Bitcoin (BTC) Morning Update: How to Remain Calm in a Correction

in bitcoin •  10 months ago

SUMMARY

NOTE: The Video has much more details, more than that can be covered in a summary.

Bitcoin (BTC) is likely starting what should be a final lower low towards the $8k or $7,500 or so regaion. IF the symmetrical pattern holds, as it has now since early January, then the final wave 5 of this diagonal should be reached soon. It will be in this region where the Fib 0.618 regiona lies. The chart below shows a fractal in play and how the first white support line in the blue box was broken and currently, the blue support line in the white box is expected to be breached. The purple lines are the tentative landing spots. I will be counting the subwaves of the final leg down as that will provide a good sense of the "geo" positioning.

This chart illustrates the diagonal wave count 1,2,3,4,5 and IF correct, we should be in the final wave 5 leg. The bottom of this wave 5 should be near the bottom line of the triangle. Given the contracting nature of this pattern, wave 5 is also the shortest!

How do I remain calm? Awareness! More specifically, awareness of the big picture. In light of the below, the current correction, with all the fears, panic selling, frustrations and blaming.....it's a correction and a healthy one for that matter! I believe we are in a wave 2 of a higher degree correction. What comes after wave 2? Wave 3 up! And wave 3s are not weaklings! They are the most vigorous, violent and extended amongst the five waves of an impulse. So, from this persepctive, I patiently await the bottoming of this correction, keep my powder dry and ready to deploy.

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

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bitcoin soon wil be insane same for steem:D

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Bwahhahahahahahahahah! Thats Funny right there. heh heh.

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Anyone that has at least 2 Bitcoins is a rich man..... :0)

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hypnotize you

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Those are the real bitcoins

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Rising tide floats all boats!

Maybe you unvoted me because you don't realize the memes are all in good fun. No one is necessarily jealous or upset here. There's a Bernie meme as well as other steemians. How could you think it is a personal attack?

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Your an elite source of information. Thank you for your content!

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It's good to see a meme, it lightens the mood to those who don't like to wait for the market to go back up lol. But neither the less It's all about the waiting game now. I don't want this to be true but I do so I can get more Bitcoin.

My bitcoin was all mined so I'm not worried about any correction. I can afford to ride this out to the end.

"Good morning, good afternoon, good evening depending where you are in this world..." this is becoming like a daily melody to my ears :) Thank you @haejin for the updates and the helpful tutorials.

Bitcoin rocks!

Aviary Photo_131616390417761291.png
Bitcoin has incomplete targets to the downside at $8800, based on ABCD pattern. If I was in a buying mood, that's where I would place my buy orders.

I would consider this not a correction but more like a redistribution happening in the crypto market, due to the massive amounts of altcoins out there now. We should not forget that bitcoin is oldest on the market, but new players appearing with an increasing rate, and the total amount of new money flowing into crypto is distributed over all the different crypto currencies. Some of them very promising other just junk, but still the money is spread over all these coins, instead of flowing into bitcoin alone.

Thanks Haejin!

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Hahahaha!! Very good!! @ruffrcrypto

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I agree.

Hopefully this shuts up the "salahuddin2004" trolls since He said it wouldn't drop below $10,800. But then again, I've muted all of them, so oh well

¯_(ツ)_/¯

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It won't. He's already saying that it hitting $9700 doesn't mean that it broke $10k support (which shouldn't even be an issue because his lowest buy recommendation was at $10350). I really wanted to see BTC at $8k for my own personal gain but now I want it even more just to rub his face in it.

good article.

I agree on your down part but the wave up seems a bit too much. Market is feeling really negative last weeks. It's less 'talk of town'.

