Bitcoin (BTC) Morning Update: Another Flag Fractal + Expanded Flat PotentialsteemCreated with Sketch.

in bitcoin •  last year 

SUMMARY

A Bit on @haejin's mind:
Plato once said "what are words, but symbols of symbols; hence, twice removed from reality." My Technical Analysis has had much meaningful impact from these very wise, mystic level words. Just as the Mona Lisa painting or any other master piece novel are mere symbols of the originators' sentiments which were also a reflection of their thoughts; such works were twice removed from reality. Having said that, I believe price is the purest and earliest reflection of sentiment. This makes price movement a far more accurate directional tool than any fundamental analysis. While fundamentals, news and events, are also reflections of sentiment; they are far more downstream in sequence, when compared to Price. In my view, this is why the two can't be mixed and soon as price and fundamental analysis are co-mingled; contamination occurs and accuracy of calls fall dramatically. The above is the basis as to why news and events actually DO NOT move the price....it just seems like it. PRICE moves the news and events and NEVER the reverse. The Central Banks around the world think they move and control the interest rates and I disagree. They FOLLOW the interest rates. This level of seeming upside down thought process behind my analytical methods is often much more readily grasped by those who are more amenable to conceptualizing abstract concepts; such as poker and chess players, musicians and theoretical physicists. But still, it can be a learned skill.

Bitcoin overnight price action shows yet another flag pattern (Fractal #4) and this is not at all surprising. I believe an a,b,c expanded flat is likely but primary pathway remains same. Sentiment that's behind the totality of buyers and sellers of Bitcoin seem to prefer flag patterns while that of Altcoins prefer triangles. Since price is a reflection of sentiment which itself is a reflection of the collective thoughts behind the population of BTC and Altcoin buyers and sellers; it simply is showing the differences in composition of the collectives. While the commonalty in pattern can suggest that many own both bitcoin and altcoins; the differences can be reflective of some owning only altcoins or only bitcoins. The rationalization can be lengthy, but the above provides a succinct explanation of pattern preference or the "personality" traits of the cryptos.

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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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Legal Disclaimer: 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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해진님, 제가 어려우실 때 도움을 드린 것도 없는데 큰 선물까지 주셔서 너무 감사합니다.

제가 받을 자격이 있는가 하고 고민도 했지만 해진님께서 보내 주신 선물이니 의미 있게 사용하도록 하겠습니다.

주노님 말씀을 들으니 고생 하신 것은 잘 마무리가 되신 것 같아서.. 그리고 해진님과 주노님을 이 곳에서 계속 만날뵐수 있다는 것이 또 하나의 선물을 받은 것 같습니다.

(제가 마음을 한글로 표현하는 것도 서투루지만 영어로는 더욱 힘들어서 한글로나마 남깁니다.)

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I wish you MASSIVE profits!

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Hi @haejin, I think its KABOOM time. Pillar as you said is almost at BTC 0.00006481. I have invested in this when you suggested and I am in almost 4x profit, but I want to know if I should sell it now or wait. Can you please post an update on this.

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Haejin, thank you for everything you do, really helps. I ordered the two books you recommend and after I'm done studying those I'd definitely like to talk about doing a 1 to 1 session and pick your brain on questions I may have. How can I message you privately to get some details? Thank you. - David

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Love your work!

I would like to ask you if you could do an analysis on Red Pulse (PRX) or Qlink (QLC). Both coins look interesting, promising in tech and could make big moves in the future.

And they're also quite new to the market, listed on Kucoin...if they move to Binance or other big exchanges they could go KABOOOM :)

Thank you!

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I wish i could understand the language...too bad i can only read English..i guess it very a good comment to attract haejin upvote...well done

Thanks you for always sharing post on cryptocurrency..some of us really like it..and enjoys reading it. Always keeping us up-to-date

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Indeed, perfect info..

Upvote me and I will upvote you :-)

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Possible alternate...maybe it IS a triangle??

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  ·  last year (edited)

This example is one of the reasons technical analysis is difficult The scale of your charts can dictate how you perceive the relationships. I've heard some call Elliott waves pareidolia. Human minds seek patterns. The randomness of market data can lend itself to patterns real or phantom. Thus the difficulty in charting.

