a larger wedge. Usually, such embedding of patterns represent a short term oversold state. The blue wedge is labeled as abcde and they are themselves subwaves of the blue wave 5. This should be resolved overnight. IF this pattern and Elliott Wave are correct, then an impulse wave upwards is expected. Clearly, blue wave 5 would bring price more proximal to the Apex....let's see how the overnight activity plays out.

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Also been following this wedge..

Could also see a lower test of $7,300 - $7,200 regions.
But unsure if it has the strength to hold and will probably send us on a sell off to 6k..

In a bullish situation i hope is only forming the right side of another inverted H&S which i discussed in a post earlier today.

So i'm watching with a close eye.

Screen Shot 2018-03-28 at 4.08.29 pm.png

https://steemit.com/bitcoin/@sourlemonball/btc-usd-possible-updated-pathways-28-3-18

Bitcoin still falling

ohhhhh 28k flowwers

Use your own mind, and do not rely on the number of followers. If you repeat something often, it does not automatically become true!

thanks but any information about its future growth

I think we go lower, before we go higher. Look for price to test the 3/18 low of $7200. The better buy is lower at $6000.

Great article, thanks for sharing. I've smashed the upvote button for you!

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dont downvote @haejin why your not motivating him . nice post bro

Why does everyone comment and come to Haejin every day? He never rewards people, he just gives his usual wrong opinion within crypto and causes losses unless it's a bull market, in which case how the fuck could he be wrong? Sure, he is really phenomenally intelligent when it comes to elliot wave pattern, but this is fucking crypto for christ sakes. The funnies shit is that recently, I literally realized that you have a better chance earning rewards off of haejin BY WRITING NEGATIVE COMMENTS. This is because there are so many people that actually hate him, that I am getting rewards from them. I used to really respect Haejin's knowledge, but now that I realize he is a fool in it for his own benefit, the facts became clear. I'm not knocking him on his intelligence, clearly he's got great TA skills (whether it applies to crypto is another story). The fact is though that he is indeed a reward pool raper. Someone give me examples of times he has actually rewarded you. He doesn't even dispute this when he gets called out, it's just the straight up facts. If you want to play the steem game and win your own rewards, you have a better chance with saying something negative. That shit actually makes me laugh. And don't get me wrong, a lot of the whales that hate on Haejin do the same thing to themselves, but at least they reward others as well.

Jealousy is an emotion. Control it.

Why would I be jealous of people who lose money due to this man, when I have better chances with fundamental analysis and basic knowledge of the market? Why don't you go jerk of Haejin in the corner a few more times, mate ayyyee??

and look at that, starjuno here to rape my rep down 30 points, what a joke. nice work haejin

Yeah, how people fail to realize this boggles my mind.

If people find benefit from his TA that is fine, they have the right to argue that, but how people do not realize he is the same as all the other whales who are raping the reward system is crazy. How is posting updates that have no changes worth $350 (and ends up being wrong, so he will earn over $1000 for bad TA, over and over again).

It is impossible to take his side on the reward pool issue, he has no case at all.

If you provide non TA insight on his alt selections, he and his goons flag you if it doesn't agree with his TA. HE FLAGS YOU for posting good research that would have saved his readers a bunch of money. But he rather have people lose half their investment than to risk his suggestions looking bad. This just goes to show that he does not care about his viewers, it is just for profits.

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

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EARN MORE MONEY ON STEEMIT BY DOWNVOTING @HAEJIN VISIT @FLAGAWHALE FOR MORE DETAILS

Nice and challenging post @haejin.

  • "Bulls" are saying $ 9.600,-- with no path showing after that.....
  • Bears are saying max to $ 8.800,-- as the latest top, then a down movement. Somewhere a panicsale has to start.

In my opinion we're still in a bear market where no panic sale is gonna take place. We're just squeezing out btc softly and are gonna get used to lower levels each time btc reaches it. We already got used to this 8500 area. After that we're gonna get used to the 7500 area. After that we're gonna get used to the 6500 area.................ending somewhere.

