Bitcoin (BTC) Morning Update: One more lower low probablesteemCreated with Sketch.

in bitcoin •  2 years ago 

SUMMARY

Bitcoin (BTC) overnight price action likely completed wave 4 of a five wave decline for a higher degree of trend red wave C as shown in below chart. I'm using the expanded flat a,b,c waves as the guide to this correction. The blue waves are composing the completion of the c wave of the expanded a,b,c.

Now, there is a scenario and count where the five waves could be done as shown below. This count is technically correct for five waves down of a c wave. However, the subsequent waves are very three wavish. More importantly the last chart shows additional reason why there is likely one more lower low.

I want to thank @dbrdr for sharing the below chart pattern. Well done! It shows that an a,b,c,d,e could be in progress. IF that's the case, then it lends to wave C going to around $13,203 or so. That also jives well with the one more lower low requirement of the above first chart. Let's see what happens during the day time price action.

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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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I hope so, sold to buy lower

oh man hopefully you didnt sell to much. it is very riscy to short the bull market..
If it drops to 13k then you made only a very little gain in comparison with the risc you are taking. I would only consider selling on waves 5of3 and 5of5

it is very cool done))

HODL LADDERING IN MORE

Good analysis, it's always comforting to read your posts!

another possibility:

b018.png

If we stay on scale of a all time height in the next two week we can reach $19000.

p.s. My work of past few months to be shared with All Steemians please resteem and let it be of great use TFDSRE: #1, #2, #3.

i dont think so that it is going to 19 k in next 2 or even 4 weeks .... but it is possible also.

if you look at this long term projection it will surely go maybe much higher.
b017.png
But maybe haejin's correction will roll on and the much lower entrypoint will be reality.

Thanks for the news!

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HODL Bitcoin and diversify your portfolio. Thanks Haejin for an update

Good coment, hold bitcoin :D

What is the truth the blue pill or red pill? Bitcoin Cash or Bitcoin?

BCH is the redpill, take it.

I think BCH is the real bitcoin. BTC is a complete rip off right now.

HOLD EVERYTHING!!! (ok maybe not everything)

Maestro! You can characterize Gridcoin (GRC) ?

  ·  2 years ago (edited)

hi can you send some details about it.

I'm torn about what the best place to send you for more info is.

I would check out the official site: http://gridcoin.us and I would also browse the #Gridcoin posts. The community is very active on Steemit.

You have to ask haejin!

FUD Alert: Justin Sun Didn’t Cash Out $1.2 Billion of Tron Coins
https://steemit.com/justin/@farkew/fud-alert-justin-sun-didn-t-cash-out-usd1-2-billion-of-tron-coins

GREAT POST!Help me Follow x Follow From venezuela

  ·  2 years ago (edited)Reveal Comment

haha this sneaky reflink

Still “paused”

Some disagreement in the TA community at the moment regarding this correction. I am hoping that your prediction is the right one!

Corrections are the nemesis of TA :-), we know they have to happen, we know how to take some probable targets up or down, but predict their path is a nightmare ...

I only hope it's just one more to go and not many more...

Just chill'n on the block, riding the waves with total confidence either way.

Yes but I am anticipating an entry point and an exit point for me to exit onto an alt coin.

Thank you for the mention! And thank you for your hard work! You are helping a lot of people to learn!

great time to buy!

Good to know, I'm buying even more btc if it does hit the C wave!

Wish we could break 20K soon!

Could you please do an update on Omisego?

I had extra time.

This is only my point of view. Your decisions are your own. It could be like this;

I want to make a t-shirt for this whole @haejin movement...reply and let me know which quote should be on it. Here are some ideas:

  1. MAAAAAASSIVE PROPHETS!!!

  2. Awareness is Key

  3. Ladder In...

prophets rly?

LOL That's phunny 😏^^

BTFD!

How did I forget that?!!! That might have to be it!

  1. Help and do no harm! ( this has the most impact and it's not specific to investing)

The best one!

man thats unbelievebal, I've been discussing just this weekend with my brother that we should do some haejin merch :-)
don't forget the following:

KABOOOOOM
ORGASMIC LUNGES
It's a triangle!
Shall we team up? I have some contacts on fiverr that would do some beautfiul designs :-)

edit: BTW: whats your weird fetish about massiv prophets? :-D :-D

Sure, Let's collab...I got some designs in mind...Definitely "KABOOOM" and "BTFD". Also, maybe one with a chart showing a cup and handle (with a symmetrical triangle correction) and then a target price on it?

