Bitcoin (BTC) Mid-Day Update: Weekly Degree of Trend Perspective

in #bitcoin4 years ago

SUMMARY

When using the line chart for Bitcoin (BTC), the five waves down is uncanny; as shown in the below chart. The line chart has a smoothing effect which does at times skew the count to a different variation because it removes the barchart details. However, the five wave downs implies a turn is approaching but also still within a larger correction. The MACD on the weekly basis has not started curling upwards; however, once wave 5 is complete; that curl should be more visible.

The larger degree of trend correction is shown as an ABC. So, the first five waves down become the subwaves of red A. This would make the correction a ZigZag. The approaching turn could be sizable but not necessarily a trend reversal as it'll likely be a three wave retracement. This B wave would also curl up the white line of the MACD and temporarily have it cross thed red. But, one thing to consider is that an 8+ year climb takes a correction that could very likely take more tha 4 months to correct. The B bounce will likely be misinterpreted as an all clear skies ahead and the shocker of the later wave C down could be painful to all who were not aware.

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.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
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@haejin, great, great post! Thank you for that one. You just might have crushed a lot of peoples dreams and opened their eyes.

For everyone: There is a lot you can learn from looking at charts of Amazon - Apple - Facebook - Dutch Shell etc. etc.
Just go back to the early days of these companies on a weekly chart and you can see it just isn't as simple as going from zero to 20K back to 4K and then up to 40K.

WARNING - WARNING - WARNING - WARNING - WARNING

This person known on Steemit as @Haejin is WANTED by the SOUTH KOREAN GOVERNMENT for TAX ENVASION!!! They are coming after him. He has been reported to them & they know where he is. If you upvote this person & contribute money to him you could be charged in the matter of the court case. It is best to UNFOLLOW this person now. Do not UPVOTE or TRANSFER any FUNDS to his account. Any money you send to this criminal can be traced back to you.

WARNING - WARNING - WARNING - WARNING - WARNING

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

Haejin, sounds like you are embracing the bear market case, unfortunately, which does seem like a likelihood now (what about all our great alts!!?)

Still, when you say 8+ year bull run - are you saying the whole of bitcoin is due for a correction, or did you mean to say 8 months?

Well, concerning all our great alts,

  • one aspect is to eye on alts that are more independent from btc market movements (consider Matrix AI Network, e.g.)
  • and another is to embrace tax regulations (at least here in Germany), that create the incentive for long HODLing anyways.

Here, only one year after any crypto buying action the full return can be cashed in legally without having to pay any taxes whatsoever. Everything before that timeframe underlies a stricter legislation, which is why the short to middle term market (facing the C wave correction @haejin is taking into consideration) is not too frightening in the end.

In other words: The final C wave ending would be the time to get into new positions and altcoins be HODLed for even later. Concerning altcoins:


Here's my latest article on TRON's testnet launch and some more details. Thanks for reading and upvoting!

WARNING - WARNING - WARNING - WARNING - WARNING

This person known on Steemit as @Haejin is WANTED by the SOUTH KOREAN GOVERNMENT for TAX ENVASION!!! They are coming after him. He has been reported to them & they know where he is. If you upvote this person & contribute money to him you could be charged in the matter of the court case. It is best to UNFOLLOW this person now. Do not UPVOTE or TRANSFER any FUNDS to his account. Any money you send to this criminal can be traced back to you.

WARNING - WARNING - WARNING - WARNING - WARNING

I've been studying this tonight and I don't think it's probable. If this count is correct then wave 4 infringes on wave 1 as seen in my chart. The line graph he is using removes the wicks but that means it would violate the Elliott Waves. If Haejin is right then maybe we see a decoupling of the alt coin market and Bitcoin. That would be fantastic if that is the case.

He really don't care what he says. He just wants your upvotes. That's all he wants from you. He can care less if you even read his post. 99% of the people don't read it anyways. You would make more money simply by flagging this scammer. All you need to do is start flagging Haejin & I guarantee you will earn more money than you did by upvoting him.

ok, why so angry, if you don't like just move, an upvote cost nothing to anyone, first.
I always find very interesting points from Haejin and mix them with other approaches and make my own opinions on BTC or other crypto, and I am fully grateful for his work and time.
I wish I can see your work, your point of view, instead of spreading hate.

You have made 4 post on Steemit & you think you already know everything there is to it. Boy go back to FACEBOOK.

