Bitcoin (BTC) Mid-Day Update: Precisiont HIT of Downside Elliott Wave Targets!! THIS IS THE POWER OF TECHNICAL ANALYSIS!!!
SUMMARY
This morning's update showed the below chart which called for the primary count to follow the blue circled waves.
I'm pleased to see that circled blue waves 3 and 4 have been adhered to very closely to the projected pathway as shown in the below chart of current price for Bitcoin. DAMN! That's HIGH PRECISION HIT! I believe the blue circled wave 5 could be complete soon. This will mean that five blue circled waves could be complete any moment and so it would call for a retrace as per Elliott Wave rule. That retrace would then complete the white wave (iv).
This downside move is only a correction....NOT a crash...NOT a COLLAPSE...THE TOP HAS NOT BEEN PUT IN, IMHO. The downside has been very controlled and thus methodically washing away all the weak hands...those uninformed traders who only shoot from the hips hoping to make a profit, or practice the shot gun tactic desperately trying to reduce their losses or even worse, just trade by their instincts and gut feelings. Once these innocents and idiots have been washed away, Bitcoin will once again resume its UpTrend!!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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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.**
Nice call and I agree...this is a "correction" not a crash. We had a great run up, now it's time to reap profits and get weak hands out. I have fiat on the sidelines and moved out of BTC and into alts in anticipation of this. I'll be placing orders around the $6200 range for BTC. Hopefully I can grab some at that price. Enjoy the weekend and happy trading!
I like you thinking. Can you put that into an Elliott Wave chart?
Very precise! I watched your video yesterday and considered moving to cash; oh well, there will be other opportunities.
"Elliot Wave Principle" arrived a half hour ago, I'm on page 24! :)
Thanks so much for your encouragement.
Opportunities are like buses....many more to come!
I am grateful for your UpVote!
Well done, let's see who wins... there's voices on the web hinting that the vanishing of Segwit2x and the rise of BTCash were a concerted action with which the Vers and Wall Street are trying to replace the entire deck of cards. Will Bitcoin (classic) suffer ? We have a bit of a crypto market setback, that's for sure. Wondering whether this is shaking the psychology enough to sort of make it necessary to elasticize the waves... or not - gung ho ;)
I actively avoid news and rumors because I truly believe that news and rumors don't move the market...sentiment does. For many, this seems like an upside down thinking.
Elliott Waves states that news or events shall arrive to justify the forecast, never the reverse. This means Technical Analysis begets the fundamentals, news and rumors.
I actively also avoid other analysis. Not to debunk or out of arrogance but because I want to make and use only my analysis and as a human, don't want to be influence by other analysis.
I love your Zen of trading advice because being pure in technicals or any strategy, well that's what zen of trading is to me. I am still working on which wallets, platforms, portfolio strategy I am comfortable working with. I could've easily sold the top completely had I not suffered 3rd party losses in the past and had some trust. I only trust bittrex with a bit.. don't even trust gdax.. swapping some eth for btc and when btc bottoms I will swap back ... I think since I like to hodl maybe I need to use leverage to hedge the volatility.
The thing about leverage is....it's not yours. It's the loan sharks leveraging you. The only real hedging you can do is to always be on your learning game, and always studying more to learn more, and stop listening to the hype. What you are seeing in this blog is pure and whole. That does not mean follow it blindly, but learn from it. I have studied many many strategies, and I have never found a better teacher or TA than haejin. Yes, I'm a cheerleader. I am because he has taught me to make profits in a realm that I was not previously profiting regularly in. Wallets and platforms certainly make your life in trading easier or harder, but they will not solve any issue with losing funds in the market. If you are a hodler, then consider moving your money into the very promising coins that haejin has shown over the last few weeks to have enormous potential through 2018. Your percentage gains will trump anything bitcoin will do for you, assuming you don't own thousands of bitcoins. Patience is not a virtue here, it is absolutely a demand here if you want to be successful. That is patience in your coins, patience in your decisions, but mostly patience in your learning curve. Once you have patiently and more wholly learned the techniques displayed here, your confidence for the other types of patience will be through the roof. Your worry will leave you, because you have done the hard work to get to the point where you can trust that you are making the right move at the right time.
