Bitcoin (BTC) Morning Update: Fractals within Fractals!
SUMMARY
I'll present the two alternate counts first and then the primary. Overnight, Bitcoin (BTC) price action has put in the full impulse motive of five waves up as shown. This would call for an abc correction as shown in the below chart.
Now, the second ipulse motive (blue) can allow price to reach the top of the blue trend line and likely even another downward wedge as the last harrah attempt by the sellers to kill Bitcoin.
However, note the fractals within the larger fractal. The upward pointing wedges, yellow, blue and the current white. The white arrow shows a potential price pathway. Note also how the depth of decline for each upward pointing wedge declined significantly from teh yellow to the blue and for the white, it'll likely be minimal at best. The MACD could also decline a bit to enable what could be one final dip prior to a sizable breakout. Now, bear in mind that price is quite close to the apex already and the breakout can take place at any time.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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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All BS. Misses the scenario where BTC goes down to $4K.
Which is a real scenario, despite what you might see fanboys saying.
Absolutely agree with you here. Overall trend is bearish. There have been a couple of bull traps - I got suckered by one of them - but the bigger picture/trends show a highly probable downtrend which will continue. Volume is very low. Sellers are still completely in control of the market, and Mt. Gox trustee still has $1 Billion BTC to sell (hopefully not by doing another open market order dump).
Right now, I'm taking all bets on BTC hitting 4K before it hits 12K. That's the smart move at this point in time. Until many more indicators say something different, it's not time to be buying into more BTC right now.
would be a nice time to buy alts :)
Why buying Alts? They have mostly tracked up and down with BTC, more or less
Agreed. I also got suckered into one of the bull traps. But back to rational now, and I have all the fiat sitting on the sidelines waiting for the clear bottom. It is possible that the bottom would even be lower than $4K, so no reason to rush into buying as soon as the price hits$4K for first time
Can you break down that prediction?
If you don't know how to "break down" the technicals yourself, there are plenty of training videos out there, already on the internet, which would be good for you begin a serious "self-education" period. Listening to @haejin doesn't REALLY tell you anything - he gives you a positive & a negative scenario & even tells you NOT to make trades on any of his advice. Reading his multi-day updates on crypto price action, when they are clearly in a current downtrend, is great at making him a bunch of money on SteemIt. He's good at it. He's entertaining. Read it like you read your horoscope or the Sunday comics in the paper - but educate yourself on how to make your own financial decisions. Listening to someone else will often make you poor. Educating yourself will give you the confidence to exercise your own power to make good decisions.
@haejin material is sometimes entertaining, but I always learn something from it. It helps me separate pure BS from real information. Whatever @haejin reports is pure BS, so subtract that out of the information flow and whatever is left has value.
I agree with your characterization that the TA from haejin is similar to a horoscope in the Sunday comics.
That is a fair and realistic assessment. Thanks for providing that context
Realistically, @haejin is way too advanced of a trader for most of us to successfully replicate. Trading with Elliot Wave Theory is like looking at an elephant through a microscope. Few people are going to be able to follow these commentaries, aggregate the tiny details like haejin does, also look at the macros, and then be able to hit home runs as a short trader. IT IS NOT GOING TO HAPPEN FOR 90% OF TRADERS - because they are not THAT good. I've been studying this stuff for 10 months straight and I'm lucky - my short trades are still in slightly positive territory, overall. Last month I was at 30% profits on my short trades, but after this last bull trap I'm at, maybe 10% profit, and that's not bad in a bear market. But, I'm learning that even good/smart traders struggle to pull any profits in a bear market. If you come out even, you're doing better than average.
Most of us should be doing small trades and experimenting/testing our strategies and ideas in this downwards trend. It's like paying for your education, and learning how you react when you have "skin in the game." You might not think so, but failure is actually the greatest teacher - so learn how to fail smaller. When the bull market returns, you will still have skin in the game & profits will be easier to make.
Nope. @haejin is a BS artist that rights superficial articles. If he was such a strong trader, he wouldn't have all his money sitting with @ranchorelaxo and trying to make a few bucks on the sly by raping rewards pool on Steemit.com
Exact same situation as when you get the hard sales push by "some guy" who says he has found the secrets of making money in real estate. And all you have to do is send him $49 for his course material.
If he really had the secret to making millions in real estate, he wouldn't be selling his courseware at $49 a pop.
Same story for @haejin. If he really knew how to make money with TA in crypto space, he wouldn't be wasting his time with $99 posts, at a rate of 10X per day.
Does that really sound like some super TA trader? That has enough free time to write up his 10X steemit articles per day.
The 1st test for the bulls is to close above $7575 (pink line), then $8000 where sell orders at sitting.
Looking at the trend I will stick to still ABCDE triangular correction (shown below) so D up and then lil E down before the booooooom-
read some of the people on here dissing you haters keep rocking strong @qam2112
Good sharing..
nice post
PAGINA MUY CONFIABLE PARA HACER CONTRATOS DE MINERIA
MINTAGE MINING
Thank you so much for sharing,
Bitcoin Mining: Legal Regulations Around the World.
https://steemit.com/bitcoin/@mahfuz42/bitcoin-mining-legal-regulations-around-the-world
Things are starting to get interesting!!!
Personally waiting for Break Above $7,100 on Daily before I decided to add to my position. Still have some room to the downside.