SUMMARY
Bitcoin (BTC) currently has three consecutive rounds of downward wedge patterns placed. Each also much smaller than the prior. The below chart depicts a scenario for a Fractal #4. This would bring the price quite proximal to the apex of the blue overarching symmetrical triangle. The sequential decrease in the size of the wedge formation likely reflects the depletion of the seller population. IF the seller population was increasing, I assure you, the Wedge pattern size would be increasing and not decreasing!
Fractal #4 would also jive quite well with the MACD likely to repeat one more cycle of up/down as shown by the blue arrow line. The gist is that both would lean towards a pending breakout. Price would breach the upper blue resistance trend line while the MACD breaches the upper white line. In BOTH, the lower support lien must hold in order for this scenario to remain valid.
The bigger picture still holds the white W bottoming pathway as the primary count. For this, again, the first long term support line needs to hold against any decisive breaching.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
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When will we see SBD go up again?
Right around the time BTC goes up.
Thanks for the great TA haejin..have a great night
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Thanks as usual @haejin! I don't know how you continue to put up with the BS on this blog but I for one am glad you do.
Question: Previously at the $5900 bottom, we were thinking perhaps it was the beginning of wave #3. However, in light of recent history, it appears that perhaps we are still working on the final stages of Wave #2. What are your thoughts?
The Wave 1 and 2 scenario has not been invalidated. It's still work in progress. If the white brook road plays out as per below chart, then the wave 3 up should start. IF the blue brook road takes place, then the correction is not yet bottomed.
This is my second alternate where the whole thing is a wide scoped correction of ABC.
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Thank you sir! So, if the blue plays out then you think we are in a bigger ABC correction and if the white plays out we are starting wave 3?
I remember you brining up this alternative a while back.......
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how long will the bearish trend continue many people are now getting worried
This bear market will test the most patient investor. All i can say is that this bear market shall pass and whoever stick to the very last will be reward big!
thank you very much for you encouraging statement and word we all needed it at this hour
Bitcoin moving as expected to new lows. Bearish outlook remains the same although a short term retrace can't be overlooked. Bitcoin has closed the quarter, month and week lower now. On the daily its showing the beginning Death Cross. Atm I don't see anything bullish here. Watching the wedge for a small short term bounce. Before the drop continues
Bitcoin is making low lows on the hour now.
Thanks for sharing bitcoin
I like your bitcoin
I appreciate your cryptocurrency news
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Buying or selling actions? What I see is bearish pressure across the board, and not enough buyers. This is a changed market since Dec 2017 when the CME futures were put on Bitcoin. As long as Bitcoin is under pressure, these charts of altcoins can extend sideways until and unless we get some strong buyers coming into the picture. I am going to use WAITING actions. Love your charts, and the interpretation lately with questions and analogies. Very entertaining whilst we suffer the unknown.
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classy.feeling awesome, i really love haejin...
Thanks for sharing you
In addition to the technical analysis you might want to consider other aspects. Many investors might have to pay their taxes in the next few weeks, the reduced trade-volume reduces prices for those who need to get rid of their positions and people are still not optimistic after the Q1 bloodbath.... etc.
Thanks for sharing. Ethereum is really going down. Rhis brings me ti asking "how high can ethereum still get before the end of first half of the year?" I will be so glad to get response to this question. Thanks
It's only the beginning, wait until EOS sells remaining ether :) ... they have billions USD worth of it.
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On what exactly do we place the great fall of Eth
Thank for sharing.
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Please let me know if there is a crypt you'd like analyzed!
How about VEE?
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Verge (XVG) and Tron(TRX)
https://steemit.com/bitcoin/@goldmine2018/tokenpay-and-verge-will-moon-through-huge-partnership
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Every technicals mostly works because it is derived from nature and nature don't tell lies. But market can. Technical analysis can increase probability upto 50 percent.
thankyou very much.
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when someone is successful and gets attention, there are parodies made of their work. It’s easier to make money off the tail of a creative person than to be creative yourself and start something new.
I’m new to steemit and learning lots watching the parodies of this post - the anti-hajein posts, and bullying tactics. I haven’t quite figured out why they would bother, but watching it nonetheless.
If someone would explain what it’s all about that would be great. Would all of us get attacked like that when we get to $100 - $300 per post?
The hatred and trolling is ridiculous. Lots of anger is directed at Haejin. Much of the hatred is racist, and much of it is just plain jealousy. You can "mute" all the trolls, and it makes reading the comments much easier. The negativity directed towards Haejin is really sad, and it sometimes keeps me away from Steemit... which is a shame, because there are so many great people here. Best of luck, and if you're interested in learning more about technical analysis, be sure to check out the tutorials at the bottom of each of Haejin's posts.
I’m choosing to stay positive and the best way to handle the negative people is to mute them.
This is why purely democratic systems don't work......mob rule. The idea of Steemit is good but in practice it is not a workable model. I don't see it lasting long term in it's current form.
@haejin constantly makes ridiculous calls, not a single one has come to fruition over the last few months, despite constant reminders that we are in a bear market and that alts are hinged on bitcoins success. Even after pointing it out numerous times, he continued making bullish calls on all sorts of useless coins even though he KNEW that they were going down. He could be right about this one, but what about the 50+ other bitcoin TA's he's done which have all been wrong? Anyone can get it right if they do enough scenarios.
He has earned a following and respect and visibility. Being right and being popular are 2 different things
I like your posts.I also analyze the rate of bitcoin and other cryptocurrencies. It is very important to get the latest news and keep up to date.I follow you. Thanks.
Great article. Thank you. Upvotes and resteemed
@haejin what do you think about this?
Hey Haejin. How do you view this bear market atm? What’s your prediction?
why can't this whole correction is ABC zigzag 5-3-5. where B stood .38 of A which also satisfies ABC zigzag and by rule A=C. So we are expecting a lower low? Please comment and share your opininon
Thanks for the great post haejin!
Great post thanks!
Coins mentioned in post:
Sellers population deplets every wedge pattern because the buyers population has depleted previously. Less and less people rebuy the lows. This is so obvious.
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