Bitcoin (BTC) Morning Update: Higher Lows and Lower Highs

in bitcoin •  last year 

SUMMARY

In looking at the short term chart of Bitcoin (BTC), a series of higher lows and lower highs can be seen and the lines show a symmetrical triangle pattern being formed. This pattern represents a consolidation phase without much indication into direction of breakout....it can literally break upwards or downwards and often the direction of breach is unknown until it happens. IF the breakout is upwards, Bitcoin (BTC) must start putting in some higher highs. It is the only way to establish a trend reversal start. Personally, I require two rounds of impulse motives as the first range of confirmation. The volume is declining and by the time price does get proximal to the apex; it'll likely trickle to almost nothing.

I'm giving bias to the upside because since the start of this correction in late December, sellers have repeatedly tried to strike down Bitcoin with all their might. The Seller strength can be measured in various ways and the below shows the MACD moving well within the contracting lines. The mobility of the MACD is very limited. Yes, while the MACD can break downwards; that'll require some serious renewal of seller mojo. BTC should get some degree of directional resolution within the coming week or so.

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.

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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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That's interesting. I wonder how long the stability will last. Crypto sure is volatile.

  ·  last year (edited)

Post and images not showing because of low ratings? Whatever the reason for the hate I do not understand other than maybe jealousy. I've been following @haejin for a while and I have never heard him say anything other than his opinion of technical analysis. As far as I can see this is a bunch of unnecessary drama.

Agreed.....

To understand the hate you have to understand the flaws in Steem blockchain. The 'reward' system is based on who has the most money. Haejin makes a shit ton of cash on Steem because guys like you and me enjoy his TA. The other whales want more money for themselves so they downvote at the last minute to stop Haejin from getting a payout. I like steem but it has some major flaws that will need to be addressed to get mainstream adoption. Not trying to get subs, as I am taking a break from posting now, but here is an article I wrote in talking about the witch hunt Haejin is under. https://steemit.com/life/@guntotnhippie/haejin-berniesanders-and-randomwhale-oh-my-a-steem-failure

Price has been just basing (yellow rectangle) the last couple of days, stay patient.

this is a really nice update. keep the good work up

I like this bitcoin
Thanks for sharing cryptocurrency news
I love blockchain
I appreciate your cryptocurrency news

Look at the second chart (closer view) of CryptosRocket's last btc TA... its from 11 days ago and it shows the last wave hitting 7.2k and going down... Exactly as it actually happened today!!! Check it out: http://cryptosrocket.com/btc/2018/03/29/lets-see-the-big-picture-and-whats-next

Could this be the bear scenario?

Screen Shot 2018-04-10 at 22.38.59.png

big ass descending triangle...that's exactly what I'm seeing! However @haejin just ignores it :) I would be careful trusting his TA mate

Descending wedge is a bullish correction lol

You have to have ABC corrections between each point that touches a line. The first line coming up isn't very three wavish. Also the triangle starts by hitting the first point at the top of the triangle. Please refer to Elliott Wave Theory book on what bull and bear triangles look like. The triangle that you have showing would first touch the bottom on the last low that we had (i think it was around $5800). If your triangle is correct then that would be a bull indicator suggesting that we are at the apex of the triangle. Triangles can also show something that you may think is there but a larger trend decides otherwise. That is why it's important to know where you are at from a macro level.

Elliott Wave principle is almost an art form as you really need to understand the formations from a quantum level as there is morphing that happens that can change the outcome. If you don't know how to read the changes and counts then you get lost fairly fast.

Haejin is a master at it that I can tell you. I am getting much better and just made good profit on XVG thanks to Haejin for teaching Elliott Wave principle.

Great article, thanks for sharing. I've hit the upvote button for you!

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Yeah just breaks this level

I like this bitcoin
Thanks for sharing blockchain
I appreciate your cryptocurrency news

From ccn.com:
Writing in a Tuesday note to clients, a group of Barclays analysts led by Joseph Abate argued that Bitcoin and other so-called asset bubbles chart a similar course to the spread of infectious diseases, which plateaus once the population reaches the immunity threshold.

From the note:

“As more of the population become asset holders, the share of the population available to become new buyers — the potential ‘host’ population — falls, while the share of the population that are potential sellers (‘recoveries’) increases. Eventually, this leads to a plateauing of prices, and progressively, as random shocks to the larger supply population push up the ratio of sellers to buyers, prices begin to fall. That induces speculative selling pressure as price declines are projected forward exponentially.”

nunca pierdo las esperanzas, suerte para todos

Bitcoin and all other cryptocurrieces has been band in the pakistan due to some kind of problem occurs during its saling and purchasing.

Nice post... I hope btc up..

a good post and very useful I like it very much

Mau saling berbagi vote.. 3 steps

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Rising wedge

did you spot the big-ass descending triangle yet?? oh, let me guess...lol

Thank you sir! I still don't have the logarithmic chart down yet but I am getting there. BTC pricing is why I trade BTC/Alt pairs. XVG breakout will build a lot more coins overall. Waiting for the USD value to jump is like watching grass grow. I am hoping for a second jump as I made good profit on XVG in the last week. Now is the time to grow your current coin holdings using BTC pairing and alt coins that are about to break.

nice post..

Thanks for sharing ...good update

great contet! check out my blog too! https://steemit.com/@recordfoundation

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