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It's only difficult before learning it. It's very easy afterwards.

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  ·  last year (edited)

I had to google that one friend, up steemed just for that. Pretty sure I have watched a documentary about it too... thumbs down for me.

*just realized we were on the same time frame, different chart. I use Binance.

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Same here :-) The word itself made me curious. It's great to learn something new each day, even small thing, like meaning of pareidolia :-)

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  ·  last year (edited)

Thumbs down for me then. I didn't look closely enough to see you were on the same scale. I can see you were zoomed out a bit more than Haejin was but not enough to change the results.

Every marketplace will have variations. That too is a factor in trying to suss out what all of the markets are going to do.

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Lets give eachoter an upvote....Steem for life :-)

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Well done!

I am interested in. you always make an amazing analysis. thanks for information sir.

dentacoin 100% up today joke of the day global dental industry

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Lets upvote.... Steem for life

What do you guys think of this chart ???

First post, so be gentle ;-)

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I like your style! That is how I trade breakouts as well.

Could you please do an update on DigiByte (DGB)?

I fell like bitcoin is getting ready for its next big move!

I am actually starting to believe that BTC will drop a bit far below 10k before flying up again, please don't hit me, it is just the rise of Altcoins is making people faster and fatter gains at the moment. Thank you for the Update :)

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We will soon know, The price movement of today can be a correction of an impulse like described in this post, OR the first wave of a downtrend impulse. Who cares, will go up anyway after that.

Master Lee @haejin may you please do a review on an interesting token called Agoras (AGRS). Many thanks

You said it will $ 24,460 in short time but it didn’t

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Define your meaning of short term? Mine is days to weeks.

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Got it haejin thank you

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Short term projection can be days or weeks, long term is months or years. Read the assay on the fact that technical analysis is a quantum event, which means that a technical analyst can predict direction and price with a high probability (it’s not an exact science!), but predicting the timing is actually impossible. Haejin predicts the timing on the basis of the fact that he learned how a certain crypto-coin behaves, but a technical analyst can never be sure about the timing. Then again Haejin has often said that the crypto coins impuls quickly and correct slowly ( hurry up and wait syndrome). So have some patience, and you will be amazed how precise the predictions of Haejin are regarding price.

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...have some patience. Read his last postings..

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Then you don't need to come again from now on :)

Well, that's great! And that has been waiting for news :) Now going to sell :) All a good day, colleagues!

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To sell ?!

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I meant to trade :)

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I'm buying

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Ladder in as explained in my tutorials.

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I laddered the altcoins with my ether while dollar price was constant i bought more pieces then i would like to, just because of laddering and patience and keeping awareness. Now i am beginning to understand, but i know that i know nothing, so i am very excited abt coming material and earn knowledge from you. @haejin God bless you and your community

Now bitcoin is decreasing with 1.48%. I hope it would reach 20.000 dolars to sell it.

This is your first post I am reading after following you. I hope to benefits from your analytical mind.

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Watch the linked tutorials at the bottom of the post, then follow @haejin advice, then make alot of money. as simple as ABC :) best wishes

thank u

that's great! And that has been waiting for news

Very good news as alwayz thank you

Thanks for sharing how sentiment affect the price. I am learning to convince myself, i believe that’s a very important step to be a good TA.

I must be learning a little on EWs as my correction wave for BTC is nearly identical to HJ's.

Hi Haejin, what are your thoughts on COSS?

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It's going vertical. When this happens, I often sit on my hands and just watch.

  ·  last year (edited)

This is really awesome , thank you .
If I can ask you , what is the top 3 early good coin to have ?

Your description of cryptocurrency "personalities" blew my mind. Thank you so much for sharing those thoughts with us.

I hold a diversified crypto portfolio, which I re balance regularly based off data i collect. I always hold some btc sometimes more sometimes less.

Are you looking into Oyster Peals at all? We've seen a 400% return since 2 days ago and it looks to be going sky high thus far, are you going to be posting about it or is it not in your portfolio?

Thanks! So we are through a little correction and then to the moon!

Thanks @haejin !!!
I really like how to think about price !!!

Thanks a million for always sharing posts on cryptocurrency,

I wasn't a firm believer, until i got some enlightenment from your post

Welldone @haejin you're doing a good job

Thanks for all your help!

so we expect a decline in BTC price next days? i do not know who to believe haha

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Wait a few days. Or just hodl, will go up anyway.

