SUMMARY
A correction has a beginning, middle and an end stage. The mid stage is called the "Capitulation" stage. This is when holders sell, sell, sell out of fear, fear, fear. They are not able to see with clarity or beyond the simple arithmetic of their paper losses. The emotion and fear get the better of their decision making process and finally throw in the towel. Such activities often occur during the wave 3 of 3 which extends the most in length and violence. This is the stage when reason and analysis matter none to those who have succumbed to the sentiment of fear. Recall that sentiment is a dual state: Fear & Greed.
The below chart is showing the wave 3 of 3 labeled and it could still have further to go down. However, let's see how the overnight price action takes this capitulation phase of the selling. If the price declines below the red C level, the next "landing zone" will have to be utilized for the potential bottom of wave C. However, we are not there.
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.
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Elliott Wave Counting Tutorial #1
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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.
Look at the number of crossed wave 1 and 2. And crossed wave 1 and 4s there are. Violating elliot wave rules.
It's still a triangle, and can still be a 535 ...
You're actually right... I was looking at other coins, for example Lumens and there is this long red wick, and it just turned green... and now tell me what this looks like.
It looks like a bloody bullish wick ;)
Coins are sill waiting to go up...
Im talking about the 10s of altcoins he analysed in the last 2-3 weeks. Many of which have had fundamental violations of elliot rules according to his counts
Wave 4 can reach the level of wave 1 if it is only a wick. Also, TA is only a forecast of the future. It is not correct all the time.
Take a look at this : https://steemit.com/haejin/@robbie222/my-view-on-haejin-an-unbiased-opinion-new-followers-should-read-this-before-investing
Top Cryptocurrencies Pending Price Target and their due dates
https://steemit.com/cryptocurrencies/@salahuddin2004/top-cryptocurrencies-pending-price-target-and-their-due-dates
Looks like Haejin’s accuracy figures just went down from 80-90% to <50%
Ok first off, Haejin cant predict the future since he doesnt have a delorean or a flux capacitor. But what he does have is 20+ years of knowledge of doing this shit for us. Mind you he doesnt have to do this for us but he does anyway. I honestly dont think anyone could have predicted another big BTC correction since we already had one on december. Everyone just needs to stop being a fucking pussy and swallow their fucking pride and take the hit. Honestly if you cant handle the loss, then either dont buy crypto or log out of your accounts for the next few days. js
I agree with you
I find Haejin's posts very useful for me and in average 3 out of 4 levels he advises are awesome points of entry /take profit for me
Is he doing this for us? Not for the 100-600$ rewards/post ?
If id be haejin I'd do a post every 5min.
Many of his elliott counts have been fundamentally invalidated. If 20+ years cant help you predict a drop more than anyone else, what the hell’s the point. Probably get more value out of just buying and hodling.
Exactly.
Just buy and hodl, and buy the dips.
You would be called stupid if u did not do your own due diligence on each transaction. Haejin is only putting it out there , but you must confirm and follow each trade and make the best decision at that moment
That is when you constantly call higher hights when everything screams bearish. Myopia. It is easy to say everything goes up in extremly bullish market.
You can't blame him. I did my own TA on the coins and saw that many of the altcoins have bullish setups. However, Bitcoin just dragged all the coins to hell.
KAOS Theory never dies
Haejin is a master in his field. I have personally gained a lot in both knowledge and dollar wise based on his analysis. If you find his predictions wrong then you should follow someone else. Don't just sit and cry here. Remember TA is just a tool to help you to stay ahead of the lot. It's not a crystal ball.
Strong master who predicted the exact opposite of what happened. A monkey can say shit will go up in a bull market. Takes skill to call when to pull out. Let alone not constantly calling for the exact opposite.
Current correction pattern is one of the very first calls Haejin made when it first began back around christmas. If you followed him for a while you would have seen this and also understand the school of thought for this method. Your comment is ignorant. If you don't like it, go somewhere else.
He’s the one making all these claims he’s a master. What proof does he offer of his experience other than what he says. Also, shouldnt he be a multimillionaire already if he’s such a master of trading? You do know he’s making 10s of grands a week from steemit posts right?
