Bitcoin (BTC) Morning Update: Volume Doesn't Confirm Head & Shoulders

in #bitcoin3 years ago (edited)

SUMMARY

Note: The Haters and Downvoters are trying to kill six day old blogs to kill all credit! How sneaky!!

Bitcoin (BTC) overnight price action shows a corrective pathway that seems to have completed wave 3 of C or close to it. Following blue wave 3, wave 4 should be next with a bounce. One aspect that has nagged me is that the Head & Shoulders is not confirmed by volume. The volume of the Head should be highest but it's lowest as shown below. So, technically, it's not a H&S Top.

I've updated my Elliott Wave corrective count to show an Expanded A,B,C correction. Observe how three wavish the red A and B waves seem. These are labeled with their subwaves in white a,b,c. Note also how red wave B is higher than the start of A; this is the sign of an expanded flat and cryptos love this pattern. That means, from red B wave down would be C wave and it has five subwaves which are shown in blue. Therefore, this is now my primary count.

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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

Follow me on Twitter for Real Time Alerts!!

--

If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf


Legal Mumbo Jumbo: 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.**

Sort:  

Hello Haejin_CryptoAnalyst
How do I get a program to study the expectations of the chart as explained in the video?

Haejin does daily lessons, has tutorials listed at the bottom of each of his posts, and also offers 1 on 1 coaching sessions. The books he recommends are also listed at the bottom of each post. Thanks for Your Support!

Hello @scarlet7
Thank you for the information, Deserve all respect and appreciation, And further development in the world of steemit.

Shame!

@haejin brings harm to the Steem community by flooding the Trending page with useless content.

@haejin considered most harmful person to Steem ecosystem these days. We have free community, but small means censoring scammers like @haejin. The only effective thing we can do is to leave message, right here - at the top!

This is my personal opinion and I can express it, because I am using the free platform called Steem. You can downvote this message, but it will cost you Steem Power and, as a profit seeker, you will earn NOTHING.

Head and Shoulders Above the Competition Sits One User.....and that User Shall become INVERTED HEAD AND SHOULDERS!!! High to the Moon You Shall Go! There, the Largest Whale in All the Galaxy Shall Greet You! Like the Mighty Atlas, You Shall Bear This Great Weight! For Unlike the World, The Whale Shall Not Roll Off Your Shoulders Should You Try to Shrug and Walk Away!

couldn't we just not upvote this guy? then he won't make any money, sorry I'm new to steem

Just a little Christmas Tree correction. It'll be back like Schwarzenegger!

@haejin going in rocket speed to reach 7k followers! Hurrayyy....

Haejin.gif

Thanks for your great analysis bro.. you are superhero for us:)

You should send @berniesanders a big thank you. You've been Meme-ified!

Nice move! I tip my hat to you sir. Well played.

Bitcoin will be at $50,000 in a few weeks.

Through additional market manipulation by Big Money, which is now in the game. I'm not sure about $50K.... but back to $20K really soon? Yep.

Nice analysis mate!

Well know soon enough if this is a short correction or the beginning of a downward trend that might last a while. Buckle down the hatches and be happy that you own steem and you can use it to do something for you rather than holding other coins that do nothing really!

I am Hodling Steem , BTS and Vechain .

Forget Hodling....I'm adding BTS and XRP.

check out vechain too .

Thank you Bitcoin Lord. You have blessed me again. I shall spread my seed among all the women of these "Low T" goldbugz. They can't do the job, obviously.

I see a lot of people getting freaked out right now...haejin has been very clear to maybe take some profits on the way up so you have dry powder to buy on the major dips....think about this guys...the NYSE just submitted a request to form a Bitcoin ETF including Proshares...The investors at the CME and CBOE are salivating right now and will pick up these coins undoubtingly , even if we go to $4000 or $2000...the mad rush into the market by HUGE investors hasn't even begun...this is an opportunity of a lifetime. Don't let this fool you into thinking it's dead...hope you guys are doing well and BTFD stay deversified....thanks for the great TA haejin as always

There's also corroborative from other professional sources that LAND IS IN SIGHT and in any case this dip is NOT as deep as the earlier two this year, compare. So the entire doomsday panic is myopic, can you guys please man up (?) and stop cucking.
Bitland expects all its virtual subjects to do their duty !

