Bitcoin (BTC) Mid-Day Update: Price Sitting on Top Trend Line as Support

in #bitcoin4 years ago (edited)

SUMMARY

Bitcoin (BTC) daily chart shows price to be sitting on the upper white trend line as support. This morning's update has stated that a temporary piercing of the support line would generate bull wicks and these could washout the weak hands. The daily MACD has the 12 day curling downwards and a clean cross could signal more down; but that has not yet occurred.

The Bollinger band's +/- 2 Std Dev bands show price to be sitting on the bottom band which coincides well with upper white trend line. A good support should be experienced. Let's see if the bands start diverging or not for the rest of the day.

I have updated the white arrow pathway to take into consideration the Bull Wick potentials.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.

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BTC is really taking it in the shorts today. I see nothing in it's future that will send it upwards.

It's only meant for use as informative or entertainment purposes.

@Haejin You do not provide any entertainment. I brought you some.

Thanks! Curious to know what your count would be like if the price goes lower than 9300 ish. Cause that would invalidate your 3rd subwave right?

I still have this as a primary:

https://steemit.com/bitcoin/@benkalashnikov/3bnsbo-bitcoin-btc-analysis-update

Screen Shot 2018-03-07 at 22.44.11.png

No, @Haejin, you can't just draw the trend line wherever you want, "15+ year veteran" and you don't even know how to draw a trendline?

Here is the same chart that you plotted your trendline on (BITSTAMP, BTC/USD, DAILY), with the trendline drawn properly actually touching price at three points (not hanging in mid-air to pretend that the outlook looks good to your followers, because that is all you do, tell people that crypto is looking bullish, even when in reality Bitcoin doesn't look good at all right now):

As you can see my falling trendline has been drawn based on the tops of the bodies of the candles at the three significant high points. Yours, on the other hand, has the start of your trendline hanging in mid-air:


(If you can't really see it right-click on the image and press "open image in new tab" to see it full sized)

Wake the fuck up guys, stop following and commenting (aka begging for up-votes, get some fucking self-respect!) this fraud. He knows nothing about Technical Analysis, can't even draw a simple trend-line after "15-years" of experience!!!

Why don't you clarify that your chart is in LOG and his is LINEAR?

Worthless post by you without that.

No, my chart is not in LOG you imbecile, this is log:

Holy shit you are dumb.

Dear InvestingTips, if u have issues, just go follow someone else. Stop acting like a fool. Respect is what matters

No, I will not go away, this a free and open platform.

Not sure why u fussing at him for.. you could just not read or follow him. I charted the same thing heajin got so I must be sleeping too.. I need coffee to wake the fck up.

Yes drink the coffee :)

Yeah, we need some coffee @luckie7

Hi there.
What you posted caught my eye, because I have recently been studying trend lines through various resources.
In one such resource, which I have attached an image of below, it is said that trend lines can be drawn from the wicks or the bodies of the candles. While Haejin's line is off from the wick by a hair, it could still be drawn upon that wick, I think. Also, once a trend line is drawn, the importance of sticking with that is emphasized, which I believe is what Haejin is trying to do.
IMG_5098.jpg

I have also seen other analysts come up with the same chart as Haejin, except they are not being put down about it, such as https://steemit.com/cryptocurrency/@scaredycatguide/bitcoin-breaks-out-of-the-descending-channel .

OK, but the support line based on the wicks is lower than the support line based on the closes. So you will get in your sell position at a lower price if you are waiting on price closing below the support line which is based on the wicks. Do you want to get in at the optimal sell price or a less optimal sell price?

By the way, "trends" don't always follow point to point, stretch buy or sell to stretch buy or sell....that's why it's call a trend....it's a collection of behavior....aka....a trend, not a fuck me if it's not pinpointed on my asshole line. WE KNOW WHAT HE'S TALKING ABOUT. And honestly, you look like the idiot for commenting, and acting as though we don't with your desperate attempt to get some attention to your blog.

here's my bitstamp chart. i'm not a pro or anything but it did crossed the resistance.