So why are you here? Why don't you find someone else to follow as it is obvious you are not doing your own TA. You totally miss the point. Better sell before values drop further! lol.
How does every coin display the same correction pattern as Bitcoin? Almost exactly.
I understand that Bitcoin is the big daddy and its influence on the entire market but why do coins correct the same if they dont rise in the same?
Here's some screen shots i just took off my phone.
I could have showed another 12 coins who's charts look identical to what i showed already.
Look at them again closely i really dont understand how they can all move the same, they look like the goddamn gold medal winning synchronised swim team for christs sake!!!!
This means people are buying and selling at the exact same time across multiple coins at the same % rate of decline and rise and in the exact same timeframe?
This surely can't happen naturally?
There's no way multiple coins can all move identically like that.
Anyone else seeing this?
Anyone got another explanation?
Haejin??
Feels like the twighlight zone
A lot of trading is driven by bots. That's how you explain the very similar price evolutions. The same algortihmic setup across a lot of pairs produces the same result across a lot of pairs.
AI learning human behaviour, this may be the work of Sophia
You have to truly believe in what cryptocurrencies represent for society otherwise you will give up everytime the market is against you, I personally believe in the decentralization of money and finance so it doesn’t really metter what happens.
Weak hands go panic sell though and it is what the whales and institutions want.
You contradict yourself here.
I'm a little confused by this analysis - I thought that we would have seen over $20K after January 8th and in a moderately higher range right now? Yet now we're talking a possible $9000? I don't recall ever seeing the 20-22K?
Can anyone explain in more detail why this is?
Two reasons - EW are never guaranteed in time scales - for better time frames you need to add in other factors such as resistance/support levels, Fibs etc - most of which Haejin just ignores - works well in a bull market - not so much in a bear market - when the market is running - i look at Haejins predictions - put them into a spreadsheet and come back to them 5 days later which is typically when they are about ready. Also as Haejin says - news will always arrive to justify the TA (which i think is crap). Lastly Haejin does not care about price or the realities of the market - so if it goes down by 50% before it hits the targets you can just add in another couple of corrective waves - check out Philakonecrypto - he is much better with timeframe and disciplined trading
BTFD!
Big Picture guys!
https://m.youtube.com/watch?v=k9zbFmU4qgA
Check out my page for more material.
Don't worry, just hodl!
Đijaaaa!
It's not like this correction is an anomaly in the least. In fact, it's a freaking annual event.
just buy the dip!
Hodl me
i think im gonna just start drinking ans smoking heavy and stay that way till the market lifts
ahahahha, or just go out !!!
nah i need to be totally obliterated otherwise i might feel the urge to panic sell
Or just not look at the price of Bitcoin everyday.
The mark of a truly skilled analyst is to be able to predict when to get out. Rather than call for higher highs just as price plummets. Id say thats the opposite of what was predicted. See altcoin recommendations for reference.
https://www.tradingview.com/chart/BTCUSD/0JqCEc4z-BTCUSD-Possible-Correction-Scenario/
I totally nailed the bitcoin correction.
Please check my tradingview and steemit blog.
Good analysis, but we think it'll go even lower 😘
https://steemit.com/bitcoin/@tatchcapital/tatch-trading-analysis-btc-so-btc-dipped-as-expected-and-it-ain-t-over-yet
Thanks for your advice Haejin as always you give me the courage not to have weak hands. HODL
Of course you should always take Haejin's posts with a pinch of salt. As with anything in Steemit that gas titles like "imminent 300% gains". It's pure clickbait, in this case, it's pure "UpvoteBait" and it's not hard to figure why :)
When crypto is on an uptrend it makes sense to listen to Haejin's opinions but always stay on the backfoot because this is crypto!
I’m finding it particularly difficult to make any analysis right now because I myself don’t know where to begin.
I’m at that point where you just go to bed and pray it gets better in the morning.
Or worse AFTER you wake up to BTFD !!!!!!!
Ha! Could go both ways.
Right now, it seems to have bounced HARD off $9500 and is already approaching $11,000... too soon to tell whether it's a "thing," yet...
Terrible...