Well said. Hopefully many will follow the advice and knowledge you have gained from haejin.
what is happening with bch?? almost @1k...could it be just an extended 5th wave?
I missed that wave I thought it was a wave b. but it just kept going. Trying to tell my self over and over its better to be out wishing I was in than in wishing I was out. I struggle most with my emotions.
lol same
same here... Therefore I set my ladders to get back in at about the price scale of wave 4. However with such a peak in wave 5, the correction could be expected to be very deep, maybe down to the level of wave 2. In that case, I'll gladly be buying even more to average the overall cost of my investment. But who knows? BCH is well and alive, so...
Looks like it an extended 5th. It' beautiful.
Remember, extended 5ths 63% of time leads to a very deep retrace.
So the 5th has already completed? Trying to learn from you.
where did this come from ? 50% up in 24 hrs - what news has caused this ?
The SegWit2x cancellation?? There's also the fact that the EDA is to be forked out shortly.
would that be because the people in support for segwit2x have now moved support to BCH ?
most likely, yes. major proponents (bitcoin classic was the first i believe) of segwit2x have announced that with segwit2x closed, bitcoin cash is the true bitcoin
No news caused this. Our minds force us to attach a happening to a cause. There are way more causes going on than anyone or any one country or any one planet can know of. The undercurrent is silent, the news is noisy. They are only noisy because they MUST attach reason to everything....there is none.
hey scarlet7 there must be some reason why it exploded 50% ?
Must there be?
Perhaps so, but perhaps the reasoning is not so plainly seen. So much going on so many places....reasons tend to become subjective.
The truly important thing here is the probable pathway was fulfilled. No reasoning needed when it was written, and none needed when it is done.
Any reason is already shown in the charts, the numbers, the equations. It doesn't need an event, we just need to assign one.
Bitcoin isn't doing that well. Scaling has become a mess while BCH keep things cheap and fast. People look at a place to put their money on. ETH had a stupid wallet freeze(not the fault of ETH). Money goes into BCH which had recent gains. Creates a positive feedback spiral and the volume grows to a point it's almost 6 times the volume of ETH.
Since the fork I've been calling for $1000+ BCH before the end of the year and currently it looks like it could go over $1500
This might even grow to a point where Bitcoin's dominance over the market would diminish to some extent.
this has to be some kind of whale pump and dump ?
I agree, but exceptions are exceptions, and intrigue is fascinating ;)
Here is your official answer.... 8 hours ago from this post....
Bitcoin Classic has confirmed it is shutting down as developers claim Bitcoin Cash (BCH) will become ‘Bitcoin’ by May 2018.
In an official statement Thursday, release manager Tom Zander praised BCH and said its validity meant that Bitcoin Classic had “fulfilled its promise.”
“It is now up to you which chain will gain the most traction. It is now up to the next billion people to start to use Bitcoin Cash. In at most six months I'm sure we'll just drop the ‘Cash’ and call it ‘Bitcoin,’” he stated.
As this FUD moves though the crowds it will definitely influence the sentiment of trading. Might be a good time for Master haejin to review Bitcoin Cash soon.
https://cointelegraph.com/news/bitcoin-classic-shuts-down-as-staff-claim-bitcoin-cash-will-rule-in-6-months
Bitcoin Cash=????$ ?
hmm interesting ! crypto space is bonkers and so hard to keep up !
Precision hit indeed. I was watching the live chart with yours right next to it the entire day. Right on the money. Great job!
I am far away from tacing my own waves, but, for the first time I did manage to place my orders and sells at right place :D
THANKS!
lmao! nice work
Right on spot, as usual!
Do you have an advice about the Monero situation? You were saying that it was in corrective wave C but it had a breakthrough yesterday. What's your opinion on that? Beginning of impulsive wave? Thanks
haha it's too bad i used to be one of those "innocents and idiots" . thanks for the updates!
Me too.
And once again @haejin hits the target. With my counts and his main count lining up I was able to short BTC for a nice profit. I don't recommend shorting, it's very risky with BTC especially. However, what I've learned here, and that lining up with haejins charts, THATS THE POWER OF TA BABY!
Haejin,
Great work, much appreciated!
I tried to send you beer money via LTC address, but I keep getting "not a valid address" warning. Please check the LTC addy.