Haha....umm, you are seriously making this argument? That trend line is in reference to the previous days, which is a great price indicator of progression through Cycles and Patterns.

You wake the fuck up and realize we are here by choice, and of course anyone could redraw a trend line to the new chart....THAT'S NOT THE POINT OF THE LINE. Go home with your bullshit, go try to get successful for yourself.

Wow @investingtips. You're really going at it. So can I ask, does this trend line mean that we can expect BTC to be a lot more bearish over this season? I always felt that the bull market would only return in May/June. Never really understood why everyone kept yelling "BULL!!" a few weeks ago..

@kofibeatz we are certainly not Bullish my friend, we have only just broken out of this large daily rising wedge which is a Bearish chart pattern, and I believe we could go down to the long-term support level which would be at about $7,000:

@investingtips and yet, 4 - 3 days ago, on your VERY OWN blog, you were posting bullish stuff and telling anyone willing to read from you that this was an ascending right triangle (and still talking about it on your last blog's 4h chart!), that the main downtrend line had been breached, and so on... and I quote, "It does look like Bitcoin is inevitably going upwards now and it could explode again to all-time-highs". So how can one be so definitive in its analysis from one day to another just because of a long red candle? Are you freaking out actually or something?

So, are you just there for the sake of being talkative and insultant for free towards Haejin? Or do you suffer from some sort of schizophrenia? In both case, and looking at the wonderful (1) next to you nickname, along your no less wonderful "investing tips", let us, Haejin readers, advise you to preach your so called "knowledge" somewhere else, unless you show some politeness.

Don't thank me for the piece of advice, you're welcome.

"It does look like"... "just my opinion"... key phrases buddy. I never said it was 100% going up and in fact I still maintain it was an ascending triangle on the 4-hourly chart but it broke down not up.

"Do remember that even though Ascending Triangles typically break out upwards... they don't break out to the upside 100% of the time! So, in all honesty, if I had seen this pattern first I would not be in a long trade quite yet, but I will remain in it."

You just going to miss out that part as well? Where I literally say that it could go up or down. You are not exposing me if you think that is what you are doing. I always endeavor to be as honest as I can with my followers, Haejin on the other hand is anything but honest. And am I schizophrenic for having the ability to admit that I now have a different opinion than I did the day before? No, it's called adjusting to what the market is telling me, pretty simple shit.

Here's a final quote from the same one post just so that your pea sized brain can get it; "I am excited to see if Bitcoin really takes off once it breaks this pattern (hopefully to the upside)!" <--- hopefully to the upside, not definitely to the upside.

It was a poor try, but try again if you wish.

Any other of Haejin's boyfriends want to try and expose me? I've already put down 2 of you, I could do this all day, because I do not lie so I have nothing to cover up.

That's really low @investingtips. Thanks for the graph stunner, but when would you estimate that these prices will hit?

Could take up to a couple of weeks imo to hit $7,000. Obviously it might not hit $7,000, i'm not psychic :P, just showing my opinion!

I think the same... May to July if we're lucky. We may see the lowest dip yet before that happens - or maybe we continue the uptrend, in which case we'll be at 20k in May - the problem is that with a market totally reliant on psychology, talking about it can turn into a self-fulfilling prophecy. I would propose that we should see haejin's work from the same perspective.

I still remember ancient history (like 3 days ago) when he was promising Wave 3 fireworks.

LOL @logline you are better flipping a coin than buying or selling based on @Haejin analysis!

Learn to count Elliot Waves.....the 3rd wave is yet to come. Also, he very clearly stated "IF" we have progressed into the 3rd wave expect fireworks. What happened? Did you go in on margin and get fucked? It's a big picture trend that matter, there will ALWAYS be corrections during large rises.