Thank you!
With few clicks every hour you can get free bitcoin is not scam check it yourself: https://steemit.com/bitcoin/@s3cr3t/free-bitcoin-up-to-200usd-every-hour

Thank you for always giving news about bitcoin

I have an alternative explanation for the difference in BTC and alt charts. It might not be the mentality of the traders but rather the trading medium. BTC markets are denominated in fiat currencies which are largely stable and have moderate annual inflation. Alt markets are primarily denominated in BTC which is volatile in value and has decreasing annual inflation eventually arriving at zero, hence a market which is behaving deflationary compared with fiat.

These differences in denomination will "color" any difference in mentality between the trading groups and may even eclipse said differences.

I suggest to vote Scarlet7 for witness for solving the conflict with Haejin.

https://steemit.com/witness/@hefziba/scarlet7-for-witness-for-solving-haejin-versus-benie

Thank You! Very inshightful comment.

@haejin - could You please look at ETHOS (former BQX). You did it ages ago and it already kaboomed. Your last target was $2.10 and Ethos is already above $10. I wonder how You see Ethos' future.

This is just fantastic!

Appreciated as per usual, was anticipating a drop to $16k, just hoping it doesn't drop lower as break even stop loss is at $15.5k, like many daytraders no doubt!
Pretty sure if it breaks $15k though it'll head south of $10k.
It's a good time diversify into altcoins if you haven't already!

Interesting, thank Haejin!

What does @haejin mean by Central Banks following interest rates?

Hi @haejin, I think its KABOOM time. Pillar as you said is almost at BTC 0.00006481. I have invested in this when you suggested and I am in almost 4x profit, but I want to know if I should sell it now or wait. Can you please post an update on this.

Hi Haejin thanks for the update. Would be please analyze price movement on neo? Thank you.

BTC is for the longterm investor. If you want to make quick money, there are better alternatives out there.
If BTC indeed will become the monetary storage of value in the future, and replace gold, each coin will have to be worth between $300K and $800K... That alone, if you believe that BTC is the best bet to take over from gold, should be reason enough to buy at these levels.

Thanks @haejin, can you take a look at TRON?

Hey Haejin! Today I've bought STEEM for the first time and converted it into STEEM Power, just to be able to support you and your posts. Your analysis have been of great help to me. This one is almost a philosophical speech, but it represents the complexity of technical analysis in a magnificent manner. I want to ask you if you could write reviews on promising ICO projects in the future as well? Your input would be of great value to me and many other Steemians! I wish you the best of luck in your trading and in your life!

Beauty Is Not a Property of Objects

Pure genius!

It is means...Btc is downward ??

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its always hard to say 100% so he is showing us the way how he made his predictions work, how it is processing. the uptrend is still intact, corrections are likely, only the time can tell.

thank you very much @haejin for doing daylie... double... tripple ... updates on btc, actually a really good option to learn how your analysis shows us the different pathways to massive profits! appreciate! hope all of you had a nice first week of the new year!

You're a very talented man. I'm new here so I will be reading up on your past post as well. I'm taking your word and expanding my bitcoin wallet!

Dear @haejin could you please do an analylsis on SALTLENDING? Please??

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유튜브 잘 보고 있습니다 :) 덕분에 해진님도 알게되었구요 앞으로도 좋은 컨텐츠 부탁드려요

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Thanks for watching and reading. Much more good stuff to come!

yes, thank. i will refer
this is my chart,
:)
https://steemit.com/bitcoin/@thongbk/bitcoin-btc-chart-update

  ·  last year (edited)

Bitcoin respects the 150EMA, we should too. Further correction is likely before potential uptrend resumes. Target 8500-9000.

Bigger chart link: https://www.tradingview.com/x/tcTKl1SP/

매번 잘보고있습니다 해진님.

  ·  last year (edited)

O85GYBVF.png

My take on the direction using @haejin third alternative count from yesterday's BTC update.

i'm favoring your downside view, here is in my imho, bitcoin will go down lower first, https://steemit.com/bitcoin/@superblocks/bitcoin-btcusd-heads-lower-to-7500