Bitcoin (BTC) Morning Update: Classic Vintage Running Flat

in bitcoin •  10 months ago

SUMMARY

Bitcoin (BTC) overnight price action has decided to likely put in an a,b,c regular flat correction. The below chart shows the labels and subwaves which indicate a likely one more lower low to complete the five subwaves of wave c. If this is the case, then $13,912 is expected to be the bottom. Note also, that the larger degree waves (circled white) is showing that BTC is currently completing wave 2 (circled white). So, what wave comes after 2? Wave 3! And wave 3s are often quite powerful, which means violent up moves are likely!

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 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.**

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I don't think it's unlikely that BTC shoots at least past $22k in the next few weeks considering New Years money being pumped into it... even though XRP is better short-term gains the market cap/total coin number make it tough to imagine ripple goes beyond $10/coin for a long, long time, bar speculative investment pushing it a little further than its 'natural limit'. Ripple would have to be worth more than the Portuguese economy at $10/coin; more than the Spanish economy at $20/coin

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We are early in the BTC adoption. Dollar cost averaging bros. keep it simple.

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XRP will go back to 2 USD anyway before anything more happens

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I'm cashing out at $4/coin, if it drops and doesn't hit this I'm just gonna hold infinitely in case it blows back up at some point thanks to future hype...

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Good comparison. Someone yesterday pointed out that there is no way XRP goes to 100, because it would then be valued at 100 x 38,739,144,847 (its current circulating supply) which is approximately $3.87T. Yes, trillion with a T!

This better bump BTC back up to 20k, seriously tired of this "hover at 15".
Lets go mofos, make me some money....

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Thank you for the regular updates.

7810 views but only 296 votes as posting atm. I always have the rule to press on the vote button as i enter the post so that i atleast can contribute and pay some respect in that manners to the OP that has been nice to provide us all with this useful information.

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That's so good for you

up voted you ..............i dont have to fear you i got to say this ...........................i just drop a post i think you should drop by and chick
vote and comment plz

Wow.
This year's market will be awesome.
Time to hustle more.

INTERESTING .
KEEP POSTING AND PLEASE TAKE MY VOTE
THANK YOU

check my post on Haejin

Hi Haejin,

Quick question regarding the coaching, I have just started reading the Elliot Principle Book only just this week.

Is it best for someone to read that first then get some coaching or doesn't matter, just thought maybe some initial understanding might be required/more beneficial..figured few other steem'ers might be wondering same thing.

Thanks

INTERESTING .
KEEP POSTING AND PLEASE TAKE MY VOTE
THANK YOU

incredible information, congratulations for friends BTC hopefully we always succeed.

I appreciate all you do Haejin!

Can't wait for those violent upmoves!

In a week's time, BTC will double in value. Ripley told me so.

Thank you Soooooo much for this update. The dip really scared me. Would this be the correct waves up since your video. https://www.tradingview.com/x/Q5Snd5ZT/

Thanks for this. I've been enjoying you analysis and becoming more and more interested in elliot waves.

I hope your able to continue doing your thing despite all the issue as of late.

I believe that a number of people are getting a lot out of what you're offering, I know I have already & hope to continue to.

All the best.

Thanks for your updates,am new here and i learn everyday...i like ur post

You should really consider your own blog sir, what is all this drama here in steeem because you are popular
The atackers should do good quality content like yours of spending time attacking you
I’m sure that your 10K+ followers we will happily follow to to your blog

Although Alts are looking more attractive at the moment, these dips in BTC should be viewed as buying opportunities.

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If you weren't convinced cryptocurrency is a force for good by now, this piece of news must've convinced you.

Why is there a whale flagging this post and above that, why is that stupid whale attacking whoever is commenting? Is this the USSR?

Good information regarding about the bitcoin price

When will everyone get bored of alts? Thanks Haejin.

Great. Means that this year will be great also. Many expectation from Bitcoin. Go up Go up.

Thanks for the reading and projection of the graph, it is a good time to change to another currency that is on the rise.

Hi guys, this might be the reason why BTC price went up:
Peter Thiel who is the founder of PayPal and Trump's technology consultant, has made an investment on Bitcoin. The value of his total BTC investments has reached approximately to 100 million dollars, according to WSJ news.

I guess News and Events shall arrive to justify the forecast!

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I guess that's good enough for me!

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I think we should keep on doing whatever is working for us. I just can't depend only on even the most promising graphs. For me graphs are only predictions, but the news are more than predictions, they are facts...

but what happens to alts in that btc violent upmove ?
which are those might come down hard ?

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not always the case. They can go phasic. I don't think alts will dip too hard. Actually if you see ripple as already decresed almost a dollar from yesterday. Most of the shit coins that are getting super pumped will likely go red. I think major alts or alts that are already in the red will go phasic.

The large wave 2 dip means wave 4 should be a small dip. Now is the time to ladder those buys if you are bullish btc, no?

Hello Haejin. Thanks for the update.

If you have the time you could take a look at SONM.
I think it has the kind of patterns you like to see in those assets with high returns.

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I just got my Elliot Waves book and haven't started it, but SONM surely has a cup and handle formed. I have this position because of what this company is: Super Computer Organized by Net Mining- Unverversal Fog super computer running on Etherium. It's one to hold, but to me, this is a good time to have it with the shape of handle clearly formed/forming.

