Bitcoin (BTC) Morning: Haejin's Chart Ramblings

in bitcoin •  last year 

SUMMARY

NOTE: This is a bit of a long video but I recommend it for viewing as it has tons of details not covered in the summary.

So, Bitcoin (BTC) overnight price breached the lower blue line of the wedge. That brings the ABC ZigZag correction back on the table. The below chart redefines the correction and the blue subwaves are that of the red C wave. The correction as a whole should also pattern out a nice downward wedge.

Now, let's take a look at the prior fractals of bear flag pairs. I've drawn out the first bear flag in the current correction and the second has been forward discerned (white line). IF this is correct, the fractal jives well with the five subwaves of wave C and the wedge pattern. Note also that the same wedge pattern ca be drawn for the second fractal (white box) while the first box has a symmetrical triangle.

It's important to never be buried only in the short term wiggles and squigles of price movement. The below longer term chart is important. As you've seen, many Cryptos generate consolidation pattern in sequence; either two series of rounded bottom or wedges or whatever. Once sequence is that of two different types of consolidation patterns. The most common is that of a downward wedge and a rounded formation. Thus far, the longer term price movement of Bitcoin has completed the large downward wedge as you can see in the chart below. The rounded price formation has been in my consideration for a while and since the price movements have been confirming it more and more; the below shows the potential of a genuine Cup & Handle pattern. The five blue waves up would complete the right wall of the Cup and since the handle will coincide with the ABC correcetion following a complete five wave motive; the decline will likely be 0.5 Fib level. It's probably after this that the real fireworks will start firing! Now, the handle portion is NOT required; it could just be the rounded formation as well. Still; the longer term jives well with the patterns and Elliott Waves.

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
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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  ·  last year (edited)

I love how people say you spam steemit but yet you legit spent over 15 mins on this one video...then you had to edit it, upload it...it takes time....

If you really wanted to simply rape the pool you could just make 1 post, comment on yourself 9 times and just upvote them all...but instead you take TIME to make these videos... I don't know why everyone is pissed...If they were in the exact situation you are they would most likely do the same thing and even put less effort into it...

I can't wait until I get to 10,000 sp...with some votes from you guys I should get there in weeks instead of years lol

The haters are just jealous because they didn't think of @haejin's strategy before he did. Now he's making big income with it and they would rather spread hatred instead of just learning from him. That's okay. The money keeps rolling, regardless.

Haejin I appretiate your valuable posts. Keep sharong.

great info haejin, missed the long vids :)

I also came to the conclusion a 0.50 fib is due at some point before larger moves up. This jives nicely.

Yes, but if it's a wave 2; it could easily go to 0.78 or even 0.88! That's how cryptos roll!

So when i look to your charts, on the long term, the Bitcoin price will increase and that would be nice to see! :) My Trading System is also bullish at this moment, so let it moon :) But this is not a financial advice ofcourse!

  ·  last year Reveal Comment

That's hard to say! Well, I take action only when i get a buy/sell signal from my Trading System. At this moment on the long term it is bullish, until I get the opposite signal from the Trading System!

But, if you say $147k !! Well, that would be very nice and i would not say no for that! So let it moon very soon! ;)

Finally bro I've changed my perception of you as being bad as tagged by some steemians. I'm sorry taking you as a bad person before. I'm resteeming this and I believe it'll be of great help to some crypto enthusiast which I soon be one of.

  ·  last year Reveal Comment

beautiful stuff mate.
Really appreciate your depth and perspective.
You are a master of patience.
Thanks again from someone who's been following you since you had less than 1K followers :)

  ·  last year Reveal Comment

EOS EOS EOS !!!
Heajin, I LOVE your posts, but I have to say that lately you've been meandering into things your audience doesn't care about (Wall street Stocks) and forgetting about the basics !
EOS just did a MASSIVE run, and yet you haven't covered it for ages !
Back to basics, please !

  ·  last year Reveal Comment

Let's hope the trend continues but I'm hoping we at least retrace 0.5 fib to about $8,143 or so. Good job as usual my friend.
BTC 4-30-18.png

  ·  last year Reveal Comment

We need to watch that handle very closely hope Handle doesn't become longer than the cup LOL.

  ·  last year Reveal Comment

Thank you! I'm getting a hang of these graphs explanation and perhaps one day proficient enough to get involved. Cheers!

  ·  last year Reveal Comment

Upvote and rsteemit Sir Dean

Very insightful analysis.....nice work as usual!

beautiful pattern :D

Thanks for the Update...:)...

  ·  last year (edited)

Thanks for the analysis. I'm seeing something that still makes me believe we're going up from here. Yes, Bitcoin fell out of the upward wedge, but is still in the upward channel. And I see a bull flag. What do you think?
5ae74a3d28fe0.png

  ·  last year Reveal Comment

HAEJIN & RANCHO LIVESTREAM

Excellent Post, I'll be following you, I hope check my Blog. God bless you

like

Pliss follow

smile-clipart-3217702_f260.jpg

Excellent post!
I am brand spanking new to Steemit and would appreciate your feedback to my new post Titled: "Bitcoin, John McAfee, The story of the Sultan and his Flying Horse and why we should pay attention to Warren Buffett"
https://steemit.com/bitcoin/@shenobie/bitcoin-john-mcafee-the-story-of-the-sultan-and-his-flying-horse-and-why-we-should-pay-attention-to-warren-buffett
Let me know your thoughts,
Cheers,
@shenobie

Great TA, thank you!!

Thanks Haejin! Super cool and clear video, I agree! It would be awesome if you could do XRP too, thanks!

By the way, you made the BTC chart wink at us as a massive smiley, great ;-)!

Sangkira katem vote kuh meusigoe, ka mangat takeurja.... Luar biasa bermanfaat... I appreciate this post..

Great work @haejin. Thanks my friend.

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin9346.950$1.18%1.58%
EOSEOS17.890$-1.33%-5.4%
QAUQuantum0.172$-2.09%5.96%
WAVESWaves6.679$1.81%-9.99%
  ·  last year Reveal Comment
  ·  last year Reveal Comment