But ok that's feeling not TA

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Dont worry though man, just continue to hold

For the last 29 days this is my moto, whatever happens HODL, sitting on $3500 loss!
U5drrciZPfzquiePAU4zhWhizyo2asR_1680x8400.jpeg

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You aren't hodling the coins. The coins are hodling you lol

@haejin - BTC futures began to be traded in the US and I believe this has changed the technical graphs. Some people insist that the shorts manipulated the price of BTC and the charts for Jan 17th, when the contracts expired, actually show that.

I'd love to hear your comments on how to integrate fundamental changes with technical analysis. If not in a direct answer to this, then maybe in a blog post? I'm upvoting my own comment so perhaps u will see it and respond as u receive an overwelming # of comments.
Thank you!

a lot of technical analysis of crypto is just a bunch of pretending they know whats going on...

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A lot of comments by users are just a bunch of pretending anyone cares....

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Scarlet7, I have missed seeing your wit on the comment section! Yay, happy to see you back:)

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Thanks! Been Busy! We're working hard over here!

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I don't care.

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Great come back

哥你的大脑还是个硬盘呢,我这就是个内存 ,还是个SD的,速度慢,容易小,一会儿就重启了哈哈哈哈哈

看半天才发现,原来最后一段才是重点哈哈哈哈哈

Fiat ready to deployed here, too!

Thank you.

knowlageble post and also helpfull this is a resteem service ....everyday we doing 10 resteem post .....to day we goona resteem your post becuse its reayy helpfull and knowlageble ....thanks for shereing

like they say. Keep Calm and Hodl!

Yep I've been reading it could fall under $9,000. No need to panic. Just buy more. March should be really good I've been hearing for all coins. Resteemed.

How is everyone thinking about the whole USDT rumors? @haejin says news and time are irrelevant to Elliot Waves. Wouldn't big scandal like this affect price actions for BTC?

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I don't beleive @Haejin has recommended USDT much in any of his Videos. Only real Fiat Cash: USD or Euro, etc when trading in and out.

I lean toward the T.A. Side, like Haejin, however there are rare cases that News/Fundamentalists do change price action. This was seen when John McAfee recommended ReddCoin on Christmas Eve. Price went from 75 Satoshi to 187 Satoshi in minutes.
https://twitter.com/officialmcafee/status/944929837671690241?lang=en
https://www.tradingview.com/chart/fvcJviLF/

Same thing about BT2. Forgot where I read it, but the owners of it said they are dropping the project, Price plummeted from $924 to $140 immediately.
https://coinmarketcap.com/currencies/bt2-cst/
YET! even then, Haejin still Predicts the price will go back up: https://steemit.com/bitcoin/@haejin/bt2-coin-target-usd2-282

But overall, in the long run, Elliot waves still seem to win, dispite Fundamentals and news. A CLEAR example of this is DOGE coin. How on earth did a coin, that was created as a joke, owner cashed out and left community, more coins are created every day as demand increases, how did this Joke coin go from $0.0002 to $0.01??
https://coinmarketcap.com/currencies/dogecoin/

It's when these "Sh!tcoins" suddenly get popular, that I look back and remember to do my Elliot wave analysis and see the trend, it is always there. Hard to explain. But it just keeps happening

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I was wondering if allegation that Tether never deposited fiat to USDT with 1 to 1 ratio (which pumps BTC/USD price up indirectly) turns out true, how reliable predictions based on Elliot Waves would be.

Your examples show me that Elliot Wave would be good indicator of price action regardless of shakes of fundamental of price action in long run.

Thanks for the indepth explanation and examples.

Yes @haejin, I like your analysis and I think like you. And I'm sure a lot of people too. But there is only a little problem that it's not being take into consideration and it's the amount of people or organitazions that are trying to destroy BTC. This is the real problem, I think.

Nice! Really like your way of working and calmness. Can you do a Rupee analysis? I believe it to be really undervalued, a ground floor opportunity and with a lot of long term potential. But that's just me. I'm heavily biased on this one, since I've been invested since it was 100sat's

Your words and your voice make me calm down. Thanks.

