Bitcoin (BTC) Morning Update: Expect Bull Wicks
SUMMARY
Bitcoin (BTC) overnight price has brought $7,500 zone and level. Price is still within the borders of the wedge pattern. The price movement fractal is still in effect (white and green circles). A Bull Wick is when price temporarily pierces the support line and returns inside the pattern. During this stage, when price is closer to the Apex (the point at which the two triangle lines intersect); these Bull Wicks occur and often multiple times; so they are to be expected. IF price rises to the upper white line; likely it'll be repelled again as shown by the blue lines. The purple lines are an example of a potential ladder rung zone.
Can Bitcoin just crash from current levels? Well, let's look at the MACD. It's pretty oversold and most of the sellers have already spent their ammunition. There is only a finite number of sellers and this seller rubber band is being stretched to the point that crack marks are now appearing on the rubber band as early signs of an impending snap. Once it snaps, a liquidity shortage like never before seen could be expected.
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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Place your comments as a reply to this. Bernie Sanders auto downvotes only the first comments! Smarts win!
Thank you! Following your analysis definitely helps me to calmly buy the dip :)
Ha Ha, touche!
YOU ARE THE MAN HAEJIN! thnx for the consistent updates!!
Bernie Sanders outsmarted again.
Thanks for this morning update. As always we appreciate it. Things are getting interesting,,, I love inflection points :D
The question is rather, what about the BUYERS ? Many people are afraid, others will want to wait for lower prices (moi) - and institutions refuse to buy because they hope if they just wait, crypto will starve and no longer molest them. Lets us wait as well nd see how low this will push BTC and with it all crypto, so we can finally be done and grow again - because most people here will only ever buy GREEN.
I'd rather see Bitcoin fall to 2k than watch this shit for another month or even a year...
You hit the magic number. $2K could be possible
https://steemit.com/bitcoin/@davebrewer/hodlers-can-be-uninformed-morons-do-you-understand-you-are-not-buying-lottery-tickets
More expect 4 k... down below 6 right now. Looking at Lumens, the most practical coin, and it held/bounced at 30 cents thrice (which bitcoin never managed) but finally fell deeper as well. The situation is scary I guess but look at Ripple which is at 50 cents and used to be at 3.50 - seven times higher. We now know this is possible, we did not before... the market is anything but dead but it cannot go low enough for my taste ;)
Liquidity shortage? WTF are you talking about. There is so little BTC bought on margin that there is no such thing as a liquidity shortage. You like to throw terms around without having the faintest idea what you are talking about.
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What is a 'Liquidity Crisis'
A liquidity crisis is a negative financial situation characterized by a lack of cash flow. For a single business, a liquidity crisis occurs when the otherwise solvent business does not have the liquid assets (i.e., cash) necessary to meet its short-term obligations, such as repaying its loans, paying its bills and paying its employees. If the liquidity crisis is not solved, the company must declare bankruptcy. An insolvent business can also have a liquidity crisis, but in this case, restoring cash flow will not prevent the business's ultimate bankruptcy.
@haejin how do you know if the breach is temporary? does it depend on where the candle closes? or how many candles?
Wow 5.3k is a dream price for bitcoin! But These dips are extremely low I wasn't concerned until it hit the low 7k range. We must HODL!
I swear we were all hoping for a new high at 5.3k a couple of months ago. How time flies when hodling bitcoins.
Hahaha, this is great. Thanks for the LOLs
LOL
LOL
Thanks for your analysis!
card worth 1 btc
Thanks haijen having a tough time during this correction.Do you have any thoughts on ETH short term ??. Do you potentially see it go up to 850 or so
Thanks haijen having a tough time during this correction.Do you have any thoughts on ETH short term ??. Do you potentially see it go up to 850 or so
Hello Haejin, As always, as a long term supporter of your very much appreciated education and excellent technical analyses , Thank you !
@haejin, How do you feel about #Litecoin #LTC just curious.