Eventually we're gonna see one of @haejins famous cups forming with a long nice bottom. Don't be surprised if this bottom takes 9 to 24 months or even longer!

Just go to Tradingview.com and type the letters AMZB in the top left and push enter. Than put it on a weekly chart and go back to the 23th of july 2001. That's exactly where BTC is right now!

@haejin i have read about you a lot you done a lot hard work to come across this stage ...

There is a small wedge pattern within a larger wedge.needs time to recover.

Seems like many are already lossing hope on btc but i feel its just temporarary, soon the patient dogs will experiencw another bubble

@haejin support us also as we are supporting you by upvoting us bro..

What do you think about this analysis?
DQmTEBadkPRHNn1PKrvHLa8s24YCCohLUTDoX29eERHGdxx_1680x8400.png

good news, just upvote you

You just supported a rapist. In the amount of time it took you to leave this comment, Haejin raped 7 poor souls. Shame on your up vote.

Why would that big green candle between 26-27 not count as a wave?

It could be the wave 4 of minor degree of the blue 3. The dip then is the 5 of this blue 3.
There can be many EW counts, all valid, the point is trying to predict price target using EW, if many counts are in favor of an uptrend a bull run is more probable, if they favor a downtrend, then a bear market is more likely. EW are also there to help to understand what is happening, knowing you are in a correction is good to not panic sell before a bull run, knowing that a 5 wave impulse has unfolded is a sign that a bear market could occur.
That's how I understand the use of EW theory to predict the market, to understand the past it's more obvious and it can help to understand the 'personality' of a market. Just my opinion :-)

Because haejin makes his own rules. He is god didn't you know??? Do you know what haejin means in Chinese? fraudulent dildo eater.

Everyone is entitled to his or her opinion, at least @haejin is doing his best to by explaining BTC is not crashing with is graph. It is up to anyone to take the tip or ignore.
Besides he did conclude with a disclaimer...

When you are no longer convinced, it might be a good idea to look at my blogs

Lol I'm not going to be disrespectful because I genuinely want to hear the explanation....

Interesting. Can you elaborate?

He counted that big green candle as subwave 3 down. Didn't account for it as it's own subwave up. I'm genuinely curious as to why, considering it rose above what he actually marked as subwave 4.

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thank you so much for the info
by the way, just asking, can we stop using same GIF or JPEG in comment place? it's annoying for someone who reading comments

Good analysis. Come to my blog and check out my opinions too! Let's think about various possibilities.
https://steemit.com/bitcoin/@goyapro/bitcoin-btc-update-possible-low-and-high-from-a-short-term-perspective-two-possibilities

what a good article, congratulations from angel48.Continues collaborating with our community

can you give me a comment please?

The interim downtrend will continue

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Great information...am not scared again .

Bitcoin and steem power are they equal

I think i agree with your analysis...anybody who has been following the bitcoin market and trade for a long time will know that this is not an unusual thing in the crypto world. although this has ran for a much longer period than expected and this is like the 2nd time this year.but there will be a break soon enough. so lets hang in there.

Steady and extraordinary your post, add knowledge and I like your post, thank you for sharing.

Anyone wonder why everyone keeps guessing where its going? Welcome to bear market. Bitcoin had 2 years of bear market before, then 2 years of bull run. Now we want it at 30k already. How many times has TA disappointed you lately, I can bet alot lol! Because thats what big corrections do, they fool you. This trend is here to stay for a bit, dont expect moon anytime soon. People made so much money during the last bull run they will wait until they feel like buying again. Stock market is down so I wouldn't be surprised people took their profits and are picking up stocks on the dip now. Anyways save your cash, enjoy life buy back when bull run is clear. You shouldnt be afraid to buy higher as long as we are in the new bull run. But I think we will continue to go down slowly and consolidate. Don't expect 30k by the end of the year. Some people will always show you the moon!

This comment has received a 0.29 % upvote from @booster thanks to: @jannat.

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