It will go back up soon... Last year, the whose who of the Bitcoin world met at Richard Branson's private island.... They hyped and pumped it up with massive circulation between friends. Right before Christmas, they cashed out and celebrated. The little people held up the price for a bit expecting it to go even higher in the short term and lost with BTC down below $10,000 today (next few hours). Suspect they are waiting for the price to fall to a target price and will start again bringing it up over $20,000 soon. Holding and considering buying more while waiting to see how low it will go. Greed cycle will commence again soon.
Thieves
Told ya... Back up a $1000 in minutes over $11,000 :-D $25,000 for the next peak!
Source?
Price started to surge after their Bitcoin / Blockchain party...
REKT
I keep track of your post @haejin thanks for all analysis
It is indeed an informative tips. keep it on
thanks for great updates, they help us stay aware.... i wasnt aware enough and sold 0,1 btc instead of buying and instantly price went up -.-" tooo tired, shouldsleep long time ago ;) (about 6 o clock here in thailand) but i was excited to watch the game of coins... massive profits to all of you!
Take deep breaths, people! With Crypto C, the issue of real value is supply and demand, not the twitches of jiggery day trading fingers and currency manipulators. :)
You should celebrate a great buying opportunity... the only question is timing. I agree that 7-8K looks probable (but don't take my word for it, I know nothing... except a lot about the value of deep breathing and meditation to calm fearful mouse fingers).
Your analysis has been very good throughout since I have started following you. The BTS analysis was unnecessary in my opinion at this point of time.
The cryptocurrency market is currently down bigtime, with Bitcoin below $12,000 and many altcoins down over 15%. I don't personally love what I'm seeing in the market, but I'm cautiously increasing my positions in crypto that I have the highest degree of conviction in. However, I'm also keeping some cash in reserve in case we dip hard below $10,000.
And Verge?
so screwed on verge
hold verge, but all sentiment is gone with it.
BTC to zero
Market cap is recovering now :) Wish you all the best.
The best explanation a ever seen so far. thanks for you contribution.
I dont agree
I had been talking about this exact target since end of December / Start of Jan:
https://www.tradingview.com/chart/BTCUSD/kaUi5esz-Correction-fractals-between-BTC-and-ETH-across-time/
It's one of the things that has been a little frustrating with Haejin; he can sometimes be a little too bullish. With that said, he was right at 8k when he said it was going to go higher and wasn't a double top.... but I'd recommend a little more caution. I wish he would advise people to take profit early and often, rather than calling 70k like he did a few weeks back.
Long term, things look good to be honest:
If this is a falling wedge, very bullish!
Gracias por la información
i think i already said bitcoin must go to 8k first then maybe go up again
Thanks Haejin, I always keep in mind the valuable nuggets I take away from your posts. Massive profits to you too!!
How nobody is talking stop losses. That is the easiest way to get your money out to buy back in. Looks like many forgot their due diligence!
The market giveth and the market taketh.
make up your own mind boys and girl, all who complaining about losses are dumbasses imho!
haejin is not a god nor a messiah, he's trying to educate ppl who want to invest their time and money in this matter. but this matter isn't exact science, every tip you get from any guru or analist you have to make up your own mind.
if you look to make fast money and blindly follow everything you hear, well that's your problem. be smart enough to research or learn this matter to make your own decisions. it's easy to follow blindly and then easier to blame somebody else for your dumb actions when it goes wrong!
if you can't handle this matter, sell everything and do something else with your time!
i never understood how ppl even can have losses, losses are to blame on your own ass because you sold under your buy-in price... or is that haejins fault too??
constipatejongpoo, you know you must not push so hard!! hemoroid-hazard!!
Could this be possible too ?
First
no no no lol. I win 😈
FIRST!
I win guys upvote me ima be rich!
Lol.
First to reply to your comment.
Upvote me guys so imma be richer.
fair enough :) heres $0.11
Man, i want in this lol!
Thanks so much. :)))))
i got you! @weirdheadaches
I hope that 10.000$ was the low!
Still a way to go. $10000.00 was the end of wave 3 of 3 and now into wave 4 of 3. This is just to good. BTFD, when it eventually gets there.
same :( probably not tho
Maybe try some 50/50 shorting
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