SUMMARY
If you view the below chart of just the MACD, would you agree that the ideal times to buy are represented by the green circles? What about the ideal times to sell? Would you agree that the red circles would represent good sell times?
I have further updated the Elliott Wave count to reflect an ending diagonal pattern for Wave V (white). That means white wave (i) of Wave V (white) is extended and its sub waves are shown by the blue waves i,ii,iii,iv,v. When wave ones are extended, the remaining waves 2,3,4,5 are about 0.618 the height of the extension. Therefore, Bitcoin at $6,200 or so could fit within this range. Mostly likely, there will be an overthrow where prices will temporarily breach the upper white line and if so, $7,000 could be seen.
Now take a look at the pattern. A symmetrical triangle that points upwards reflects exhaustion. Yes, the bulls are getting exhausted. Now view the pattern with the MACD indicator. DANGER should be the word that pops into any Technical Analyst's mind. Ending Diagonals also correct at least to their starting point as shown by the red line. Haejin is now screaming and pounding the table saying: NOW is NOT the time to be taking NEW BUYING ACTIONS! NOW is the time to be taking PROFIT SELL ACTIONS!!!
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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.**
hey haejin your thoughts on shorting btc?
also anyone else thinking of shorting btc?
im thinking of shorting btc with bts as collateral
ALSO.....I shorted the other day, and let me give you a MAJOR warning on shorting in such a big crash.....the prices fell $500 in an instant...sounds great for me right? Nope. The market got overwhelmed and all buys and sells were frozen or denied outright. I BARELY profited once the orders went through. When it crashes, you won't be able to make market moves, and the loaner has the right to take their money back at any time.
wow thanks for the heads up
Don't overlook the fees associated with that either. If it does not fall, or a secondary count comes into play, you an loss hundreds, thousands, etc in fees alone, depending on your investment.
im using bts dex so shorting only cost pennies but still thanks for the advice. good to know
I don't think we'll see a crash till the hard fork. We may see setbacks. But I don't think it's safe to short unless BTC goes past $7K or we pass the hard fork date. BTS might still get damaged from a BTC fall. I normally short with USD as we are cursed to be dragged down by BTC every time things go south.
Even after the fork the crash may stop in the middle and go further up till November and then we'd get a real short opportunity. I really hope sub $500 BTC would be possible as @haejin predicted.
BTW respects for having the balls to think about shorting BTC!
wow awesome insight thank you sir!
Everyone be aware... BTC dropping like this will completely change all the altcoin predictions as well. Be warned. If BTC sees that much of a correction, FIAT may be king!
Wait...did he just say he likes to get sun on his skin in the morning? AND that he has a private backyard?? Are you thinking what I'm thinking? Have a nice day!
:)
Hi, but do you mean sell the alts and move to bitcoin or go all into cash?
Thank you! Can you take another look at verge (target $0.039), stratis ( target $2) and eos (Target $18)
Further to this, I have a general question Haejin: are your bullish calls on alts back on hold? If you have changed your primary count, it looks like the timeline is now much shorter: maybe a week till the top rather than 4-6 weeks? Is that accurate?
I disagree. The price of Bitcoin will keep getting higher until October 25. Don't sell today.
Then why follow Haejin if you are so omniscient?
the target is 6.2k-7.4k if i'm not mistaken. after that THE correction might occur.
Pure speculations. It doesn't just work like that . A correction may or.may not occur earlier.
Morning..
XRP Seems very very sick..can you diagnose it. Please. Would like to get out if it will not improve.
Do you actually expect XRP to be up all the time? Why can't yall just understand that all crypto currencies are highly volatile.
Great analysis! Can you also analyze GBTC?
Here is the analysis for GBTC, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/gbtc-bitcoin-investment-trust-high-impact-trade-buy-usd684-usd648-stop-usd614-target-usd-1400-profit-potential-116
Thanks very much!
@minnowpond1 has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoIf we follow the tops on the MACD, the current top must be higher as the previous one or not?
thx for the tips on eyes, but my eyes only see green at this moment. LOL!
Good call Haejin. Anyhow, I believe another impulsive bull run to be shown before a correction.
Hi Heajin,
can you please advise on BCH? I bought it two days ago after saw your post. Do you think i should keep it or sell now.
Most Atl-coins had bear market, currently at their lowest BTC prices. Can we expect Bullish Alt-Coins with BTC correcting ? Thanks !
Hi Haejin. I try to follow along with your posts as best as I can but I'm still in the process of learning, so forgive me if this is a misinformed question - I had read that in the rare case of an ending diagonal, all five waves subdivide into threes (3-3-3-3-3). You have the first wave divide into 5 motive waves here so I wanted to ask if what I read was not always true, if there are exceptions or if there's an extra degree I'm not seeing? I don't want to assume and not understand so I thought I'd ask... :) Thanks for the always great posts!