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SUMMARY
Corrections are HEALTHY!! Corrections are needed for prices to go UP! I believe we might have another healthy correction in front of us and the likelihood is increasing as the below H&S Top pattern further develops.
I'm getting more cautious about the below Head & Shoulders pattern. It's clarity is becoming more and more uncanny. I've added the Neck Line and labeled the Left Shoulder (LS), Head (H), and Right Shoulder (RS). IF the RS completes, then confirmation will require the breach of the Neck Line (white horizontal line). So, the $15,571 support is important. If this pattern executes, we could see a correction target of about $11,479 or so. I'll be watching this carefully throughout the day and will send mid day update if required.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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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.**
All the doomsayers will come out againat 11k
BTC dead! Everyone put blockchain back on the shelf, fiat is a success!
yes
Thank You Buddy.. Great Post.. You Always Rock!!!
Amputations can be life-saving as well ;)
Wondering about dash right now... I'll stay away from the bitcoins for awhile.
Give it a break till the twp Bs have settled ?
Day traders say they're glad to have BCH, they can now hop it as it will always go against the BTC tend, and vice versa, a hedge. Now that's okay for day traders... but for hodlers ?
So let's be honest, this is simply BCH taking its 4k bite out of bitcoin.
As long as BCH won't fall significantly, BTC won't significantly climb.
Must invest in altcoins now, obviously [yeah, this is not investment advice, only my opinion].
So what about dash ? LTC and ETH are too BTC-dependent it seems.
Just saying.
I'm so glad I buggered out of BTC yesterday, I immediately went for the head-and-shoulders scenario (call me a pessimista;) and I now see some BEAUTIFUL buying opportunities coming up, yee-haw !!!
If those damn BCH miners don't manage to use the BTC weakness to even increase their part of the market share, because this is obviously a concerted attack.
What was that about dash ? I mean, we all know the STEEM/BTS futures by now.
I see almost everything dipping... and I'm in USD with almost everything, so I'm smiling, planning what to buy... at his time, one could probably buy anything, with the exception of Bitcoin and Bitcoin Cash ;)
Come on Bernie show some love and get MASSIVE profits.
If this happens, many will panic sell. Might pull out of BTC before others drop the price too much. Idk yet. I will follow closely for an update from you and look at the charts continuously to track the changes. Let’s see where this goes. This drop could be bad for all cryptos
I agree that many will panic sell if there is no sign of a turn around. However, I think that the more damning thing will be the 270,000+ back-logged transactions on the bitcoin chain, that Ether and Steemit were able to complete 1 million transactions in a 24 hour period, and a general uneasiness about crypto's following the allegations of insider trading with coinbase's support sales/trades of bitcoin cash.
Which coins do you believe someone should jump to in a situation like this?
fiat.
May I ask why you are promoting fiat currency on a cryptocurrency platform and how, in your opinion, is fiat currency better than cryptocurrency?
it's called selling your bitcoins and then buying back in after the correction.
this is why social media is so pointless.
That is not what fiat currency is. You are simply describing the age old adage "Buy Low, Sell High"
;))
Steem ;)
I think that cryptocurrency markets are going to be more fluid in its adoption and abandoning of individual coins than traditional currency simply because of their nature. This, imo, is a good thing as it will force coins to continually evolve to provide better services, at a lower rate with quicker transaction times.
Edit: Fixed incorrect terminology.
Yeah. Bitcoin wont be around in the long term or at least it will lose its spot at the top
The question is do the forks of Bitcoin suffer from the same technological limitations at Bitcoin itself or did they redo the blockchain completely. If it is the former then all the forked Alts will go the way Bitcoin does. If it is the latter then the only reason to fork Bitcoin is for the name recognition and the inclusion of Bitcoin is not necessarily indicative of the veracity of the alt coin.
I "panic" sold at a good rate, about what I had gotten in last, yesterday when there was a brief raise... that was lucky. Panic can be a healthy reaction, so to speak. At this time, the only coins that're ricing seem to be Ripple, Lisk, Dogecoin and a few lesser known ones I'd never buy anyway. Now's the time to buy. Surprisingly, Litecoin almost didn't react, and seems to be recovering first...
Just remember that prices often fluctuate wildly right before a major move, selling because of those jumps is what makes many miss the massive profits, has happened to me several times in the past :(
Me as well. I just had a hunch that this time, it would be really bad... I don't mean to make it a habit. Damn, BTC used to be so reliable.
Btw, everything is rising again... it might take till next week/New Year till the hodlers make good on this completely unnecessary fear-and-loathing scenario.
Lol your hunch was right! :)
Destination $23,000?
https://cryptofresh.com/u/haejin1970 - Please explain. Why are you selling your BTS ?
Let me put it this way : I'm waiting to buy some BTS but there's no hurry, so I'm watching them fall as we speak ;)
Dip ahead. MacD is pointing straight downwards since awhile. Probably just temporary, you might as well hodle through. Isn't everything just temporary ?
Destination $23,000?
这也正是我想要问的，不过选择相信haejin。因为他完全可以通过其他未公布的账号来进行交易，但是他没这么做。
this is really concering for me as well,BTS is @haejin 's golden child. is there something we dont know ?