BTC seems to find strong support at the 125-day moving average for every major correction since early 2016. It looks to be finding support at the 125MA for this correction as well.

@haejin or others who can help enlighten me. I've been addicted to your $BTC morning update - and because of the coming $BTC fall to the level on your charts, I've been very patient and keeping my funds mostly in fiats, and I've been adding and keeping fiats on the sidelines. I've not made any trade since Dec. Am I doing it correctly?

Also, if you're predicting the wave 2 to correct to 8k-ish, or maybe even further down to 6k-ish, doesn't it make sense to at least cut loss from here if I'm still holding a bag of altcoin? Thanks in advance!

Amazing as always. Iv'e never been calmer thanks to you! My friends think I'm crazy.

Would love to know your thoughts on NEO as the buy signal seems to have happened? Also EBTC and SPR updates would be amazing!

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Be careful analyzing the NEO/BTC pair, the NEO/USD pair needs to correct further.

Hope bitcoin will recover big

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It will recover when people stop trading and just hodl till it moons and then if you want to sell. Do it bit by bit. Problem is Greed is gonna kill it. Greed is the enemy.

Very informative. Thanks again Master Lee.

I made a video meme with the new Bitcoin Private Fork and a clip with the movie they live check it out its on my page and Dtube! https://d.tube/#!/v/atp11/4ykg3va5Untitled design (3).png

Bro your post always helps me to learn about cryptocurrency keep posting such innovative information thanks

All the negative news is just from the fake news media trying to control the the price of Bitcoin! Be calm guys, Bitcoin will go back up. The Indian minister never said there would be a bitcoin ban, just that they want to curb illegal activity, like all the illegal ponzi schemes and drug related activity, etc. Don't fall for it guys, hold your bitcoin and be patient and just wait. It will go back up!

I am so dam happy you wrote this!!!! Calm down people!!! Its new for all of us so stop comparing your Fiat currency to the value of Cryptocurrency, they are not the same thing!

@treuveni please read carefully...
in a nutshell, it sais - No worries!
There will be more of those declines just before mooning!

Thank you. The movie I watched here is not less than perfect. I wish you health to keep the good work and these videos coming in the future..

I am the biggest believer of blockchain. However, as people wihout knowledge of blockchain and people just trying to make money are investing in bitcoin, there will be more crashes like the one we are having now which is similar to a bubble. In the long run however I am a massive fan of blockchain and see the price about $30-$50k by end of the year. Thanks for your blog and lets keep sharing the blockchain technology to the world.

Nice post ....🔥

1.Ignore the FUD
2.See corrections as fire sales
3.Understand markets always correct (conventional markets annually see a 10% dip in the market at some point of the year) so get into the mindset that as winters come every year so do financial winters
And of course... HODL

nice work man i love that

Verry helpful :) Thank you for your Service!

Interesting indeed

Has the thought that Institutional money is controlling and manipulating a greater part of the market volume?

We used to be in organic waters, but now, we are in uncharted waters.

Not only do we have to factor in heavy manipulation, but we also have to factor in Futures contracts.

2018 is the first year we have had these contract, so we really don't know exactly what is going to happen.

Thanks for your valuable insight. Crypto got hit by Facebook and will ban all advertisements for crypto to stop scammers and not get hit with FTC and SEC crud. That was announced today. Still I got in to BTC when it was at $6,000 so even if I got out today I made a profit but selling now is dumb. Sell high - buy low. Cheers!

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The irony of course, is that FB bans cypto adverts but still allows all the shit drama, pictures of people's dinner and duck faced selfies. Thanks FB, you're saving the world!

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I think its for paid ads. You can still post stuff on FB regarding crypto. Whether or not it will be seen by many is still up in the air. (Shrugs) Still I love Steemit more than FB for obvious reasons.

Honestly easier to just distract yourself and keep bust. You dont want busy trading fingers at times like this unless your a pro

Expert analysis. I will take your advice. Thank you, Haejin!