Take profits humbly.

All of the above and below.
And also:
Hurry up and wait

This is not a game of certainty, this is a game of probability.

ORGASMIC LUNGE! This name just needs a band.

@haejin :
Would love to see you analyzing the Silver Chart!! please upvote if you do so!

  ·  2 years ago (edited)

Thanks for the update! One question that still concerns me and you might have overseen it the previous time; what do you think about the total crypto market cap as shown here?

https://coinmarketcap.com/charts/

If you check the chart I could apply EW to it and would come to the conclusion that we are building Wave 5 and a major total market correction is next. I'm really interested on hearing your thoughts on this @haejin

If you check the market cap in the last few months ( the exponential growth) it looks like there is a pattern of 3 step forward ( lasting an average 8-10 days ) and 1 step back ( lasting between 1-3 days). Right now we are almost done with the step back and I think by tomorrow the market will start going up again.

Honestly I don't know what to think about applying EWs on the marketcap. There are so many variables inside of it that I just cannot wrap my mind on how there would be a sentiment on the overall marketcap. I really doubt most people give a f**k about the entire market, since just being in it does not guarantee you profit. ( even though most of the coins go up...there are still lots that went down).

Robbie, the exchanges are closed to new entrants so influx of cash has stagnated. A lot of capital "bled" to smaller caps and large caps are in the red so current investors and traders are weary. We need the accessibility to new entrants to improve to resume the climb of overall market cap of cryptos.

  ·  2 years ago (edited)

I'm also not sure if you even can consider applying EW here.

No idea how to think of that but surely if you see this enormous and quick growth of the cryptomarketcap it makes me wonder if this is just the beggining or if a correction is inevitable. Any more inputs?

check now how the total market cap follows the rules of EW, I find it amazing and will use it as a future indicator to forecast the next major pullback

I am also interested in this one. But if last correction of BTC didn't started market correction, than what possibly could?

check the total market cap now, it clearly shows a correction, seems EW was appliable after all

I thought I was the one who gave the possible triangle alternate of a few days ago. Oh well! I don't need the praise! Master Lee's approval on the comment was more than enough.

Thanks. I started to worry .

Having enough space to handle all transactions, whether on #BTC or #BCH, improves the privacy, fungibility, and decentralization of Bitcoin.

It's so goofy to watch BTC and BCH maximalists argue over speed and transaction fees on STEEMIT, a fee-less and instant blockchain.... lol

  ·  2 years ago (edited)

The median transaction fee on #BitcoinCore is 64,500% higher than the median fee

please stop calling BTC "Bitcoincore", thats a poor marketing strategie of BCASH

What makes bcash more preferable to any other digital currency that is not bitcoin?

Like... y'know... Steemit? The crypto we are all transacting on right now that has 3 second block times and free transactions.. lol. So goofy to see the BTC vs. BCH pissing match here of all places.

Wow write about it on yours.org

The first chart projects the end of wave 2 lower than the begining of wave 1.

Thank u bro.

Did you know Kodak introduced its own new cryptocurrency KodakCoin and shot through the roof after the announcement last Tuesday? https://steemit.com/cryptocurrency/@lionsground/kodak-introduces-its-own-cryptocurrency-kodakcoin

why is it in a ABCDE correction and not a ABC on the week view....?

thank u everyday

Hello @Haejin and fellow steemians!

What do you think of BAT's recent development? It looks a beautiful cup&handle forming on the BTC pair.

If we do get a C & H than most likely a minimum growth to 22-23k satoshi is expected.

Looking at the USD pair this seems to confirm it and my target is close to $4 usd. I tend to elapse correctional wave 2 & 4 because of the hurry up and wait syndrome. However we all know how vertical can wave 3 and 5 go.

This is my analysis based on what I have learned from you @Haejin and I would love to hear your opinion on this.

However I do want to mention that based on a fundamentals I really think BAT is an undervalued tech. Compared to many of the coins that got pumped so huge based on some promised tech, Brave browser is a released product and while it is still in it's early phases it is actually very good.

