Bitcoin (BTC) Morning Update: Is the Correction Over?

in bitcoin •  26 days ago

SUMMARY

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Yesterday, people got pretty nervous with the Cryptos declining to lower lows. However, those are the times when awareness keeps the panic away! The below chart shows that the ending diagonal was shorter than projected. The blue lines outline the last remaining five waves down as an ending diagonal; which is fitting for a wave 5 of C corrective sequence. The burst in price is taking an impulse sequence as shown by the white wave labels. Is the correction complete? Let's take a look at the longer term.

Price exceeded the 0.78 Fib level slightly as had been discussed over the past several days. The bull flag is also likely to be executed to the upside price action. I believe the correction is likely complete but the breakout needs to be confirmed. Confirmed how? The earliest steps that needs to be taken are the price needs to breach the upper white line of the bull flag (white arrow) and do it impulsively. So, let's follow the price action this week to see how that plays out.

What keeps me excited is the MACD pattern. As projected, the lower blue trendline was slightly pierced to make a bull wick event (yellow circle). I believe it's only a matter of time before the MACD breaks to the upside. With contracting blue lines, the MACD almost has zero mobility and that compression has to be released soon as it can't be contained for long. The price is also showing a massive bull wedge and now the bullish Cup & Handle is likely complete and soon to get confirmed. The 2018 boom is approaching and with patience and discipline; time is on our side. Remember, fear and greed repel profits while patience & discipline attract it!

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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DIG Coin Smaller.JPG

Bitcoin is set to soar ... great time to buy! :)

I am buying a bunch of DIG / Dignity ... It is the ONLY Crypto Coin Backed by GOLD! :) You can get it at livecoin.net

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"ONLY Crypto Coin Backed by GOLD!..." That is 100% false! Please stop spreading false information to shill your crypto pumps. There are plenty of other gold back cryptos out there: http://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

I hope the correction is over :)

The burst in value is taking AN impulse sequence as shown by the white wave labels.
Thank you.

Great article! Everyone is freaking out from btc people to altcoin people everyone just need to chill out and hold the prices will do up the market has been taking quite the power nap we will see all-time highs soon enough.

yeah looking good thanks

spend time for other altcoin please @haejin very excited for coming

post awaited by steemian @haejin. many of which require bitcoin information, predictions and clear analysis of you @haejin. posting like this is very useful even though you are not a financial adviser @haejin but all that is very useful.

I really hope that the correction is over, I have been in the market for a while and have experienced some dips, but always hope it will recover. Even if in the short term we are a bearish I remain positive on the long term. If we can have these major dips in the market happening that fast it may be possible to have growths that will be as big or bigger. I am remaining hopeful.

It should be rule that everyone who posts some graphic analysis on bitcoin has to post a printout of buying and selling based on the analysis made!

You have a minor misspelling in the following sentence:

However, those are teh times when awareness keeps the panic away!
It should be the instead of teh.

I certainly hope so. Although the trend line doesn't suggest that.
But hopefully over time whatever is causing the power down and volatility will settle down and we can relax a bit.

Welcome to update cryptocurrency news
Thanks for sharing this with me
I like this amazing post

Thanks for sharing. This is the best moment to buy..!

Superior summation

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For the bitcoin nation
I'm HODLing for Haejin
while I'm agein' I'm contag'in
need a bitcoin BOOM!

I always read good articles.
Thank you for your help with successful trading.

@haejin please give us an update of Bitshares (BTS) alot of people invested money in this coin.

Looking good.
Thank you for all the updates!
4h macd was moving up last 5 days, while price was moving down.

please give us an update of Bitshares BTS

Hi Haejin could we get an update on BTS and XVG?
Thankyou crypto boss!!!

Thanks good article, yeah it seems bearish market is going away.

Great analysis and thank you for your time! Here are my two cents:

Three reasons why I do not believe correction is over.

  1. Close below 50 week MA
  2. Bearish TK cross on weekly Ichimoku Cloud
  3. Gap in volume profile

We are still oversold in the short term and I expect a rally over the next 2-14 days. However, the correction is far from over IMO!

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Haejin, isn't it thinkable for you to just keep doing the bitcoin updates on steemit too? personally i'm not sure i'll follow to the bitcoinlive group... but would be too bad for ur loyal followers that cant afford a membership for your group... cheers

Haejin,

Can you please do an update on SBD....

Thanks haejin!

Thanks for the continuous updates, I'm very excited for your new spam-free platform! I have a few under the radar requests, if any catch your eye your take would be greatly appreciated. OPT on HitBTC (rumors of binance, bittrex additions; both follow the project on twitter). GOLOS (the russian steemit. chart looks intriguing, down to a trickle of volume, and possibly a play if great Steemit news comes out? ) and lastly, NMR. A chart very similar to IOP, an amazing project I discovered through your blog last year. Thanks Haejin!

Hi, I think btc can dupm to 6k9 one more time, can this case occur?
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