SUMMARY
NOTE: I STRONGLY Discourage the use of Promobot to promote any of your posts. He and Transisto have targeted my blogs for downvotes and are encouraging others to do the same. Promobot is doing what randowhale has...scamming by using delegated SP to wage personal downvote campaigns! Meanwhile, Transisto is self upvoting his own comments like there's no tomorrow!
I Recommend @upmewhale and @themoneytree!!
Bitcoin (BTC) could be putting in a Head & Shoulders as mentioned yesterday. The pattern looks quite good with the Left Shoulder, Head complete and the Right Shoulder now in progress. For patterns, I look for two stages; a completion and confirmation. The H&S thus fars looks to complete quite well. However, the volume doesn't confirm. The neither of the shoulder volumes can be higher than the Head. The other confirmation is that price needs to breach the Neckline (blue horizontal). Are there exceptions? Yes. The Neckline can still be breached even without the volume confirmation. But recall that TA is based on probability and not certainty. With the volume confirmation, the probability of Neckline breach increases; it doesn't mean it can't. So, I will for now scrap the H&S indicator; EVENTHOUGH, price can still breach the Neckline.
The interesting thing on the below chart is the fractal setup. Take a look at the blue and the white boxes..quite similar. Remember, that fractals are not used to define proportional moves but more for direction. Given that the fractal in the white box is almost complete; let's see if there is a similar upward surge that can bring BTC to the $9k realm!
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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
It will hover in the 8K area, but eventually trend to 1K. It's no longer new and too many have felt the sting of a 60% haircut.
I think it will rise in wave 5 of III just below 8750...then expect a pull back from there for wave IV.
NICE POST!!FOLLOW ME @pseudoguru
I think we can help each other
Sorry, I said you upvoted yourself over 80% of the time. I was wrong. You self upvote 94.1% of the time. My bad. It's important to be accurate.
Hey Haejin I wanted to ask your take on these crazy predictions of Bitcoin reaching something like 200k by year 2022. Can you see Bitcoin or any other coin truly reaching those marks in such a short time? We have seen huge growth in a short time but those totals are crazy. Any thoughts on this?
Coins mentioned in post:
Its the old video?
Fixed, thanks, I posted the wrong link.
Haejin, come one man... you've been upvoting your post as well. Be honest.
Anyhow, thnx for the analysis.
"Transisto is self upvoting his own comments like there's no tomorrow!"
C'mon, @haejin - you can't call out anybody for self-upvoting, especially when your own level of self-upvoting is well over 80%. Do not be a hypocrite. I wish people on SteemIt could just let all of this B.S. go. It does not help our platform to attract and keep new users. I would encourage everyone involved to keep their flag battles underneath the radar, as much as possible, for the good of everyone on SteemIt.
As far as self-upvoting goes, your own money is just that - yours. If people choose to invest in Steem Power and use it to benefit themselves, I believe that is normal and acceptable human behavior. As far as I'm concerned, you give away about 15% of your own potential profits - and that could be considered "generous" by most standards. Personally, I try to keep my own interests on SteemIt to about a 50/50 ratio between self-interest and giving it away. And, even then some people on SteemIt are not happy. Whatever - that's their greed/problem. It kind-of blows my mind how people on SteemIt think they have some kind of moral authority to tell other people how they should be spending their own money. The concept of self-control and self-discipline would go a long ways here - if people quit spending so much time trying to control and discipline others.
On to your post:
Since we have passed the point in time where the long-term uptrend and downtrend have crossed, we are currently in "neutral" territory. Until the price action breaks out above the long-term support level, or goes down beneath the long-term resistance line, we are moving sideways.
I think we could move sideways for quite a while here, before we see any major breakouts where anyone should be calling it a bull or a bear market. If we are trading over $8800 at the end of this week - I think that would be a good, bullish sign.
Personally, I am surprised that we did not test lower support at 6K or 5K. We did retest at $6400 - so maybe that was the bottom? IDK. There now seems to be good support underneath current BTC price, and a lot of strong resistance above the current price range. I think we will stay between 6500 and 8500 for a while to come. Price should consolidate in this range before we build up enough energy for a breakout.
Seeing as how a lot of big money and investment banks are now making moves to offer BTC futures products, and Goldman-Sachs opens up their crypto operations in the middle of May, I think these are good signs that overall crypto market cap is going to rise significantly by the end of the year & we will all be much happier - not fighting about how people choose to vote with their Steem Power.
Whoever is flagging these comments needs a big 10 inch dildo up his a$$.
@starjuno is the same person as @haejin
Great analysis...I think your yellow wave 4 is my pull back from $8500, but my pull back isn't as deep as your. The pull back can possibly go down to $7k (green circle). Nevertheless, if price can take out $8500 after the pull back, I see no resistance/sellers until $10k.
We have been under the 200 day moving average for quite some time, so your potential pathway to 9k does seem like a good possibility! Important to keep the alternate counts in mind as well. Thanks for your posts @haejin!
And we only have lower to go.
Thank you for the update, upvoted! :)
Could you please give a quick thought or update on XVG??? thanks so much
Is this video the same one from yesterday?? @haejin did you possible load up yesterdays video for today? I sear this sounds just like the one I was listening to in the car yesterday afternoon.
Fixed, thanks, I posted the wrong link.
I noticed that peak volumes are decreasing daily since the big surge. If this keeps up, the head and shoulders will easily be confirmed. That could lead to the retracement mentioned a few days ago.
Whoever flagged this is ignorant. Just watch the inevitable happen before your eyes.
Sorry to hear about this new round of flagging... but like a bear market, this too shall pass. Hang in there @haejin.
Yeah maybe someday somebody else will earn more than Haejin and will get the brunt of the attacks. lol
All the big bot owners do.
Good point! I think most of the bots pay out about 90% but postpromoter got 309 just in steem power alone last week! I upvoted your blog post since my regular upvotes don't count.
Good TA Haejin. I see a clear path to $8,500 if volume increases. I outline that here: https://steemit.com/cryptocurrency/@workin2005/bitcoin-still-consolidating-possible-bullish-count-in-play
I'm still hoping you'll perform TA on Stellar (XLM). I know you're busy, but keep it in mind. :)
Why was my above comment flagged?
Hello. Look at my articles about bitcoin. I wait for you in friends!
Informative indeed! Thanks to @haejin.
Hello I am @ayogom, I have recently started Steam It.
I am analyzing whale wallets based on bitinfocharts.
Can you read my blog once, please?
https://steemit.com/bitcoin/@ayogom/bitcoin-whale-wallet-analysis-2018-04-17
I do analysis every day.