SUMMARY
Bitcoin (BTC) price action during the day did not put in a lower low. For now, this is important. As the chart shows below, the expanded flat is still in play and the c wave could be in since its five subwaves are so crisp and clear.
The below chart shows an impulse white circled waves and a subsequent a,b,c correction. Price has to now put in a higher high.
The alternate count shows that perhaps one more lower low could have potential but not the primary count.
Chart Pattern Recognition shows a bull flag and price is expected to impulse up from here.
I've heard alot of rumors of collusion against BTC in China, Roger Ver antics and much more. I pay no attention to any of that but Technical Analysis. I can't afford to comingle rumors, news, etc with TA because it'll obscure the discernment. The cartoon below pretty much sums up what's going on the rumor/news mill.
Much more in the video!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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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BTS Wallet - haejin1970
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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.**
The amount of unsubstantiated rumor + FUD on the bitcoin reddits was off the charts yesterday. /r/bitcoin thought they were under some kind of organized attack as people flooded the sub asking why their transactions weren't getting confirmed even though they included a high fee.
So much spam on the btc network. All part of the war on btc. It seems to be ok so far but not out of the woods yet. Time will tell.
Bitcoins transaction fees are at an altime high with a large number of unconfirmed transactions. I had to pay $7,60 to move $50 of BTC around. A proposal to increase the blocksize by just 1MB was rejected by non segwit2x supporters. I can't imagine the reason why they would not embrace a temp solution while they work on the lighting network.
This is not part of the war on BTC but a war on how to move BTC forward from its incompetency to handle faster transactions vs the greed and lack of vision of some members who have significant influence on the BTC network and community.
100% true. https://blockchain.info/unconfirmed-transactions
Bitcoin doesn't even have the best developers. They wasted 2 years on a stupid block size debate. I actually ended up writing how to solve the centralization problem: https://steemit.com/cryptocurrency/@vimukthi/bitcoin-fees-triple-under-a-week-while-dash-makes-itself-10-times-cheaper-my-discovery-of-a-secret-device-to-store-the-entire
The secret device I mentioned is a simple pen drive from Kingston. You could store the entire BTC blockchain in a pen drive and swallow it if you want.
The current number on unconfirmed Tx can be simply handled by Bitshares in few seconds. BTC has become nothing but a store of drama.
Iam not wedded to either side but you present a simplistic view of things. Segewit 2x was not without its own serious issues and implementing it without replay protection meant that anyone who used it risked losing the corresponding btc. If it was an instant replacement it could have succeeded but as it was it would have ended up just another alt coin.
What I'm criticizing is their inability to let go of 1MB blocks. How come extra 50GB of storage a year became a massive civil war? This is why I gradually got sick of BTC. It's just so much fuss over 50GB. That's $20 for an extra pen drive or SD card. So much hate, censorship and fighting over spending extra $20 a year. A movement based on saving $20 a year. Death threats because $20 a year is going to make things centralized.
Dash handled the situation with maturity. Long time ago they voted on the issue. I hours they were set for 400MB blocks, near zero fees and transactions faster than VISA/MasterCard.
You know a project is done when there is a war to save $20 of extra expenses. That's just slightly over a one transaction on the blockchain:https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m
I don't even use reddit anymore....it's nonsense.
Yeah, especially the crypto-related subs. Everyone is either shilling a coin or spreading FUD in some form. It's quite nauseating.
Dope cartoon hyung. Makes total sense.
That truly is the best cartoon there is about market behavior.
AWESOME !!
Thanks for another quality post. I know you're a pure TA guy, but as a reformed analyst, this chart shows me a great entry point. I'm pretty sure that all of the big investment funds just getting into crypto are seeing as well. Still believe we will breach the $10K mark by the end of 1Q18.
BOOYAH!
I wish you MASSIVE profits!
Nice analysis, you gained a new follower and a sub!
Keep up the good work
Welcome! Stick around.....and make sure and read back on the tutorials, and just watch other videos. They are deep analysis that teach more than you could imagine.
Use this opportunity to pick up some cheap BTC!
BTC fees have skyrocked. I'd pick up some ETH.
Dash just lowered its fees by 10 times while BTC fees rose 3 times. Dash is in an uptrend and Bitcoin really has no future.
Who's actually sending it anywhere? Trade Trade Trade!
So which situation do you think is more likely? Bitcoin going up or down?
Alternate count means it is secondary. According to the primary count, it is expected to go up....and it is currently.
try Dtube, youtube has already taken your video down...
Why would they do that?
Videos are available in posts and hidden in youtube timeline.
It's up now.
DTube...for the life of me I can't get rid of the stupid IPFS error! Can't upload anything! If you know how to fix this, I'd be grateful.
Dtube is not yet ready for production. Youtube is great!
The video is up, and he has tried Dtube before and it was not reliable.
THANK YOU! I'm so tired of hearing people say "it's crashing". This is healthy, and what was needed. 6000 was a great landing spot, and we will continue the growth long-term, of course. Great post, bud!
Hi Haejin! PASCALCOIN started. What are the prospects 2$+ or more?
nice post
Nice point about Roger Ver selling 25K BTC... and what about all of the others?? Just a slice for his marketing pump budget! The cartoon commentary helped keep things in perspective.
Nice to hear your voice, again. I missed our morning chat.
LOL! You're winning the Consult time agan!
Thank you!
perfect.. 8k here we come
If you guys need a break!
https://steemit.com/bitcoin/@minatubo/satisfying-bitcoin-fork-with-kinetic-sand