Bitcoin (BTC) Morning Update: Short Term to Long Term Scope

in bitcoin •  6 months ago

SUMMARY

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Bitcoin (BTC) overnight price action has pinned a lower low and is closer to the 0.78 Fib level. The below chart shows an updated Elliott Wave count of the what should be the last remaining subwaves of red wave C of the ABC correction. The purple lines show a small bear flag that got confirmed by price going below the lower line. If the white wave 3 is in progress, we could see a decline towards teh $6,800 or so zone. Remember, awareness keeps the panic away! More details in the video!

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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I'm ready for my buy orders to fill then lets get this rocket ship lifting off again.

your idea it really nice and valuable but i think the technical analysis can not work for crypto,now FUD makes role to make the dip price. thanks for sharing good idea

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Good T.A always can work at any market.

Thanx for info

Amazing knowledge...!!

You have a minor misspelling in the following sentence:

If the white wave 3 is in progress, we could see a decline towards teh $6,800 or so zone.
It should be the instead of teh.

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who really cares?

Thank you for your update!

Given the length of the first subwave of 5th I wouldn't be suprised to see 6.600. Unless it will be the ending diagonal.

Can I ask you to change the Golem (GNT) chart in your previous post?

good idea

SIEMPRE PUBLICACIONES DE CALIDAD...

Hi Haejin, looking forward to bitcoinlive.
Could we get an update on Verge please? Looks like it's approaching the bottom. Would like your thoughts on how much further.

look at the power of whale account @ranchorelaxo ... this post posted 5 mins ago, have total 9 votes, and already 179$ ... except @ranchorelaxo none of the other account has much steem

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after another 342 votes, he got only 189$ .... so without @ranchorelaxo he wont make more than 10$ per post.

and look how haejin is taking you to his C wave at 6500 now, since he first plotted it at 9000 ... 500 points at a time ... LOL

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it changes as time goes by. The price targets on the way up will go higher because of the deeper correction.

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yea time is the bitch... but from 9000 to 6500... not too shabby... lol
and how confident are you on a scale of 1 to 10 that the price will go higher because of deeper correction !

Looks a lot like an ending 5th wave diagonal to me.
Ending Diagonal.jpg
I see a lot of resistance between $7,200 & $7,000 and sellers are just about out of steam.
BTC Detail 5-28-18.jpg

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Nice!
I've marked it a bit different at the end.
btc2.png

I don't think we need TA to tell us that it is a good time to buy bitcoin.
TA helps but the fact that BTC is less than half of what it was at the beginning of the year, and with all the technological advancements BTC has made since then, it is a no brainer for me.
If the price goes below $7,000 then that is an absolute steal, I will be stocking up as much as I can if that happens.
Thanks for the analysis @haejin

"don't depend on the fear and greed" - no doubt! love it.

nott goood

i cant wait to see his options analysis .... that will be a circus i guess :D

if forex affected by fundamental i think bitcoin not really !!
it is about panic or someone who has thousand people control.
that will be enough to move bitcoin price i think

What about all the cup and handles analysis of many altcoins you have been posting recently? I assume the BTC price drop made most of them absolete? Please advise. Many thanks

What about your The Cup & Handle TA 10 days ago..