😂😂😂💪🏽💪🏽💪🏽 love It.

His account is valued at 86 cents & he is telling me to move on. I know my account isn't a whole lot. But there is no way he has got knowledge from Haejin. I doubt he even reads a thing Haejin post. He probably thinks he will get paid from upvoting him.

Haejin was a "genius " during a crazy bull market. It's easy to be right when things are running out of control upwards. The fact is Bitcoin is so young still.....and nobody can use any kind of chart to predict shit. The only smart thing to do is whatever YOU feel comfortable with. Steemit is more complex than BTC/LTC/ETH put together and there is no way to understand it all in even six months let alone four posts. There are a lot of angles that can get played over here.

With any coins or stocks. Buy & when the prices go higher, sell if you want that money then. If not hodl. Sell when you really want your money back. I sold all the BTC I had at 11K right after it reached 20K. I used it to put into steemit. I did lose some since I could have sold at 20K. But look at it now. Plus the little I had I got all CPU mining. Right after I sold is when it seems to have crashed. I guess I happened to pick the right time to sell, besides when it was higher than that.

and right on cue his whales to the rescue. Please stop this madness

Actually it costs people money that actually post quality content because he rapes the reward pool thanks to his friends Rancho and Star juno. So yeah up upvoting garbage TA is bad. How many times did he post a different count, with dozens of updates that said the same thing over and over, and it's wrong. You think he deserves a few thousand for that?

@h00pla85. Your argument Is one that has been repeated countless times ad infinitum ad nauseum. Is there anything in a system of financial capital that prohibits, expressly or implied, that one can not collaborate, collude, even strategize to maximize one's profits?

Or that allows one to call (or not) any play any way one sees and if it is in a public marketplace, say youtube, that lets random strangers (not all with the best of intentions), followers, anyone online your blog, site, chat ⇾ comment, up and down vote, reshare?

Isn't this the invisible hand of the market adjusting to compensate for the wisdom of the crowds and their omnipotent pluralistic, jingoistic, oligopolical 'winner take all' all powerful 'voting' power. (i.e. the mandate of the people)?

You think celebrities, professional successful musicians, the talking heads on the mass media and every other joker on this planet who thinks they are the grand poo bah and everyone else who acts as if they are the king, emperor, Sith Lord... or Decepticon 'deserves' it? You'd include politicians, CEOs and family members who make 1000x to 1,000,000,000x+ the rest of the majority (99.999%) make, sometimes (often) while hurting and not helping?

You think the garbage corporations who monopolize and spew out pollution, toxic chemicals and crappy products and scam and con fraudulent services and MLM/pyramid scheme type of 'take the money and run' 'fly by night' are making their money fairly, honestly and ethically?

I was replying to someone who said that an upvote doesn't matter, it doesn't cost anyone anything. I was simply stating that it does effect people because there are others on this site that are attempting to use this platform for what it was meant for, but you have whales like Haejin that abuse the system. Unfortunately even if those minnows stop upvoting him he still has his corrupt group upvoting him.

To you first point, that is the problem with this system. It was setup for people to be rewarded by other people for posting good content and they would police themselves. But this system is flawed. It is great for him to post bad TA and have people who do not even view his content to upvote him to a few hundred bucks.

Is it against conduct? I would argue that colluding on a upvote scheme and therefore manipulating the reward pools is a violation (it is the first criteria for flagging someone). The problem is there is no moderation so nothing can be done about it.

And just because other professionals may do it doesn't mean it is right. Even if they do not "deserve" it there is a difference between deserving it and scamming people.

I could easily have some friends jump on this platform, drop a bunch of money, and start doing the same thing he is doing. But i wouldn't be able to sleep at night knowing I am just spamming posts to get enough upvotes for the day to maximize my profits while hurting not only the credibility of the platform by the other people posting content.

Is there anyone stopping a dev from making a scam coin, then dumping it onto undeserving investors and then abandoning the project? No, but just because you can make a profit without repercussions doesn't mean it is okay.

I find this platform was a good social experiment. They eliminated authority and left people to police themselves. And even though we are still in its infancy, we are already seeing what most people are made of, shit.

how do you make money from flagging?

@haggislove you don't make any money from flagging. It is mostly (except in the most egregious, blatant, intentionally offensive forms of harassment or pure click-bait trash) a waste of time and voting power.