Haejin, is there any way you could take a look at Monaco (and possibly put out an update on it)? I've posted a little about it so far with some more to come but don't want to bring price speculation into my posts so I can keep them more to the point, thanks as always for the posts!

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I am no haejin but here is my take on it

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haha! im no haejin is going to be a slang that will be found in the wiki of crypto language. "I ain't no HAEJIN!"

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That and BTFD!

What software are you using to lay out the waves and do the overlay?

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From my private session with him, I can answer: TradingView and Coinigy. TradingView mostly, and Coinigy for coins that TradingView doesn't support (we looked at DeepOnion, it wasn't on TradingView so he switched to Coinigy on his shared screen -- and, he posted an analysis of DeepOnion not long after we disconnected! :) ).

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Thank you...

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how much does he charge for private session?

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No idea -- I was rewarded a session due to being one of the top upvoters. He hasn't done that in a while, perhaps he should! :)

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im more curious in about how much did you actually understand and learned from the sessions. i guess if you are a total newbie it will be like back to school sistuation where you have no clue about what the teachers are talking about haha!

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nah, just watch his tutorials, collect questions that you want to ask him, maybe a coin or two that you would like to analyze and get his feedback on. thats what i did and it was a great experience. do the work, share your screen, let him give feedback.

just imagine youre a teacher, how woud you like your student to be?

also, dont be afraid to ask questions. people tend to be passive. if youre not rude about it you can ask a question nicely, even if he is talking about something you might not be as interested in/you already feel comfortable using that skill. :) let him help you by showing him where you need help.

haejin, you the best. thank you.

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@cryptoschmiddie, what do you mean by sharing the screen? do you talk live or exchange screenshots?

Thanks

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We communicated over Skype, microphones only (I'm camera-shy :) ). After we did our introductions, and some Q/A, he shared his screen and showed me some patterns at TradingView, and then when I asked about DeepOnion he brought up Coinigy since TradingView doesn't have that coin.

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thanks a lot!

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I've traded stocks for years, as well as options and commodities. Never looked into Elliott Waves though -- fascinating stuff! Aligns with my software training as well (everything is fractals), and is really fun to learn about.

Just wish my concussions symptoms would abate faster, as I tend to forget a lot. A lot.

As others indicated, go through his training posts (he always puts a list of them at the end of each of his posts), as well as his daily updates for the past week or so, and that should give you a lot of questions to ask. Write them down.

Try to answer them on your own, e.g. with search engines. Good luck!

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thanks a lot!

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Hi @libertyteeth, as a haeijin's student, What do you do with your alts when BTC starts its up rally and "as usual" most of the altcoins go down?
I know haejin said both will be going up this time, but still few days ago we saw a lil bit dip on bitcoin's "fake" run. So how do you handle these situations?
Let's say the technical analysis says that DGB for example is going up, then BTC starts running and DGB drops and drops and drops. So what do you do?... Does it mean technical analysis was wrong, or it is gonna go back up just like predicted by technical analysis and therefore you keep it?

Thanks

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Many of us are of the opinion that we will see very soon, if we are not seeing it this time around, a run of both alts and btc in tandem from the start. Personally I am on the fence on this run, which lends to thinking it will revert back to the alts down, btc up, then go phasic together again. Although I will say that if that is the case, I think alts will only be down for a very short time before they start back up with btc. There is a tonnnn of money coming in, and people learning about all the markets. Coinbase is very backed up which is a good thing for money coming into the market. More money in, the more widespread the investments will become.

Previously, I would have said yes, the alts will certainly fall quite a bit before returning to phase with btc, but this is the closest we've seen to a full tandem run yet! It might happen this time, and if not, I think the next run after 5 waves up.

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Thanks a lot for sharing your thoughts! highly appreciated!
" More money in, the more widespread the investments will become"
It actually makes sense... More money flooding into crypto world can very likely alleviate the BTC-Alts pendulum syndrome !!!
So I think for now we'll have to wait for the real phasic run to happen before picking our long term investments..
I invested in LTC and it is having a hard time going up.. I still get annoyed when I am in a trade like this watching other coins explode and I am sitting there and waiting...
Patience is the key I guess...

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Patience -- and, not using all your dry powder! :) In other words, try to keep a percentage "in reserve" and don't make trades with it -- that way, you'll be able to take advantage of quick moves, like the TRX yesterday -- I captured 60% of its movement, which is awesome for a couple hours.

I'm actually thinking that if BitConnect and similar competitors do this type of trading, then it is entirely possible that they aren't scams. Still, not trying them again!

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When that happened last week, I just held. I had the thought to sell before the predicted rise, and would have increased my BTC had I done so.

Also, this recent predicted dip from 20k to 11k, I considered selling all BTC savings for USD, then buying back -- had I done so, I probably would have increased my coins 25% or so (I almost never hit the peaks, and with laddering you're "guaranteed not to").

I'm still learning myself! :) But last month was an awesome practical application of lessons. :)

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thanks a lot for your detailed answers! I wish you best of luck!
Keep steeming generosity!

I've got a good one for you to do next.... OYSTER PEARL (PRL)

As usual, bitcoin will creep up. In the near future he must beat 20k

Pls come to my blog and upvote my posts. Thanks

Can you update on LBC ? hold or sell ? it's 25% up !