Bitcoin (BTC) Morning Update: An A,B,C Expanded Flat Correction to $6,600...What's this? Find out in this blog!
SUMMARY
Good Morning! Overnight, Bitcoin (BTC) price action breached the lower white support line of the bearish flag as shown in the chart below. This is significant confirmation in the direction of the correction, which is down towards $6,600 or so.
The blue circled waves outline the subwaves of wave white circled 3. And if this price pathway is correct, then the day could end near under $7,000 or so.
It's very important to see that Bitcoin is NOT crashing nor is it collapsing. This correction seems very methodical and controlled. To the uninformed, those who purely shoot from the hips and trade using only instincts and gut feelings, they will be shaken and sell out. However, we Technical Analysts try hard to identify the trend and its degree and are not surprised by this correction. Technical analysis is nothing more than identifying as many possibilities and narrowing down to a handful of probabilities and selecting the primary price pathway. It's simply but necessarily easy, but more importantly, it works quite well. Much more details in the video!
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 are highly recommended
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - d2e60e9856c36f34
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
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.**
Would love to hear your current analysis on ETH... How bad is the parity wallet and ICO ban thing affecting prices... Is it a good play to roll some btc in eth here and do the opposite after correction? Thx
Here is the analysis of ETH, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/ethereum-eth-analysis-can-eth-rise-to-usd720-elliott-waves-and-chart-pattern-say-yes-check-out-this-analysis
Very cool post!
Thanks for sharing the video with us.
your post resteemed!
posts like these sounds like it's coming from a bot
pretty cool! also my opinion! i resteemed it as well!
I don't believe bitcoin is a bubble. Though if it is, I believe the technology behind it is very important for the future. I hope bitcoin doesn't crash.
After the dot com bubble, most companies disappeared but the internet technology remains and has made MASSIVE impact.
Cryptos will be no different. I belive Bitcoin will survive the crash to $120 or so, and then go to $37,000
Exactly!
What crash? Announcement of FEDCOIN? btc is global and will laugh this off. BTC depression days are behind us finally.. The inflection point is upon us. Adoption is happening.. and fiat is doomed. btc is becoming more and more resilient!
To each its own
?? Thanks, I am agreeing with your projection above $8k.. I think 9300- then ?? Are you feeling tulip mania like Mike Mahoney on a long term?
Blockchain will prosper. But Bitcoin won't. Not with those Tx fees or Tx time. I see Bitcoin as a prototype/MVP. Think of the Original DOOM video game. It set the groundwork for modern FPS like COD, Battlefield, TitanFall, Overwatch etc. But almost nobody plays the original DOOM these days.
btc is not and was never meant to be 'the spending everyday transaction layer. think of btc as your vault layer.
Are you kidding me! Have you even read the BTC whitepaper?
"A purely peer-to-peer version of electronic cash"
-https://bitcoin.org/bitcoin.pdf
Last time I checked Cash doesn't mean something you keep in a vault. Plus what is the utility of some kind of digital gold. The existence of https://bitshares.org/technology/price-stable-cryptocurrencies/ completly invalidates any form of need for having some form of digital gold. The point is in a world where Dash and Bitshares exist, BTC is just an old relic. So don't be a Luddite.
Technically you may be right and having read the white paper multiple times I agree. But I don’t think bitcoin was supposed to solve all the worlds problems. It was a concept that beat the double spend issue. It was always going to need further development and evolution.
But bitcoin currently has first mover advantage and is the only real crypto with brand/ name recognition outside of crypto circles. It will take a lot to replace it in the short/ medium term.
I don't think BTC will be replaced in short term. Medium term, ETH would be a good pick. ETH has decent coverage and almost every place that sell BTC for fiat also sells ETH. localbitcoins is probably the only exception. There are other alt-coins rising and gaining recognition fast. In the long run BTC would be like the original iPhone which everybody remembers but used by pretty much no one at all.
I agree that beating the double spend issue was one of the biggest of not the biggest achievement of Bitcoin.
Yep
That's not really my point, but thanks. My point being that until we have >50% adoption btc will remain as reigning king. I cannot figure out how to trade dash or ltc in my bts wallet yet... yes a luddite in a world flying at the speed of sound!
What I mean is with the (global) scaleability issue, the original chain and protocol would never do it alone. The original base chain to scale in a decent. way would use continued additional sidechains. Listen to scaling liberty by AA.
Dash volume in BTS is pretty much non existent. Kraken and CEX.io offer Dash-Fiat trading pairs. Binance is a good exchange with low fees compared to other centralized exchanges.
Segwit BTFO and Wall Street are coming! The end of this wave IV might be the last time to get in on bitcoin while its still a four figure price. Going to the Moon for Christmas, lads.
Bitcoin might have 550% more to go from current levels. As shown here:
Haejin, STEEM and LBRY are moving as you predicted. Got some yesterday!
I truly wish you MASSIVE profits!
Greatest transfer of wealth in the history of humanity! The meek/geek shall inherit the earth.
Thank you! love your analysis!!
Could you do one on OMG(Omisego)?
Here is the analysis for OMG, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/omg-analysis-oh-my-god-the-jaws-of-wealth-is-eating-omisego-target-usd32-300-profit-potential
Thank you ever so much!
Really appreciate it
Thanks for your work- I was getting bubbly! At what price and when, how long do you think we should be looking to diverse out- before overweighting back into btc? I guess I'm a hedge trader.
I don't do that. I diversify but overweight on the highest % dollar potentials per my analysis. And Bitcoin is not the highest % potential. It's BTS, ZEN, NEO, LBRY, LTC, etc
XVG and EOS
Sure wish my OL BTS platform worked better on chrome.. am really liking seeing bts go up in my portfolio.. you aren't overweighted for marketcap at all? I am learning and money mgmt allocation I am working on.
Works very well on my chrome. Aways synced and no lags.
I distribute more heavily to the coins that my analysis shows will give the highest probable % upside.
Are you allocating proportionally to an asymmetrical risk reward analysis?
Wow when do you sleep? So bts platform working for most all your trading?
Basically the Alt-coin will have enough room to rise while BTC slowly bite the dust. Right?
BTC is correcting and when turns up again, Alts and BTC shall dance together.
Can we, how do you confirm trend alternatively? Can you show how you might using volume or some other solid indicator? TY Did you do one on ether? This is easy for me to trade into and out of some bitcoin!
Here is the ETH analysis. Please use only to augment your due diligence. https://steemit.com/bitcoin/@haejin/ethereum-eth-analysis-can-eth-rise-to-usd720-elliott-waves-and-chart-pattern-say-yes-check-out-this-analysis
I use the MACD indicator and at times std deviation bands. Volume mostly to confirm chart patterns.