I have actually dropped Firefox & Chrome after more than 10 years in favor of Brave. The inbuilt addblock system is already worth enough for the change. Not to mention the payment/reward system, that might actually change how web marketing works.

Thanks again for being awesome @Haejin! And I am VERY glad that you guys stopped the flaming war nonsense.

Nice to see a fellow BAT bull :-) I'm in BAT as well and I'm positive that the C&H pattern will work out for us ;-) Wishing you a succesful year!

Thank you

perfecto análisis, gracias por la informacion

Thanks @haejin !!!
About the flag war with the jealous/idiots/bullies of steemit, is it over ? Maybe I can take some of my steem power back ?

steady and perfect post @haejin

Thanks for the analysis! It's really helpful!
Upvoted!

Great analysis

@haejin Do you think it really could switch between BTC and bitcoin cash ? I mean that bitcoin cash would be the "real" Bitcoin ? Thanks for your Update !

why would this happen? bcash stays bcash and once lightnigh is applied to BTC bcash has not much of any use left.

Amen

There is a reverse shoulder-head-shoulder formation:

Thanks Haejin!

good job dear @haejin
I like it..all time your post dear
I love your post dear

I just wonder when another coin will over throw King Bitcoin...

And our former king becomes a peasant.

why would bitcoin become a peasant? surely not in this or in the next year

I didn’t say this year or next- I said when....
It will happen I’m sure. Maybe not any time soon but it’s dated- and it’s only where it is by default.

I wouldn't bet on that, BTC is constantly improving and already the lightning-update will be a big step further. Of course BTC might be the prototyp for some currencies that are out there in 5-10years but yet it is still THE Cryptocurrency and I'm absolutely sure that this wont change during the midterm.

Lightning can't happen soon enough IMO.

Amen lol

if they manage to apply it in the next half year I would bet there is not much to worry about, but we will see. Please dont mix me up with a huge BTC fanboy, I know it has its flaws at the moment but the brand is just so huge and if ppl know about one crypto then it is BTC and it takes a lot of time for the public to undergo a certain shift

Good point with the updates- that will prolong its longevity for sure.
As far as the midterm- you’re probably right about that too.
Unless more countries start to make it illegal or an impossibility to own. Hopefully that won’t be the case but I feel like the ability to do what we’re all doing won’t last forever in the United States- it’s gonna become harder I’m sure ..and soon

Thank you so much for these details @haejin!
Could you do an analysis on the coin: Zero, ZER?
I am not sure where this coin is going to.. :)
Thank you!

really like your material. see my steemit too guys. i post similar stuff

thanx for the information

Thank you @haejin for you analysis, you really help us to make money!

You are the best Haejin. Thank you. How about an update on DASH?

Thanks buddy. Great stuff I am buying in on all dips with BTC. And then holding long term. God Bless this Stemian Community.

Thx :) Very veryyyyyyy

How can we calculate for each Alt we have to get exchange rates for 13203 dollar BTC? They will not stay the same when BTC gets there.

I'm watching alts, last week some were in opposite phase, then this week some seems to be in phase, I think they just make their independent pathway, of course BTC can change some thing a little bit, but at the end of the day alts that have to go up will just go up no matter what. Just looking at the charts of BTC pairs not even trying to understand what BTC volatility can change to it put fear and greed away imo ... I'm saying that but I'm still trying to understand their correlation even if I know I should'nt :-)

The patterns keep on changing.
I think we are at the end of the BTC correction and some passage onto BTC is good advice.

Thank you most part of my portfolio is in bitcoin for long time.

for me it is 5-10% but I'm planning to push it up to 20%. More I wouldn't recommend since the alt-potential is so huge and diversification is very important (not only for the gains but also for to losen this dependency on one single coin that might drive you crazy when you have this price swings)

Ive got bitcoin by cloud mining and some profitable trades so price its not so important I love amount.

well you for sure wont be doing much wrong with holding BTC for this year.

I have been holding only btc as well, unfortunately I got in only in september 2017 and bought until almost 1.15BTC. About a month ago I started to diversify my holdings and now I have a value of 3 BTC without any additional investments, so thats about the amount ;-)

Diversification is really importnat, not only for cryptos but also in general, maybe you want to give it a second thought.

as I said only a part of my portfolio is in BTC I have KCS ETH EDO XEM SGR BTX

Thanks as always. What is your take on adToken (ADT)?

