SUMMARY
Bitcoin (BTC) overnight price declined to a lower low as shown in the below chart. IF this count is correct, then white wave 3 is still in progress. Therefore, completion of the five subwaves of C of E could likely bring prices down to the $7,200 or so zone. However, there is another pattern that has emerged and will be discussed using the next chart.
As labeled, the two blue parallel lines are showing the pattern of a bull flag because it's downward pointing. Within this is a potential downward pointing, bullish, wedge pattern (purple). The abcde (purple) show that only e wave remains to complete the wedge pattern and price can certainly breakout from this level. Wave e should be at around $7,875 or so. IF this wedge pattern represents the terminal end of this minor correction, then the whole correction can be labeled as an ABC (purple). I would give a 60% preference for the wedge breakout and a 40% chance for the price to actually decline to $7,200. Video has more details.
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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Dear Haejin, Do you think ETH will follow BTC when it explodes in the near future? BTC has retraced well over 50%, whereas ETH only just scratched the 38.2% retracement? Thx for all you do!
With this jump back up to $8250 it looks like it has broken out of the wedge but so far not the larger bull flag. We'll see how this goes, I was really hoping to fatten my bag.
around 7248 usd is the 78,60 fib line .. if this line will not hold we all have fun :-(
Thank you for the info as always, Haejin. I'm very bullish on Bitcoin and a few other coins out there and even believe we will see new ATH this Summer!
Why all the comments flagged ? all are mad at @haejin.
If you dont like his post then stay away from him please dont come again
My thought on the whole Haejin thing is Steemit is probably mostly known to those gambling with crypto (or speculating if you prefer a euphemism). Myself included.
Because of this there is not as much interest in other topics. Haejin provides hope to people who have no clue what they are doing really(again myself included). Hope comes in the form of TA/Elliott wave analysis. Whether this is good or bad is irrelevant imo. *Edit: Adding that this is why Haejin is so popular
Give the crypto world time to develop and give Steemit time to mature. The amount of interest in posts such as these will diminish and/or interest in other topics will rise. Either outcome diminishes haejins rewards, and haejin can keep doing their thing.
Great Content!
Can we continue to connect with each other as we submit more content?
Upvoted!
Luppers :)
I like when you give your probabilities when showing two different paths (60/40 in this case). Thanks for the update @haejin!
goodnews thank you!
I appreciate that you quantified your alternates.
If the wedge scenario plays out rather than the lower low scenario, would we expect shallower corrections for other recently reviewed coins like bitshares and Ethereum?
How much would you give me for 3.09023221 bitcoin?
As a newbie just learning to read graphics, I'm still a little confused.
But for now I expect bitcoin to go down, because my steemit account needs power, so I can buy bitcoin and exchange it with steem :D
Thanks for this update. Always fascinating to follow along with you.
best of luck,, your news is very helpful 😍
If the wedge scenario plays out rather than the lower low scenario, would we expect shallower corrections for other recently reviewed coins like bitshares and Ethereum?