It seems linke everytime I read your blog posts, I learn something new. Thank you Haejin.
(edit:spelling)

Just bought 2 @ $11,500. Happy man here

It’s a “fire sale” just like years ago when BTC dropped from $900 to $200 and we just kept buying

While charts are useful to map patterns of the collective minds of the market participants, when you get into volatility like this just remember one thing...

Buy low and sell high

This is an awesome drop that should be celebrated and not worried about. If you have faith that the market is there in the long run, then what are you worried about?

I may be new to steemit, but not new to markets... been doing this for 30 years.

Good luck all!

@haejin I know there are a lot of haters out there that are flagging cause of some stupid post from a unreliable source and they are all Ignorant to the facts...1 source says you take 6% the reward pool...the other just says .6% ..now with just that being said and with any common sense at all, you would see that there is something wrong with the numbers! Dont belive just hear say you ignorant whales!!!! DO YOUR OWN RESEARCH AND LOOK AT THE CONTENT THIS USER PUTS OUT!!!

People need to chill out. If this 'war' continuous than that won't boat well for Steemit's future.

Yes he isn't and I love him too but there are many people who hates him because of their greed. Please read my post for full update

good

thx clear information

@haejin sailing On Bitcoin!

7.jpg

i bought btc man... thanks to you:)

if you read his post in time, you could have avoided the crash. but oh well. They predict Bitcoin to reach 1 milly in a few years. No biggie..

with all the respect to you I have to say that you were and are wrong. You let your feelings drive your decisions. Hipnotized by Bitcoin.

08192015-The-Head-and-Shoulder-Price-Pattern-dph.jpg

That was my understanding of h&s volume as well. I posted this two days ago:

And now:

From: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_top_reversal

Volume: As the Head and Shoulders pattern unfolds, volume plays an important role in confirmation. Volume can be measured as an indicator (OBV, Chaikin Money Flow) or simply by analyzing volume levels. Ideally, but not always, volume during the advance of the left shoulder should be higher than during the advance of the head. This decrease in volume and the new high of the head, together, serve as a warning sign. The next warning sign comes when volume increases on the decline from the peak of the head, then decreases during the advance of the right shoulder. Final confirmation comes when volume further increases during the decline of the right shoulder.

This is just a correction on my opinion. Its probably a "whale" that is selling his bitcoins and getting the market down. Its a good chance to buy the moment we see the trend going up again. I'm waiting to invest on it. :)

So far, you have called everything correctly, except for ETN (I'm glad to see ETN is surviving the bloodbath today). Excellent posts!

We will get through this correction! Don't forget, the fork is the 28th! Make sure you have Bitcoins in your Coinbase account so you get 2x coins.

ETN did amazing. Kind of hurts seeing BitShares succumb in the end, but ok if it's a correction.

I follow you on youtube . nice to see you here .

Should I buy BTC because now the price is low . Simply what is the future of it?

Surely understand soon enough if this is a short revision or the start of a descending pattern that may last a while. Lock in the seals and be upbeat that you possess steem and you can utilize it to help out you as opposed to holding different coins that do nothing truly!

Wait, so are we currently on wave 4 or 5?

Amazing as always @haejin! BTS is also hitting the 30 cents mark, what a time to buy a discounted price on ALL cryptos.

definitely!!!

Congratulations @haejin, this post is the third most rewarded post (based on pending payouts) in the last 12 hours written by a Hero account holder (accounts that hold between 10 and 100 Mega Vests). The total number of posts by Hero account holders during this period was 423 and the total pending payments to posts in this category was $9220.24. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

i sold everything yesterday and bought back today at 11,4K..then I saw new analysis and sold it again at 12,6K..now waiting the 10K entry..thanks so much master!