All coins are dead until Bitcoin rises from the grave. The creator of LTC selling all his coins should have been a massive red flag to all investors... he saw this coming, as did haejin. Of course they can not say as that would be FUD and no one likes FUD. A correction in meant to take the BULL out of the market and the bitcoin bull needs alot of taming.
Sheesh, whatre u thinking ur doing ? This is a religious sect... also, if you're thinking this will benefit BCH, you're wrong. Roger executed himself. It will benefit Wall Street, then ETH and then Stellar Lumens, but not much anybody else.
I have a stack of fiat ready to be unleashed!
Isn't it funny his initials are BS!!! Quite fitting!
How come you have so many downvote bots? Before we had this kimjongpoo guy and now berniesanders? What do they have against your work?
They're a bunch of trolls. I think some charge for their TA, and get upset when they realize @haejin is better.
Thanks a lot for your analyss
Possible Count or?
More likely ?
5.568
HODL GANG! https://steemit.com/bitcoin/@investingtips/why-you-need-to-hodl-no-weak-hands-here
Thank you so much Haejin! I'm your royal follower!
Thank you for the great information,
Thank you for your perseverance.
Haejin can you analyse this mole on my back?
Nice. FYI, you're 75 now -- may want to update your banner. :)
Thanks so much for your instruction -- I have some trades that I'm waiting to pop, and the rest I'm cycling between BTC and USD at WEX, increasing my coins which is a first. :)
@Haejin - could you provide your analysis on HGT - Hello Gold. Thanks
So whilst the market is crashing, feel free to take a look at my new steemit covering games running on the blockchain. It's a bit of light relief from all the red lines!
https://steemit.com/blockchain/@ethgames/welcome-to-ethgames-the-one-stop-for-everything-crypto-games-related
Exciting moments! Thanks for keeping updating Haejin :)
F*** Bernie!
thanks for the post
So how low this can go. Can it hit 5K.
4.578 max
Supporting u for supporting us. Keep strong.
It is a tough time for cryptos... 🤒
Thanks again!
Great info.
Let' hope correction will end soon ... but anyway .... crypto is the next world ...
I think so too. I think even if it dips more, it's eventually going to come back up with a vengeance!
Thanks for the updates.
I'm sorry, can you explain to me what this means... "Once it snaps, a liquidity shortage like never before seen could be expected."
it means once it hits its ultimate lows that its price will shoot up like a rocket and getting your hands on some bitcoin for a decent price will be hard because everyone who owns it will be holding it for the big gains that follow a hard correction like this one..
It is supposed to be positive for bitcoin price, I guess.
Bull wick!!!? What bull wick!? The triangle is decisively pierced and we are goind down to 4K range! The only thing bull left in this market is the BULLSHIT Haejin is spreading at the expense of his followers. Prepare to cast your ladders around 4500$ in 10 days or so. If you have any money left from continuous haejin reckt ladders that is!
What happens if there is a massive liquidity shortage? Doesnt that mean there’s lesser Fiat available to put a value on the bitcoin?
Almost the end of the correction !
You mean you want it to be...lol Its hard times put as i read today, the days of making money in the short term are gone for crypto. You have to be in this for at least 4-6mths to see massive gains.
I'm not speaking about massive gains.
The BTC will hit the bottom and after that who really knows ?!
"Once it snaps, a liquidity shortage like never before seen could be expected"
Not sure if this is positive or negative?
Positive. Scarcity drives price upward.
Liquidity shortage means prices will go up I think!
yes, it could shoot up so fast that it leaves all the small time traders caught. As hard as it is to hodl, it is the best strategy.
I think it's positive.. I think that'd be the last lower low. Fingers Crossed
It's a great thing! If you'd been watching the videos over the last few days you'd have caught his quick lesson on liquidity shortage and how it drives price sky high.
Im trying to keep up but with a full time job I dont have that much time to see all video's. I am confident we are getting out of these red numbers some day but just curious about when and how hard the bounce will be :)
Thanks a lot @haejin Do you think the correction is about to end??
Thanks its helpfull