Bitcoin (BTC) Morning Update: Will Price Take the Blue, White or the Yellow Brook Road?

in bitcoin •  last year 

SUMMARY

Bitcoin (BTC) overnight action has been staging what should be a minor correction. I don't beleive we are in a crash scenario. Is it possible? Yes. But, to a Technical Analyst, possible and probable are very different.

The below chart shows three pretty close pathways with likely same destination. Price so far seems to be adhereing to the blue but I believe the white would be most bullish as it'll wash out the weak hands; hence be more like a buoy that rises after temporary immersion. The Yello pathway would be next bullish because price will sit on prior resistance as support which can give the impetus for the next leg up.

Chart closeup shows that the correction thus far has been travelig well within two parallel lines. When this happens, then price is impulsing, a very good indicator to use. I've lowered the white wave 5 to around $10,300 or so. Likely from there, the blue (a) wave will complete and (b) will be ready to onset. The purple vertical lines show that waves 1 and 5 are about equal; and when wave 3 extends, 1 adn 5 tend toward equality.

The larger picture of the Inverted H&S pattern still holds. Yes, the symmetry from the left and the right is getting farther apart. Let's see how the daytime price plays out. Is the yellow line pathway possible? Yes. It could also provide symmetry to the left side. However, it is not a top alternate for me yet.

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.

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No major news to move us either way. I fear a slow and steady decline.

  ·  last year (edited)

If BTC goes under $10,100 it could be the end of the Hyperaware. But then again this is BITCOIN !!
YOU NEVER KNOW !!! BITCOIN POWER!!
Lets see if BTC can go up $11,100.

l
btc.png

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To bad, it got underneath. The effect of the bad of South Korea is bigger then expected. At the end there are many other countries who are open about regulations.

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whats about south korea again? didnt notice any breaking news that would have caused the dip

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  ·  last year (edited)
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thanks a lot! surprises me how fast some people catch up on the news

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Those news are specially meant for smashing hamsters .

Nice analysis

[email protected] the yellow line of graph #1, with probability that it touches the blue line as RS and does not goes down according to yellow.
Hope to read you again, I am voting you.

This is a polite message from a polite Steemian. Can you please have a look and reply to @anomadsoul?

https://steemit.com/steemit/@anomadsoul/hey-haejin-can-we-meet-halfway-or-let-s-have-a-dialogue-please

Thanks for the update

A very good analysis, @Haejin.
Here you can find me analysis. The right shoulder for the H&S pattern was missing. There was not enough volume.

Bildschirmfoto 2018-03-07 um 11.06.30.png

At the end we all could see a picture like that. A strong right shoulder.

Bildschirmfoto 2018-03-07 um 11.08.17.png

Here you can find my full analysis written this morning:

https://steemit.com/bitcoin/@vonbuelo/bitcoin-h-and-s-is-coming

Haejin can u look at this mole my upper inner thigh? I’ll send u pics

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Your mole will bottom at around $9,800, and from there will rise to $17,200; unless it just goes straight line.
So you have the three scenarios for the mole, it might go up, down, or sideways.
You have the full @haejin analysis

Hi Haejin i wouldn't worry about explaining yourself you are doing what we all wish we could do we are living in a free world and you can do what you want that's your business and i pat you on your back for such a great effort and following and reward pool if it aint you it would be someone else these people that bring you down have no life and nothing better to do they are just jealous of your earnings .These people will never change there ways and will be always jealous of anyone doing good. Stay strong and dont waste your time reading any negative posts cheers Deni Guerrera

Hi :)

totally agree with your count. with the leading diagonal of ABC almost finished.

1

but after the zig zag we will see... :)

Very good analysis haejin

or... its a crash like in 2014 and btc goes to 3500 dollar. Be ready to cash out and stay on the sidelines..

Thanks for taking to the time to explain trendlines and parallels. Would you explain relevance of the triangular trends? Thanks @Haejin

Hey @haejin do you mind updating BitShares?

time for a midday update! :-)

@haejin In one of your blogs could you comment on what happened to BitShares on 3rd March. There was a flash-crash over 30 minutes to below 0.16. Would this be a new lower low as it fell under the previous low of 6th Feb? Thanks for any insights.

Nice analysis, price hugging the daily trend line at the moment.

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I don't understand why people are trolling your steemit posts unless it's just jealousy. It is STUPID and reasonable people understand that. They focus on negative things. Therefore; they will have a negative outcome in their lives.

Thanks for the information provided about this.. It's a very useful one

really enjoyed the talk during this episode especially about day trading LOL - ps any eth updates?

Thanks Haejin.
Would you mind taking a look at XMCC ?
Thanks

I just want them all to be in the green (Stable)😃
It doesn’t have to go to the moon right the way, but no dips 🤦🏾‍♂️ I’m tired of all that RED DIPSAUS😫😫😫

I like the yellow line scenario best!

screenshot_2.png

HERE'S WHY?

But it looks Verge crashing.It is on the lowest level since 6th February.

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I think it’s just still correcting

Great analysis - watching this closely over the next day or so

Good insightful read. Thanks

  ·  last year (edited)

As a friend of fractals would you say the fact that we had a 0.5 Fib Retracement at the breachline at the smaller H&S at 9000$ is relevant?

If it is then the correction should be completed right now

Greetings @haejin
It's seems we both posted our analysis at the same time. I would to hear your opinion on my analysis. Also any thoughts on how I can improve my blog? I know you're a busy guy, but take a look if you have the time. Thanks Again Bitcoin Morning Analysis

I'm still learning TA and EW but I think we could still be in the A of the correction, in the 5th wave. But the C could really bring us to the 9k level, between 8,1k$ (.681 fib) and 9,5k$ (.386), probably around 8,8k$ (.5).
My best guess should bring us to 9,2k$, because it's a strong resistance, because if we are in the C of a flat it's the level of the A (top of impulse : 02/20) and if we are in the A (top of impulse : 03/05) it's between .386 and .5 fib level (of course it will bounce from like 10,2k to 11k+ to make a B wave then go down again).
Time will tell !!! Guessing about different count help to wait for the next rally :-), what do you think about it ????

It's not on the chart but in both case the major downtrend line (that was a resistance) can still act as a support !!!

Another great update! Keep it up!

I'm not a chartist, but it seems to keep testing that resistance level and dropping back. It looks like a head and shoulders, so I think we are still in a bear trend.

Thank you. It's good to hear your perspective on the action this morning. Keep doing what your doing. There should be no censorship on Steemit. We are all duty-bound to fight that.

Друзья добрый вечер!
Друзья я предсказал глобальную коррекцию, следуйте за мной.
Мне жалко тех людей, которые следуют не за теми аналитиками. Пусть у меня нет внушительного стажа, но я прогнозирую гораздо лучше их. Друзья следите за моими новыми обновлениями, я хочу просто помочь новичкам и не только, сэкономить ваши финансы.
#cryptomax-https.www.youtube.comchannelUCn1SIM9lk0V7kfv4EPg240A.jpg

None of the above..

  ·  last year (edited)

Mr. Lee Please provide an analysis/Update on ETC looks like its about to start wave 3. Every possible factors suggest a good buy time. Even though I Got a ton of ETC because of that airdrop non sense but nothing happened I am HODLing. One more thing Volume is solid too.

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