We love Haejin Lee, analyst and man! I earn a lot of wealth with his kind free posts and i am forever grateful. Please UPVOTE HAEJIN!

so would we have another wave of correction, or is that it?

According to his correction, it might rise up to 15ish and then drop again.

Carefully orchestrated sell orders. The 'High-Priests' have unlimited resources to cause panic.. nothing responded well yesterday. 12/21 was fatcat's revenge.

Thank you for your thoughtful analysis Haejin.

I think BitCoin will recover decline in 2018 . I think BitCoin will be $ 50,000 in 2018 @haejin

Scary times really. All alts are down 20+% as well

thanks for the post


Me watching the #Cryptocurrency market

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 314.54 SBD, based on the pending payout at the time the data was extracted.

If you do not wish to receive these messages in future, reply with the word "stop".

Dude you nailed it! I wasn't sure of your prediction yesterday but I realized you were totally right. Thanks for the guidance man

once again, thanks @haejin for this update.

I want to buy

best post.thanks for sharing

The CEO of COINBASE/GDAX should be FIRED!

I got nothing but love for @haejin . He puts a lot of effort into his posts and honestly believe is trying to inform and teach the masses utilizing a speculative method that has some merit. Even though I believe that instinct and gut have a lot to do with this game we play, it always good to hear another persons view of the crystal ball. We as individuals have the ultimate final decision. Pointing fingers at someone else for your mouse clicks is ridiculous. Keep it up dude!!

Thanks for the update Haejin! Been diving into your tutorials, they definitely helped me! Thank you!

nice! Bitcoin is taking over

Thanks for this! as ALWAYS!
maybe the fact that coinbase and other portals are down has reduced the volume...?

Haejin,
It's so rewarding to be able to follow what you are saying and relate it directly to the book. Don't mind the naysayers and haters, they are just like the waves and are bound to correct in time.

Thank you, be in touch soon.

Thank you

It's already making a comeback. Long and Strong!

Sorry you're having to deal with that. It's beyond ugly..Thanks for the info. :)

Hello Haejin_CryptoAnalyst
I want to get this program to study the expectation of the chart as it is explained in the video? possible ?

very good realy post

Hello Haejin_CryptoAnalyst thank

we wish all BTC and other Bitcoin Fans good luck for 2018:

https://twitter.com/BitcoreNow/status/944515253777387520merry-schrist.jpg

Thanks haejin!! I have been eagerly waiting for your analysis. Sold all my alts yesterday based on your analysis and bought them back at cheaper prices today at 11K level. Am already a happy man. Your analysis is always to the point. Keep spreading your knowledge.

You gotta do what you gotta do man.

Thank you for this info

Hello, great work, i liked your post and reward it with upvote.

I'm running budget proposal campaign on Steemit for funding my future STEEM Windows and Android app - STEEMER. If you would like to contribute, please visit my post for details: https://steemit.com/utopian-io/@cryptomonitor/steemer-your-future-steem-blockchain-transactor-windows-android-app-funding-update-23-12-2017

I gave you on an upvote, I am not at all a fan of these knuckleheads have some beef with you. Baseball star Jimmy Rollins once said "if you don't have haters you aren't doing anything in life." I am giving this a try I know you are really busy on here if you had some input on this idea I would greatly appreciate it.
https://steemit.com/auction/@cryptkeeper17/live-auction-winner-receives-via-usps-mail-2-kris-bryant-2013-diamond-prospects-rookie-cards-read-details

Thank you so much for all of your help, wisdom and guidance @Haejin! We will see this correction through and be ready for the next moves up, whenever that may be. Patience and discipline.

Coin Marketplace

STEEM 0.16
TRX 0.02
JST 0.038
BTC 10521.08
ETH 345.33
USDT 1.00
SBD 0.97