SUMMARY
1st Blood is putting in the handle formation of the Cup & Handle pattern. It isn't going away. A correction often can feel like the whole ceiling is falling on you. For many who have never experienced a correction, the psychological pull to exit and throw in the towel can be strong. Such actions are often what causes the "Capitulation" stage of a correction. This is when there is a sudden surge of sell orders because many are selling out of fear and disgust. These poor souls don't understand what the Oracle of Omaha's famous quote means: "You want to be greedy when others are fearful. You want to be fearful when others are greedy." Easier said than done, for sure!
The chart below show the $10.05 target as remaining solid. The handle coincides with a wave 2 and that means a probable 50% retrace of wave 1. That handle formation would establish the base for the next run up. Bear in mind that the handle pattern to morph into any other pattern or Elliott Wave type of corrective count. However, it would likely mean a different pathway, but same destination.
The close up of the handle pattern can be counted as an a,b,c set of corrective waves. The red c wave can also be further subdivided into five waves (white 1,2,3,4,5).
The BTC pair is still in the basing stage and could start climbing and build the right side of the forecasted Cup pattern. However, as it lags the /USD pair, it will still likely follow the pattern pathway.
Legal Disclaimer: 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
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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Nothing to worry about in my opinion. We had the exact dip on 22 December then BTC bounced back up to 16k and 17k. It's another buying opportunity. Keep your head strong and HODL. I wrote about that yesterday if you're interested https://steemit.com/cryptocurrency/@drakos/the-market-fluctuation-and-the-law-of-conservation-of-money
Interesting thank you for sharing!
Hey @haejin what do you think about the market right now with the big dip in bitcoin and the rest of the alts dropping from 20% to 40%. This correction was long due on bitcoin but whats this mean for alts? Would love your opinion.
You should do an overall state of the crypto market. People are being stupid and panicking. But some of us know this is a great buying opportunity since most coins have lost more than half their value
most of coins wont recover ;) only strongest will survice and shi-tcoins will die. This is good this is .com 2.0
I think you are right, I'm not really experienced with technical analysis but in my opinion think it's about time for bitcoin to take a bullish trend it's just a matter of when; as altcoins have been getting all the attention lately. But I think shi-tcoins like you said will not resist, sometimes this kind of scenarios are healthy to clean the cra-p, coins. but BTC, ETH, Ripple, Cardano, Nem, XLR Litecoin, NEO, IOTA, DASH this coins should not have any problems recovering, well this is my opinion only.
@ehrmannii i hope your right! less shitcoins getting people's money, more solid cryptos getting invested in!
I’m not sure about that. I think a lot of coins will come back up. Even “shi-tcoins”. I dont think people are going to stop investing in useless coins for a while. But we will see. I think the market will bounce back strong soon. I hope there is another day of major losses like this. It would be great to get into coins at an even lower point. And i hope SBD shoots up before other coins.
It is a phenomenal opportunity to buy right now (in my opinion). I believe it is another chance to be an "early adopter" like in 2011 if you bought bitcoin then.
Yes I'd love to see analysis on alt market as a whole.
People are reactionary by their own human nature. It is the mark of a good investor to go against this 'natural' response to normal market fluctuations. HODL! (Or Buy, whatever stage your at!) :)
Be greedy when others are fearful, and fearful when others are greedy - Warren Buffett
IDK what to do with u my friend Haejin. Your words are soothing but the outcome is bankrupting
think of it positively as you can buy low, people expect quick turnarounds
you should read this article bitcoin ripple
https://steemit.com/bitcoin/@maykocan/why-is-bitcoin-are-being-asked-to-create-the-wrong-perception
1st Blood (RAMBO) - I seriously didn't know Sylvester Stallone had created a blockchain !
Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
Well the crypto market is all based on speculation at this point.
Can you please so an mid day BTC Update please?
Is 1stblood available on exchanges yet? And is it going to be a good buy plain and simple?
on Bittrex
The game is real.
Very good post friend. I already follow you and I invite you to go through my blog maybe something you like and you can support me with your vote.
지금 상황에서 그래프 분석만으로 사람들에게 코인을 추천하는 좀 아니라고 봅니다만...
I will check it out.
People are going to panic whether we like it or not and the media is not going to make it any better.. Maybe 100s of articles are being written about a bubble happening as I write this comment. It will correct, probably the best time to buy for those that missed the boat.
What's the point of this. The market is absolutely smashed. Alts are busting worse than btc right now. Absolutely nuts.
The purpose is to learn e.w and chart pattern recogniton. My advise is to take in the knowledge and use it wisely. It’s not a go signal to buy since time is not a reflection of sentiment although I personally believe e.w can compute for time; his charts don’t show it.
Totally agree. This is (good) investors moment!
Gran post amigo, mucho éxito y buenos deseos para su blog,saludos desde Venezuela:)
This dip has invalidated many of the previously posted elliot counts. Aka it basically invalidates your supposed TA. Are you going to do recounts for them? Looks like you were just stabbing in the dark with lines and shapes if you couldn’t warn that most coins were actually in a wave 5 and a correction imminent. Instead posting that impending “explosions” were nearing. The opposite of what happened. You say do no harm but many bought in recently on your suggestions and have lost huge.
Nobody has lost anything unless they have cashed out at a loss. The market goes up and down, that is its nature... As for TA, nobody can predict the future, only probable pathways and all the signs pointed to prices increasing. This dip is caused by FUD coming out of China, this has happened like 10 times before! Just a good buy opportunity, and if you cannot buy, then HODL :)
I won't capitulate !!!!! :-)
And maybe btfd :-)
Perfect time to load up some bags! Just wish I never locked in money into ICO`s
Master says "Prices drive action not the other way around"
This dump is temporary and not ppl loseing faith in BTC.
Bitconnect shut down and scammed
BTC Short Contracts expiring tomorrow (USA)
Overseas news shutting down exchanges
This is a great buying oputunity.
'Teas very informative thread. I love it. I have to learn more about
Bit coin and this one is just a refreshing start. Thank you @haejin
After a 1000% up, a 50% down is still not a sufficient correction.
It is more complicated than the above line, because a larger portion of the public sees cryptocurrencies more favorably, but talking to people I know that most are still out, still do not trust it, and if the recent 2-3 weeks' downtrend will continue, which I believe will be the case, most of those whom stayed out will have a told you so feeling and will keep staying out no matter how low these currencies will go.
As for the underlying value, I hope Proof-Of-Work currencies will be extinct ASAP.
Inflationary currencies are bad too.
This means that almost every existing currency deserves to disappear.
This comment has received a 9.60 % upvote from @steemdiffuser thanks to: @stimialiti. Steem on my friend!
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I just paid you again to vote for this same comment.
No automatic refund so far.
I will run a script or manually return by the end of the day. Thanks
In my previous reply to this comment of yours I meant this one:
https://steemit.com/books/@missioncontrol/where-to-buy-ebooks-for-bitcoin#@stimialiti/re-missioncontrol-where-to-buy-ebooks-for-bitcoin-20180120t043048951z
You did refund me today, but you refunded me once whereas it should have been twice.
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Much more surprisingly, I paid later to upvote another comment and it got the frontrunners' votes but not yours
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This comment has received a 19.53 % upvote from @steemdiffuser thanks to: @stimialiti. Steem on my friend!
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Genial muchas gracias por la información
who are you?
ppl on tradeing view saw 18-20k as wave 5 back in november (wish I new abt tradeingview) but mr 20+yrs experience did not