Are you a complete moron, @thabiggdogg?

Knock it off.

@thabiggdogg

I would be an asshole, if I went on your or anyone's social media account and day after day, night after night 24/7 constantly harassed, insulted and ganged up like a bunch of high school bullies on someone who is trying to do their business.

@thabiggdogg why don't you either get a life, job or work on writing and curating content perceived by the community as valuable (including on Facebook, Twitter, Google or in the print market such as Amazon).

@thabiggdogg or maybe you can't write, curate, have no technical or coding skills, can't do TA to save your (or my) life.

@thabiggdogg Hey maybe you'll make another whole 2 cents off of maligning someone else since, let's face it... Jealousy runs rampant and Denial ain't no river in Egypt.

We have a guy that has a bot that keeps track of it. Visit @FlagAWhale for more details.

Ohhhhh sweetheart, you have again start shame our family, eh? Stop or me leave you. Now see, even @thabiggdogg your second account have reputation 0.52. hahahah. at least Even me mine is 0.91 and mine bigger than you. hahahahaha. Sweetheart, but me warn you. stop write nonsense. You stop fisrt and now you start again? Eh. me divorce you. But me still love you, so you stop, and me not leave you. me promise.

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

Screenshot (85)_LI.jpg


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

Ohhh sorry my bladder @thabiggdogg. Sorry sorry sorry, but eh? How do me and you have reputation 0? Ahhhhaaa. me sad, very sad. Me want talk with you discord, and plan how make our reputation rise again, eh? My wife @lyndsaybowes you hear me? Eh? Okay, me meet you home today and we talk. our fmily do bad in steemit, eh? Reputation 0, infact yours is 0.51, eh? Mine only also 0.91. sorry sweet heart, sorry.

@jesseluther, it is not so much a case of @haejin 'embracing' or welcoming, even desiring/wanting a 'bear' market, say BTC to go down ↓↓↓ to 4.8, 3.2 or bottom out at 2K. It is, as @passion-ground so passionately expresses, that we as analysts (and would be analysts) are always following the price action, which dictates our responses (not the other way around, such as the charts, Moving Averages, Volume, RSI, MACD, OBV, what one or another bitcoin pundit like Tone Vays declares : 'it must be so, this way, down/up trend'... the news).

WARNING - WARNING - WARNING - WARNING - WARNING

This person known on Steemit as @Haejin is WANTED by the SOUTH KOREAN GOVERNMENT for TAX ENVASION!!! They are coming after him. He has been reported to them & they know where he is. If you upvote this person & contribute money to him you could be charged in the matter of the court case. It is best to UNFOLLOW this person now. Do not UPVOTE or TRANSFER any FUNDS to his account. Any money you send to this criminal can be traced back to you.

WARNING - WARNING - WARNING - WARNING - WARNING

He has no idea, it's all bs for over 3 months now. Now he is bearish... What a joke. How many times can he get it wrong before people stop following him

@jesseluther I think @haejin is referring to the 8 yr bull run from Bitcoin's inception to now. That it may take a while to consolidate and correct since it's not as if we got to where we are overnite. I know @haejin has referred specifically to a '4 month' correction (if you look at the bottom annotation of his charts on his (more recent) youtube videos).

And certainly, indubitably... absolutely... the others (not BTC just) in the crypto ecosphere are (often) analyzed.

Indubitably lol

Ouch, that will hurt...

You did say sometime ago that we could drop to $4k or below and that is looking more likely now!

@haejin what is your opinion of $STEEM coin long term? Do you consider it a HODL?

It is rumored that among @haejin's favorite coins are STEEM and BTS (certainly, it is factual that he has utilized STEEM rather prolifically)

He likes STEEM because he FUCKING SCAMS IT!!!! It's like saying a BANK ROBBER LIKES BANKS!!!

@thabiggdogg. Bank Robbers don't like banks?

Ah. Banks. Let's start up a whole convo about Banks. And who's robbing who. Peter to pay Mary (or is it Paul? I'm so bad with names and numbers). Pot Calling the Kettle Black. We can start with the subprime mortgage crisis, the $12 trillion+ Bank Bailout. The Stock Market.

Go on. I'm all ears.

BTW Do Robber Barons like Barron's (Pizza?) or just highway robbery? Or are predatory corporate takeovers and malfeasance (do Bernie Madoff and Charles Ponzi sound shady to you?) not to mention default credit swaps and financial market manipulation and insider trading more to their wicked ways?

