Bitcoin Cash (BCH): Can you see the Forest from the Trees? Technical Analysis can HELP!
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SUMMARY
How many are now panicking from the current correction? How many are feeling your stomachs churn? I believe Technical Analysis helps to see the big picture. In fact, viewing the degree of trend could help.
The below chart looks a bit messy, but let me take you through it. If you step back and see the wider angled picture of Bitcoin Cash (BCH), you can see how the left most white five waves are actually themselves sub waves of blue wave 1 which is of a higher degree of trend. The subsequent red a,b,c were the subwaves of the higher degree of trend blue wave 2. So, what happens after wave 2? Wave 3 is next. You can see how blue wave 3 can't be lower than blue wave 1 in an uptrend. Therefore, this means one can have confidence in the probable outcome that if wave 1 and 2 are complete, then wave 3 up is next. How you arrive to wave 3 becomes less of a concern. This way you allow the price to flick around, at times like a fish out of the water, and let it attain wave 3. This is the way to see the forest from the trees which is really no different than varying degree of trends.
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?
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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.**
The spikes on Bitfinex were ridiculous:
But look over ETP! It looks like 0.0000... I think this must be related to stops or trailing stops being "market" orders, so it swept the whole order book! I refuse to believe so much panic happening!
Always use LIMIT STOPs
What a zen approach to TA. You should write a book, The Tao of TA :)
LOL!
Thanks Haejin, you are right I had a strange feeling in my stomach as I saw the doublenumbers in red. ;)
I hope you will warn us when the reals storm comes up!
Thank you!
I shall!
I'm straight up happy about price dips now!
Watched BCH these last days but did not buy... BTC is back above 10k after falling 2300 in just one hour... it was breathtaking to watch, Niagara ;) Would you have a look at what this guy has to say ? Just five minutes
Mass adoption is just starting, a massive correction is nowhere in sight. Just not possible. The $300 billion market cap is a drop in the bucket compared to what 2018 will bring. I wouldn't sell anytime soon, especially this month. Unless you're a day trader and you need profits to eat.
I think you are right about this
very possible. Haejin previously called a massive correction down to sub $1000 once wave V of V is complete (think we may have just seen iv of V). Since price has gone up way higher than his first count, $3000 could be more likely than $1000 IF the massive correction occurs.
Well, I got out before, awaiting the retrace (and missed out on the spike) but hadn't counted on THIS... lets see it philosophically, it either goes wild again or we'll have some very interesting buy opportunities soon.
The correction won't be an "if", but a "when". We are absolutely witnessing a parabolic movement in cryptos right now... how high will it go? We'll all wait and see. I believe the depth of the correction will be dependent on the time frame in which it occurs. The longer the correction (the slower and more steady the decline) the deeper it will grind. If we simply see the legs swept out from beneath the market, it will find its feet again rather quickly and I don't believe BTC will approach the $1000 (or lower) mark if that is the case.
I believe the When will be when the Alts are done singing their bullish oratio
The MASSIVE correction not until the Alts sing their song on stage.
I completely agree with you.
Thank you!
Is this inverse cup & handle valid?
https://www.tradingview.com/x/3hH1JhMx/
I've never heard of an inverse cup and handle.
I need a system to protect profits so I am not riding such big downturns. Difficult when trying to eliminate 3rd party risk by NOT keeping portfolio on 3rd party exchanges.
Yes I was seasoned by Gox. Please advise.. Looking forward to bts offering advanced orders and better liquidity.
View my tutorial on buy/sell setups.
http://thepatternsite.com/icup.html for inverse cup & handle reference
hello Haejin
could you do $RCN please, https://coinmarketcap.com/currencies/ripio-credit-network/
going to blast soon.
Dear haejin, thank you so much for the information and guidance you provide to the community. I've been following your analysis and charts for a few weeks now, and look forward to the future. One quick question, has the behavior of BCH changed a bit recently to you. It seemed to be going inverse to BTC and now (like other alts) are moving with BTC down or pausing the last few days. Thanks and many blessing to you.
BCH and BTC are phasic
Thanks, great perspective