Bitcoin (BTC) Morning Update: Correction Likely Not Yet Over

in #bitcoin4 years ago

SUMMARY

I keep getting asked for what the Bullish scenario would be and the below chart depicts it. Price would have to rise above the top white line of the descending wedge pattern and such likelihood is supported by the very oversold nature of the MACD. However, I still prefer the lower low for the e wave to execute as such would be the more bullish scenario in the longer run. Downward pointing wedge formations are quite bullish once it is completed and confirmed. IF price can breach teh upper white line, I've placed the Elliott Waves to show a potential pathway.

The MACD is still showing a lower, newer record low at -848. IF the lower low happens, then MACD could reach -1,000 or a bit lower. The oversold nature is quite extreme and the rubber band can only stretch so much. This correction too shall pass.

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.

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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I do not understand, some people's comments. I truly appreciate the analysis @haejin made. I think they have sense and are more or less correct in this heavy volatile crypto world. @haejin made a clear disclaimer, that all analysis are he's own opinion. Why do some people keep following him and post rude replies to his analysis? If you do not like them, do not follow them. Is really irritating when you would like to read some discussion and all you can provide is a nonsense.

Totally agree. @haejin analysis and teaching is a great help for many of us here. And if he makes money out of it, what's wrong with that?
Being new to steemit, I see people abuse from the system. I wonder how Quora avoid that kind of trash people. Maybe the easy money attracts them here? Is there a way to sanction them so they loose their wallets?

I agree with you gicoprasico. Those that continue to unnecessarily trash posts with their nonsense are simply taking this platform and it's potential for granted. Thank you haejin for your analysis, there are many of us who do value your time and dedication!

Correct me if I'm wrong but doesn't @kimjongpoo spam posts just make @haejin posts trend harder?

It's easy enough to mute but seems stupid that you would spam a tread you don't like and in doing so push it up the trending list.

Anywhoo, Infantile BS aside, thanks for your thoughts @haejin

haejin TA is like this pile of poo!!
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hi just wanted to ask did you ever post anything of value here are your posts limited to infantile pictures of yourself?

other than recursive poo lmao

only one guy making money here in this market... and that is haejin by posting these crap :D

Haejin's Bitcoin analysis has been informative and helpful, there are people selling everything they have in panic, and its only starting. Knowing the markets gives you awareness. If this goes below $9000 wait to you see the panic, you only think you have seen blood on the streets, EOS Bitshares steem will be sooo low it will be scary, BUT THATS WHEN YOU BUY.

What really surprises me is the people that diss Haejin but listen and make money of his information, that makes no sense at all to me. Gratitude is the Key.

Wishing you ultra mega bonus profits.

So what are you doing during this... keep everything in bistusd ? I am not a trader, just won't to hold an sell sometimes a bot for profit.

Really annoying that I have to un-mute someone to see your comment. That's because they replied to me with no apparent reasoning. Then there is the "poo".

Agreed and upvoted

Longer term perspective...UP!!!

Strong hands!

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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Thanks Haejin for the epic TA and laying the foundation for a lot of people new to crypto trading. I recently read the Elliot wave principle book and will now be making some TA on Steemit, if anyone is interested then check out @edcracknell395 Thank you Haejin for giving to the community and helping everyone benefit in the crypto space!

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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I just wanted to say how much I appreciate your blog and sessions. Instead of being upset the market is going down, I’m getting excited.

ARE YOU EXCITED FOR THIS STINKY POO?

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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Yay, it's happening and I'm about 40% in cash ATM

same here I have never wanted BTC to go down more than now since I started.

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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Cheers @haejin !!!
I'm not sure I understand why people are trying to sabotage your posts, but I think you are behaving properly. It's great to see you keep posting your findings and you have adapted your language so that everyone understands these are just analysis of an expert and they won't be exact 100% because if that was possible, everyone would be rich by now.
Thank you again

That is because of upvotes from @ranchorelaxo whale, which give Haejin huge rewards from the steemit reward pool - some people think this is not fair that one person gets 2-4% af all rewards.

if you'd been paying attention you'd realize that the upvotes from ranchorelaxo are just a response to the massive downvotes from he who shall not be named. Unless you're already one of his bots

It is not that simple, why would creators of steemit downwote haejin?

Who brought the creators of steemit into this? He is being trolled by one single whale with an army of bots.

@ranchorelaxo teamed up with @haejin to take out all the steem dollars for themselves they are splitting it among themselves once haejin gets the payouts.... we need @stan or dan to control these kinda things

Or post content that people like so that there's more traffic going to other blogs. Imagine that!?

payouts are based on peoples votes
thats the whole idea

Haejin is a business man, of course he is in this to make as much money as he can, as crypto maybe has another 12 months until the cream rises and 1200 coins disappear.

Keep in mind guys that according to Elliot theory that the E wave in triangle corrections may not complete. This is stated clearly in the test Elliot wave principle (see page 49 of Elliot wave principle - Frost and Prechter). While I do expect a downturn, I do not expect a lower low. I would personally be surprised if we went below the 9-10.5k$ buy zone again.

are you surprised now?😊

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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its broken the important 1103 resistence already !

yeah but there wasnt soooo many weak hands back in them days, traders where pros.

I bought at 10k few days ago. I will the same thing again, lucky

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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Would this be a possible pathway ? A bull flag and from 6.5k up to 20k. I mean 1 year from now this will look like a blip.
BTCCorrection.png

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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I think this may happen, but it is possible that bitcoin will increase again because the good news is that the CME will expired on Jan 26th.

Don't let these trolls take away from what @haejin is doing. Flag them!!! Make it so Steem will shut them down. Thank you @haejin for all you do.

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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Hey Master Haejin! Could you record with more fps for better watching experience? Thanks!

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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Good analysis ..I learned a lot from This and from ur tutorial...made some mistakes in past buying without thinking ..now I do my math before buying ..thnks ..keep ur good work😊

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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Problem with some people is they invested in coin at ATH and don’t want to Hear abt it is going down ...but that’s reality ..commenting negatively not going to change graph ..

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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U r (ana)lysis is good 😂

I hope it does go down to 8 or 9k so that I can buy some at those levels. But I expect it to shoot back up off of those levels if it does hit it. It seems like everyone is putting in their buy orders and targets around those levels.

haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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haejin TA is like this pile of poo!!
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