Another Shoulder Head Shoulder and the btc to the drop

I contribute data from my analysis
support at 9,200 dollars
support at 8,400 dollars

Captura de pantalla 2018-01-30 a las 9.22.39 p.m..png

Is this the last stretch of a correction needed to start an uptrend?

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I've heard as low as 8k to 5k, then it should rise again past 20k.
This could be the old game of shake the weak hands off the tree.

Good analysis haejin. Australian media is on full fud attack! GST rule may be outlawed classifying BTC as a speculative asset and tax dept to clamp down on all holders! This is the type of fud that moves BTC lower.

A lot of new money in the market last year got people excited. The new investors became instant experts and day trading took off. No-one knew or wanted to HOLD. It caused panic when the market stalled because people invested a lot, a lot of credit card dollars into the market. I believe you are right with the waves, they will stabilise and on the 5th 6th or 7th wave the market will become strong. Thanks for the interesting read

lovely! and its playing out! how about ripple haejin? what do you think? is the correction over? im kinda confused the correction keeps going, what happens when it passes 0.786?

Really looking forward to this correction so we can shake off this cloud hanging over crypto. Market needs a good shakedown so BTC can focus on moving up! Thanks for the update @haejin!

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totally agree

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Yeee boi make it rain

Solid post as always Haejin.

Jast reading... Newbe

Great analytics! looking forward to seeing more! Thank you!

Seriously best thing to do if you're a trader or investor during times like this is just close the laptop and go do something else. Delete every portfolio and trading app on your phone and go do something else. Knowing when not to trade is trading.

I thought I would include this on your post to boost additional knowledge into your 'follower base'. Crypto Calendar social news, events, and project status on everything happening on 01/31/2018. The more info the merrier!

2018-01-30_23-09-29.png

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Bitcoin is still trading in a range of symmetric triangle which was spotted in the previous analysis.The current market price is 10200 and it is the rising support area of a triangle. As bitcoin is respecting its support areas from a couple of days, so the chances are it may bounce again from this area towards its resistance level 12800-900.

Please keep in mind once this channel will break it could give very fast and volatile move for at least 2500 to 3000$ either upside or downside.

If the price break upside or resistance, it can touch 15000$ again and the resistance zone is 12800-900.
If price breaks its support level then most probably it will fall to the minimum 6700$ Level.

Bitcoin is so hot

i want to buy bitcoin .if you have then tell me .or give me information?

best regards bro..

Just join Steemit and I'm so happy I found you!!! Will be following you in 2018!

And here i am, one of those who entered the game in the beginning of january ... :D

However i just reinvested into altcoins, and my losses aren't more than just 10% so far (more with transfer fees, of course)
HODL AND HOPE FOR THE BEST!

very useful post, upvote posts @annchifahrani once. 🙏🙏🙏

BTC/EUR has been holding the 150 MA for the last 2 years. BTC/EUR found support 2 times already on this 150 MA during this correction.
What do you guys think?
https://steemit.com/bitcoin/@bo3ia/bitcoin-150-ma-is-best-support

too late haejin, you are too late

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Too late for what?? Nobody's perfect !

I am just going to stop looking and return in 1 month. It will probably save me some stress ;-)

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I wish but I've got some alt coin swing trades going, getting slammed yes but HODL for the next wave up for massive gains!

OK so here is the deal. With Facebook and everyone calling this a ponzi scheme how is the crypto going to go up and with you losing a percent how do you make money in the long run. I understand in the beginning when it was new and hot and everyone was investing but what about now? What about the long run? Is it all just speculation? Or is it going to take a shit?

Hi haejin, nice article. Upvoted!
We are currently in a phase of market regulation and consolidation. The January corrections are rather good news for bitcoin and other cryptocurrencies (healthier and stronger fundamentals). This cleanup was necessary !

Its becoming quite the habbit, to log in here and see what news you bring.
Thank you and keep it up