Just a quote from @haejin: "Let's see if the bands start diverging or not for the rest of the day."

..........and another quote: "I have updated the white arrow pathway to take into CONSIDERATION the Bull Wick potentials."

So what do you want to hear more from him?

I DON'T want to hear anymore of him, that's the point, duh!

Then why ya here every day? Think you're turning any heads? You're not. I WOULD LIKE TO SUGGEST THAT EVERYONE JUST MUTE THIS GUY LIKE ALL THE OTHERS. bye bye

@scarlet7 lol, mute him... and then you go and cry all over steemit that @berniesanders is censoring people for speaking their minds, and you just go and say mute him and in CAPS?

let your followers decide instead of telling them what to do perhaps? :)

maybe i should be muted for let my mind speak here?...

MUTE SOMEONE IS REAL CENSORSHIP BEWARE!

Umm...I SUGGESTED they mute him. Maybe you should be muted, for not knowing what the hell you're talking about or getting in the middle of.

Maybe you should be muted, for not knowing what the hell you're talking about or getting in the middle of.

epic, saved to notepad :-)

even if your name is not daniel grant you are a bit of a snowflake, don't you? :)

well 2nd time i flag myself lol
I apologize for my above comment and i wont edit it, since i am doing myself a nice snowflake there :)
flagged myself for internet trolling ! :D

ha....and I'd like to see your evidence of "you go and cry all over steemit" - This a game that you're not a part of. Stay out of the way.

you go and cry all over steemit

Well i have to retract from that words since you take them literally
and indeed are not accurate, in some posts i have seen and maybe crying was not the best term.

This a game that you're not a part of. Stay out of the way.

When my account got approved on steemit i became part of the game.

I acknowledge i am ignorant in many topics since i am just here since this 2018, but i am doing my research to leave the pit of ignorance.

You did an agreement time ago i was aware of even before my account got approved. And i recently did a lame try to make a second agreement from my naive / ignorant point of view, i think i left you a reply-comment somewhere weeks ago telling you about it, maybe i did a bad promotion... it barely got like 20 views

We can do better, starting with me.

To earn respect, i must respect others.

I like the fair play because is beneficial to all of us, and i work to promote it!.

Pd: i'd like to setup a discord for myself, invite people and chat maturely, i am participating in many servers, maybe we could have a chat someday if you think it worth it.

my discord: https.//discord.gg/hSTEtt

( disabled link to external places to remember about phishing attempts, change the dot for ":" )

My discord is open to all sea creatures :D

Maybe i can do you or anybody else an interview or just to let me know your points of view in an educated/constructive manner :) , i would like to be a kind of journalist as well as share my own content.

I am still at practice.

sublimate

@investingtips Thanks for the heads up, it's important, also thinking that we are now in a long-term bear market here's an interesting chart from TradingView for some perspective. None of the alts will be worth much if we continue in a 1 to 2 year bear market, unfortunately the nature and risk of the game.

I greatly appreicate your posts as they bring some insightful views on my own TA. A quick suggestion for future works if I may? You have a very calm way of laying out information in your videos. Perhaps a series on risk management for people? I see a lot of newcomers diving into following people's analysis but play it like a game of roulette vs a strategy of gaining the slight edge on the house. Someone with your presentation skills would be excellent at delivering this kind of content. Just an idea on an area that's rather untapped at the moment. Thanks again Haejin!

Haejin, I follow many TA analysts and I would like to mention that you have been by far the most accurate Bitcoin analysts in the past 2 weeks. Thank you for your contribution to the community.

who else do you follow. I need some other good people that I can follow. Please leave me list of who else to follow. Thanks.

i would like to compare different TAs, and i only know haejin (mostly because is on trending ). would be nice to know more TAs here at steemit to compare them and make better assumptions

indeed if you can drop some names that would be nice, cheers

@sublimate

As I said a couple of hours before, the volume for the right-shoulder of the H&S-pattern was missing. Here you can find me analysis.

