Bitcoin (BTC) Mid-Day Update: Probable Correction to $6,800 and then Orgasmic Lunges to $8,200 Target...Check out this Chart!
SUMMARY
That momentary spike in price to $7,891 was shortly lived as it then shot back down as low as $7,081 and now sits at around $7,331. This is the kind of move that makes day traders throw bricks at their computer monitors! Don't day trade!
""The surest way to make a $1 Million by day trading is to start with $2 Million!"
-Andreas Antonopoulos
The chart below shows and updated Elliott Wave chart and the spike up could be the extended wave 5 of red wave B. Since red wave B is higher than the prior white wave iii peak, this could be an expanded flat correction. This is when wave b is higher than prior high and then wave c retraces below the start of wave a. Once the correction is complete, an impulse should take price to $8,200 or so.
Here is a didactic link expalining Elliott Wave expanded flat correction:
https://elliottwave-forecast.com/elliottwave/the-elliott-wave-expanded-flat-correction/
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: [Elliott Wave Priniciple & Technical Analysis of Stock Trends !](https://steemit.com/bitcoin/@haejin/n98sk-haejin-s-ta-book-recommendations-for-elliott-wave-and-chart-pattern-recognition are highly recommended
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Legal Mumbo Jumbo: 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.**
It's so odd to see big red candles on BTC and have my overall portfolio actually rise slightly.
I think they will have to upgrade BTC at some point, whether it's a block size increase or something else but I'm glad to see we avoided a contentious fork, for now.
Hey @haejin, On bittrex BTC already went 6.7k and the volatility is too high.. I think a correction might be due for the next few days, as you have mentioned but the price range I'm not too sure about, but the resumption back to bull market will be eventual but i believe there is time for the altcoin markets to pump in this static time for BTC..
Check this article if you have time..
Guys read this and my blog if you have time.. might prove to be an interesting one.. an interesting one.. reposting so that you see it.. :)
https://steemit.com/bitcoin/@shrutisaagar/update-post-to-the-coins-i-mentioned-who-were-in-sync
@haejin has presented similar sentiments about multiple alt coins being poised for bull runs as that article mentioned...
Thanks, your update is just in time! Per the daily MACD chart, is a major correction coming soon?
Keeping an eye on it
Will detail my thoughts on this during evening update.
Haejin. Eye of the tiger!!!!
Thanks hyung
This is ridiculous...
I had some BTC on Kraken that I wanted to send to my wallet and I couldn't even get IN for a half hour - bad gateway. Cludflare was all I reached. When I finally got in, nothing really worked and I finally gave up (what the hell), when the news came in.
Disco ! What a hit...
You can't just trade at these places, the latency is abominable, orders have to be placed several times till one goes through... more or less by chance.
I could have sold I think but I don't think this is bad news at all, it should soon consolidate and go straight up without further irritations, with a nice breath of fresh air for th alts
On the BIG Picture, when BTC corrects in a MASSIVE correction (it's coming); all exchanges will be clogged! People will have orders stuck forever, mistakes will be made, fat finger orders will be carried out....all but the BitShares exchange.
The same happens to Nasdaq and NYSE during panic times.
same, Kraken is just shit. Eventually I transfer my funds to bittrex, and then do all my transactions on it. I use XRP to tranfer my funds (fast as hell, cheap...).
Hi Heajin!
What do you think about this https://medium.com/@coinscrum/the-fractal-relationship-between-bitcoins-first-two-bubbles-and-what-they-might-tell-us-about-a-7c8df5fb9613
Wow I think that article is amazing. I have been studying fractals and sacred geometry for awhile now and I have only been looking at bitcoin charts for two weeks, but I was freaking out because I was thinking what this article says about the relationship between the two. So BIG UPS to Heajin, seguiste and Steemit for bringing it all together for me.
bitcoin to $33k? an interesting article. thanks for sharing.
Great advice just when I needed it!
Wow that was fast haejin hyung. Really apprecite the guidance. !!
"This is the kind of move that makes day traders throw bricks at their computer monitors! Don't day trade!"
So true!
I'm running out of bricks!
That's why @haejin has suggested ladders instead of bricks!
What a about scaffolding ? Lol
Harder to get up and down and takes longer to set up! And as we saw today...this market is insane...twice as fast as Segwit2...lol.
What's going to happen to BTC now the segwit2x hard fork has been cancelled ?
No idea
I know that news don't move markets. Sentiment does.
Elliott Waves states that news or events shall arrive to justify the forecast, never the reverse.
What a rollercoaster haha
I seriously have no idea what happens from
Here ! Big correction possible or shoot up from here also possible
thank you @haejin wonderful