Today I'm wearing black in mourning because I have the blues from bitcoin being in the red from not enough green #icominter

These negative movements in Bitcoin seem to take time to wait for a big leap. Even if there is a rise in Bitcoin, I believe that it will not be on a bigger scale, and the decisions made in future times will affect BitCoin.

Hi @haejiin, this scenario is your first option?

Ok, so it seems the bear market will continue for a little while longer

Bullshit. Sorry. Dont trust this ...

So much for your freaking fireworks, lol!

Am i the only one who wants bitcoin to just stay at like 5-7k ?

Well,this is only his opinion for today.It does not mean,it will happened.From optimist,he became pesimist,in short time.

some say: Pessimists are optimists with experience

Ok wow
Waiting for longer term I guess

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Haejin uses a different system than i do, but my system is also saying 3 to 4k. thats the price where bitcoin will be at a discount and where the whales will buy HOpefully. If not we are doomed.

and what is your system ?

Pure supply and demand. i don't use any lines etc. Just buyers and sellers

Great long term perspective. Wait and see..

Bitcoin (BTC) nailed the 0.887 Fibo at 6600$ from the previous swing low to swing high, bulls or bears next, read more in the post
https://steemit.com/bitcoin/@linko-crypto/bitcoin-btc-nailed-the-0-887-fibo-at-6600usd-from-the-previous-swing-low-to-swing-high-bulls-or-bears-next-read-more-in-the-post

Bitcoin Price Down.

What do you think about this analysis?
Charts.gif

Thank you for this analysis master ! Being your students, I forecasted this exact waves in my view here:
https://www.tradingview.com/chart/BTCUSD/DGuZH9Fs-BTC-BTC-yo-ure-my-BTC-You-can-give-it-to-me-when-I-come-along/?utm_source=notification_email&utm_medium=email&utm_campaign=notification_vote

The question I have is : how does this relate to previous post of the ( 4 hours earlier), which suggestes more of a "W" scenario ? Is this invalidated or is it just another possibility ?

Nice charts and interpretation. I'm wondering what's going on with the market right now, but I'm also suprisingly positive about the long-term. The short-term is certainly going to be a bumpy road and I have aspirations that we will see some volume and value growth as the summer winds down. A very insightful person here in the STEEM community had feelings that we'll have a bumpy road until the fall...but I really don't know too much...I just read, watch, pay attention, and do my own research. Respect to all still in the game during these crazy times! -Respect

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Hoping for a bull run here, but just in case, I'm in USDT

Sorry Haejin, but why this sentence comes only tonight :
"But, one thing to consider is that an 8+ year climb takes a correction that could very likely take more tha 4 months to correct. "
?

Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
BTCBitcoin7179.860$2.54%-19.36%
EOSEOS6.138$0.88%-12.0%
QAUQuantum0.100$2.57%-27.8%
WAVESWaves3.749$3.28%-22.49%

Haejin first of all a BIG thank you for everything. Just wanted your opinion on this scenario, if Wave 3 exceeds 1:1 and almost reach 1.618
Case1) Wave 5 can possibly reach 2.618 Fib Ext so target price will be $2,400
Case 2) Wave 5 can possibly reach 1:1 wave of 3-4 wave Fib Ext, the target price $877
I hope I m wrong but are these possible?

Its this time of the year 20180330_215353.png

Haejin, I really think you should put out a video on this one. This is a HUGE deal for Bitcoin. Also I don't see the same with Verge, LTC and other coins so maybe we will see a decoupling from Bitcoin?

Haejin, are we currently in wave 4 of a larger degree?

Thanks again @haejin for sharing your knowledgeable insights.
@To all those who are interested in the latest news about the TRON (TRX) protocol, check my latest steemit article! Thanks for sharing and upvoting!

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

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Congratulations @haejin, this post is the third 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 $2798.27. To see the full list of highest paid posts across all accounts categories, click here.

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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

Ok i am going to downvote

IF everyone of you upvoting haejin would FLAG HIM you would be making so much more money!!!

FLAG HAEJIN $ GET PAID JOIN @FLAGAWHALE
https://steemit.com/mmorpg/@flagawhale/steem-quest-1-flag-a-whale-mmorpg-damage-payout-estimates-2

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