Bildschirmfoto 2018-03-07 um 18.41.23.png

At the end we all could see a picture like that. A strong right shoulder.

Bildschirmfoto 2018-03-07 um 11.08.17.png

Here you can find my full analysis:

https://steemit.com/bitcoin/@vonbuelo/bitcoin-btc-my-wish-comes-true

I think bitcoin needs to test the low just like most corrective structures do. That's what we're still in. It may even break it lower. Double bottom. It can turn up to 17k area before falling or just go down but I believe down the road the low needs to be tested. Lets see what happens.

I mean @haejin don't know how to give upvote comment on following.

Yet you're still here hoping @haejin does lol! Shot for trying though

I stopped upvoting for that exact reason, now I always upvote the best comments instead...

Do you ever upvote any of those funny memes. I mean they are about haejin, but a few of them have been a lol moment.

HAEJIN gave me a 100% upvote the other day & then it removed it. I am still REALLY upset by that,. I still am not sure why I come back to his blog.

sorry to hear that maybe he will come here and clarify why he remove it

Hi Haejin i wouldn't worry about explaining yourself you are doing what we all wish we could do we are living in a free world and you can do what you want that's your business and i pat you on your back for such a great effort and following and reward pool if it aint you it would be someone else these people that bring you down have no life and nothing better to do they are just jealous of your earnings .These people will never change there ways and will be always jealous of anyone doing good. Stay strong and dont waste your time reading any negative posts cheers Deni Guerrera

But the reality is, cryptocurrencies are loosing power today. Can anybody explain why prices are getting down?

SEC regulate bitcoin news
Binance hacking? problem,
Mt.Goax sold Bitcoins?
And etc

I personally think we will see the media talking down BTC, so that their owners/partners can buy in at lower points. We will have to shake out weak hands before going higher.

well goldman sachs own Poloniex now :-/

we can expect weird things happening in the future. we do know that world will be on crypto sooner than later.

microsoft, and some other heavy corps and banks are into ethereum also

we need to make our own rules, or their crypto rules will enslave us like they do with fiat

we cant run from crypto, is the future. in we are in a historic process here!

we need to defend it or we may end up even worst that we are now with fiat

No more debt slavery!

Unite, create and share!

we will make this a better world without the need of dictates that tell us what to do and what to think, get smart and mature! help to do a better world for the generations yet to come!!!

FREEDOM!

Weak hands + some futures money going away. Will go straight up when Wall street and hedge fund will be in the game. Chart says that price going up is likely so WS and HF money is coming (price => event not the reverse for a technical analyst).

Lets see if the buyers at $9400 are strong enough to hold off the sellers. If they do, the 1st target becomes $10500.

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 214.02 SBD, based on the pending payout at the time the data was extracted.

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Друзья я считаю что мы пойдем намного глубже, до белой линии нисходящего тренда, примерно 4800-5100$, тогда можете вспомнить мои прогнозы и сожалеть об этом.

Congratulations @haejin, this post is the fifth 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 $4302.41. To see the full list of highest paid posts across all accounts categories, click here.

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I really appreciate your effort. The steemit community is really getting information about the trend of the market.
Although is see haters hating, hitting hard at you.

Thx. Resteem :)

Those weak hands really needs to be washed, its about time. goof information @haejin

Good time to invest :)

Can you please help out with DGD with some TA?

Thanks for good information.... nice post

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin9878.190$-7.34%-6.32%
EOSEOS6.440$-8.46%-23.81%
QAUQuantum0.185$-3.65%-16.6%
WAVESWaves6.293$4.43%-1.11%

Nice to be able to read one of your posts without shoveling throught BS racist slander!
Has there been some sort of ceas fire Iam unaware off?

What are all your post GREY?

Its what happens when you get censored by a Nazi Pigfucker like Bernie Sanders for speaking up against racist attacks

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