SUMMARY
First, I'd like to stress that you don't want to miss this video analysis. It's got tons of details and scope that are beyond what can be captured in the summary. PLEASE consider watching this video...it'll be time well spent!
When sentiment is similar across the board, price chart patterns and Elliott Waves have a very high similarity index. Take for example these charts that have very similar patterns and outlook:
This is often called "ALL the Same Market" and uniform sentiment across the cryptosphere is driving this event. More details in the video.
Now, here is a chart of DOW where price had been channeling between the two grey lines. I learned long ago to never fight the trend. If you go against the trend, your profits are dead! So, the trend must be made your friend. I also drew in the lines to an upward pointing symmetrical triangle, similar to the one I've been showing for Bitcoin. For the DOW, prices breached the upper black line and has far exceeded even the notion of a bearish wick. It is becoming a blof off topping event. And this usually lasts 4-7 months! So, I think the DOW can about double!
Now, there is the chart for Bitcoin. IF prices also exceed the top white line with vigor and doesn't have any traits of a bearish wick...then we have a different story to the tune of $13,000 or maybe $15,000. Yes, that's right, Bitcoin too could also have its own blow off topping and that could last a couple months to more. I'd lean on the shorter time length side since the "Hurry Up and Wait" syndrome would call for Bitcoin to Hurry the blow off topping. I learned long ago to follow the trend and if this blow off topping is the trend, it shall be my friend.
And now, here is the short term count for Bitcoin. I believe the $6,662 is dead ahead!!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
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.**
Did you find that DOW channel on your own or did you watch my blog? I don't blame you if you did ;-)
That was a great video.
On my own. I never plagiarize. Why? Simple, I don't need to. I've found others copy my charts, videos, sayings....I don't.
Thanks for watching.
These predictions are driving me nuts! It's so hard being in altcoins 95% for this past month, and now you're telling me Bitcoin may go even higher ?! I'm still at an acceptable dollar value, but my investment is down to the BTC value is really hanging on the edge of acceptable. I can't take another month of this! Atleast, I can, but I am not sure the market can!
It can be a roller coaster. I love roller coasts!
In rollercoasters I usually enjoy the ride down though, in this one not so much
Haejin thanks for updates as always ! I thought you have been saying we are in wave V of V and the top was $7000-9000 is that count not out the window ?
whoa. we were in the same boat. 100% in altcoins lol
One more correction on BTC then were off to $15,000!
Booyah!
Haejin, this was the BEST video I have ever watched. Youre getting very good at what you do. Thank you soooo much. Do you mind me asking? why do you devote yourself to us? why did you make it your goal to " help and do no harm"?? is there a cool life changing story behind it? or are you just suppppppper nice?
Anyways.
THANK YOU SO MUCH!!!
I selfishly hope you dont get discovered by some huge company lol so that we can all benefit from this and be able to talk to you on a personal basis like it is now.
I've been fortunate and giving back. It makes me happy to see I'm positively influencing people to learn their own technical analysis instead of just following.
I wish you MASSIVE profits!
It seems like Bitcoin is a hard call to make. It just keeps doing the unexpected. As that move toward 2 and 3 percent adoption closes in, there won't be many bear markets.
If the blow off top occurs...it coul go for a while.
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Wait are you predicting now we wont see a correction until 13-15k? it will keep on going up? I thought you were saying we need to be careful just yesterday. Whats the change in sentiment all of sudden? Thanks. We can't really compare Dow with crypto. Dow has been climbing for 9 years now without any major correction. Its overdue. I highly doubt same happens with crypto.
Did you see the video? I"m not comparing DOW to crypto, just a pattern example.
Your doubts are to keep and good to see you'll have your own due diligence.
Haven't had a chance yet will soon.
Uniformity of sentiment equals similarity of patterns.
Another golden nugget from you sir. It is so fascinating that all of these prices and charts are just such a reflection of our human projections. Great stuff as always Haejin, many many thanks.
There is a famous saying: what are words but symbols of symbols, hence twice removed from reality.
Price is a reflection of sentiment which is itself a reflection of thought. So, Technical Analysis too is twice removed from true thought as it measures its reflections. Thus TA can never be perfect.
That is the roots behind why I use Technical Analysis.
Thanks Haejin. This analysis help all us to make better decisions. I request you to please review about CVC if you can spare time for that.
Bitcoin is going all the way. I'm no longer cautious. I have been waiting for you to release this video. And I agree, this is when the music stops.
thx man
Haejin, I'm floored. This is amazing. No words...OK, one: WOW!
Matches pretty good with Clif Highs 13800 Dollar prediction for february :-)
Cooll! I hope that doesn't make me woo woo....:-)
@haejin thank you...please can you do an update on OMG
Thanks