What do you think about this chart?

Also it could be a zig zag which the price could go down to 10k again.

Permabear !!! I'm also one !!! Back to 10k$, even 8k$ !!! then up of course.
That's also what I'm hoping for to buy cheap, so ..... do not know if this have to be my main count :-)

Per this chart point, "D" move beyond the ending price of "B". I do not know if we could consider this one as abcde pattern.

People, what do you think – is there a chance for bitcoin reaching 100 000 USD this year?

of course there is a chance, but it wont help you because noone ownes that crystal ball. keep track on the charts and you have the best chances to avoid surprises ;-)

If Wave 3 is double of Wave 1 and takes the same time we are at 51000$ by the end of the year.
Of course neither Elliot Waves give you a time nor you know how big Wave 3 is.

Keep learning and you wont care much in a year tho

Good luck bro

xantos Actually the rules of Elliott do give price and time when combined with Fibonacci.

Wave 3 must be a minimum 100% the price and time traveled in wave one. Generally however, wave 3 is 161.8% of Wave 1, up to 200% as upper target. You can conduct Fibonacci time projections 1 vs 3 to create a target. Happy trading.

  ·  2 years ago (edited)

I find this very debatable, IMO it is not time yet to set the label to (1). Yet we are going towards the end of a 4 and the 5 will be sitting somewhere at around 25k which then becomes the (1), dont you think so?

I think @xantos is right (just feeling, no TA involved :-) ), we're in the correction of a 5, problem will be if this correction is a triangle, rarely happens in w1, so in that case yes, we're in w4 ... Anyway it's right it's not time to label these wave, but we can try to make some guesses ... and dream about the moon :-). Let's see where price take us in the following weeks !!!

So you mean we are currently in the correction of Subwave 3 ..

Sounds reasonable aswell!

We'll see what future brings :)

yes we will see, will try to catch a view on haejins main count one the next BTC videos, maybe we have some guidance there :-)

At least 50k$, then correction, then 100k$. End of the year or beginning of 2019 imo. Just a gut feeling, obviously hoping for faster move :-)
Just HODL !!!

항상 잘 보고있습니다 ~ 감사합니다 ^^
많이 배우고 참고하네요!

투자는 자신의 손으로 잊지마세요 ㅋㅋ

Very nice post and good updating

Very detailed analysis. Thanks!

Thanks for continued update on BTC...Blessings🙏🙏

If viewing the videos on Dtube gets stuck sometimes I just need to refresh the page. Thanks HL!

So a low Bitcoin for a while then. Plenty of time to accumulate some. :)

for a while? I wouldnt bet on that, if we are now building the fifth subwave of the c-correction then we could be done during the day. how you come to this conclusion?

No no no

I like the technical analysis. Have you heard of u.cash (that's the link)? It's a significant project that just raised $100 million and has institutional support. They're based in Canada. I found out about it incidentally after meeting one of the founders.

Check it out and set up an account for free tokens: https://portal.u.cash/account/register&referrerid=4297

I'd appreciate an add to follow. Thanks!

@haejin... First of all, congratulations for what you have generated in steemit. You have gained a lot of followers in a very short time and this only shows that your content is very useful.
I think something almost as useful as the daily updates on the btc, could be some updates on SBD/USD price. SBD is really important for steem blockchain users. Thank you so much.

a very good post and useful for beginners like me, thanks for the posts

thanks

  ·  2 years ago (edited)

Thank you for keeping us updated! you bring so much value to steemit and we're so lucky to have someone like you :)
Keep up the good work!

firstly i like your post. this topics are very informative.and it is very valuable..every people don't know about this.
now every people will know it.thanks to you..

@haejin, thanks for this. Nice one

Good

Thanks friend for keeping us updated with BTC :)

thank to information

dtube is so crap @haejin :(

Thank you very much for the latest updates and keep us up to date... what do you think, the value of BITCOIN will increase in coming days or not ?

did you watch the video? either we are done with the correction already or we dip a little further

now you make it known to us nice one.. God bless big up.

I think Bitcoin will stagnate untill Sunday and then it climbs up to 19.000 $

Tnx. .a lot this is quite helpful for me...

Who was it that said, "thank you because I don't understand nothing"?