He already explained that, see the latest update on BTC...
What happen haejin ? You dont believe in bts anymore ?
Good catch. :) Never trust in Haejin!
Perhaps he wants to sell high and buy back at the next dip. Some play the sub waves and others don´t.
We'll see....thanks Haejin!
Indeed the corrections tend to stabilize the market and are common after abrupt raising. Also, they offer a possibility for the others to see what the market is capable of and maybe invest while there are still opportunities. @cryptorg
Haejin, don´t focus on the haters. You have a lot of people out there who very much appreciate what you do.
You helped me a lot already and for that I am very grateful.
Thanks Haejin as always. Great post. Keeping the FUD out and being aware!!!! Upvote and resteem!
Nice post
IDIOTS buying Bitcoin Cash just another ALT where there are 100 more better ALTS for the same USAGE and Trading gains.
I'm hodling, like I've done 10 times before. Hasn't failed me yet. Won't fail me this time either.
nothing wrong with taking a few profits when you get the insights by haejin. Not all but maybe 10-30%.
Also, please keep track with the EW, after this correction we should be heading up to wave 5, when we reach this point we will see another BIG correction.
Thanks! @haejin, can we get a PPC analysis...seems like a rock solid coin that is going to go to 0.0015
Bitcoin will survive. Name recognition alone will keep it from dropping too low. Especially now that Bitcoin futures have arrived. What it really needs to thrive are lower fees and faster transactions. Hopefully that can be accomplished without a fork. We will see.
Who would down-vote @haejin ? Seriously?
Working that sweet sweet steemit power!!
People who realize if the reward pool get's emptied, no-one get's paid and the platform closes down.
haha yes, big shout out to the burned bernie :-) Thanks for your update!
Thanks fella!
Guys,
Let's help Haejin combat this malicious attack. Here are the steps to convert your Steem to Steem Power. You don't lose anything by doing it - https://steemit.com/steemit/@oaldamster/how-to-buy-steem-power-the-quick-and-easy-way
Just to clarify, you do lose the ability to sell your STEEM at a moment's notice. It takes 13 weeks to get your STEEM Power back to STEEM, done in 13 weekly increments.
That's a process called "powering down", which you do from the Wallet page.
Also you can directly purchase STEEM Power at blocktrades.us now, which saves a step (i.e., it's already powered up).
Yes, you're right, apologies for not being completely clear. I meant you don't lose anything because you don't lose your Steem. But you are right in that you are limited in not being able to sell your Steem right away, and you have to go through a waiting period to convert it back from Steem Power to Steem. If Steem is a long term hodl for you than 13 weeks should not be that big of a deal. It's really the least we could do to help Haejin out. He spends so much time everyday helping us make better investment decisions. I'm sure If you use just a portion of your gains from his recommendations to buy a little bit of Steem and convert it to Steem Power, it will go a long way.
Perfect, if all of you supporting this guy would BUY some Steem Power that would cause a lot of the accusations to disappear. You'd then be part of the platform and not just the problem.
Thank you!!
Thanks for keeping us sane.
Corrections are good but I hope it doesn't go that low.
exactly
If BTC will make a big plummet, I am sure ALTs won't stay behind. So getting into usd now. Now that I think of it, it's been a while that I was in USD. Shit's been going up on all fronts lately !
We need a lot f updates about alcoins bro.thank you!!
I agree brooo...
힘내세요 해진님~!
주노님과 여러 스티미언이 함께합니다 (-:
What do you think will happen to the alts if Bitcoin corrects that low?
Don't worry about the trolls buddy. You are an awesome man impeccable morals. Most of us you see your intentions. Thank you for what you do.
LOL! Bernie comments are priceless.
the analysis was nice...until it got flooded with this downvoting drama. Leave your emotions :)
skip the first 5:20 min to go to the essential.
i hope not a crash.
healthy correction is good.
Thank you for the update! I really appreciate your videos and tutorials!
Plz update altcoins..i need some advices
@Resteemed
Thanks for the update.
Hey Haejin, I watch you a lot on youtube, it's been a while since I used steemit, I kind of gave up on this website, but I just wanted to say thanks and I'll be upvoting!
Could this be the reason why haejin sold all his Bitshares and bought bitUSD on his account at haejin1970? https://cryptofresh.com/u/haejin1970 probably a correction in btc will affect altcoins
Bitcoin is a digital currency demand. Now many people are talking about bugs online now with bitcoin. Bitcoin is a big way for online trading. I also use bitcoin
All these people down voting you are super lame.
Thank you very much. You have helped me a lot.
Thanks for your continued work in the community and educating how to analysis markets.
LOL! I did not wnat to say the "comunism" thing in my posts... but, yeah...that's what it is. I also wrote a post about why I don't flag Bernie, but rather upvote you.
Time to wait for the correction and then invest again. Good post....
I just started following u a couple of days ago, but ive upped my steem power for u. You seem like a good guy trying to help people. Hwiting! lol
Looks like neck line is being breached right now. Buckle up!
Thank you!
Keep it up. Haters gonna hate!