SUMMARY
Note: Still on the road with very slow WiFi and so no videos which should return this weekend or next week.
The below chart shows a snapshot of the September 2017 correction which has pretty good fractal similarity to current correction. From the bottom, price had moved in what looked like a three wave counter trend (white arrow) and naturally many thought it was an abc and that lower lows were dead ahead. I had disagreed and labeled the first peak as blue wave 1 and the decline as blue wave 2. Price then started impulsing upwards again with steady volume.
The primary reason I had disagreed with the crowd was because of the monstrous volume that usually marks the bottom of corrections. When there is a downtrend that literally turns on the dime with ferocity of panic buying that drives volume levels to jaw dropping levels....it signals that it's NOT just a passing milestone for lower lows.
This chart shows the current correction. It too shows what looks like a three wave bounce from the $5,900 level. I've labeled the peak as blue wave 1 and the minor correction which I had called to start in the weekend posts is labeled with blue 2. The white Elliott Waves are tentative for now but IF blue 2 is complete or near so; then we need to see an impulse motive.
The current correction too turned on the dime with monstrous panic buying volume. As it was in September, today also, the same volume indicator is keeping me from going full bearish.
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!!
--
--
Dipping below $9,000 for a while last night. Still looking for that bottom.
A bottom is not an event, it’s a process.
Could you please elaborate?
omg i was just looking at this exact same thing lol shhhhh dont tell ppl
Well Said...Also @haejin can you analyze DCR?
Thanks!
Let's see if we get enough volume to turn this thing around for good.
bootay
Probably going to disagree with this post. We just broke support pretty bad to a much lower low. In addition the large volumes lately still haven’t been enough to form a higher high, so I don’t see the trend reversing...especially with all the negative FUD from the media. With that said, you’ve been right more than me so I guess we will wait and see! :)
If he has been more right than you, that makes you wrong 99% of the time.
Agree. Buyers were found at $8400, ceating a bullish hammer on the daily chart...lets see if we can get to $10500.
Nice chart here! Jam packed with some great info...thanks! Very appropriate analysis. Respect.
Agree on all points! I think we are CLOSE to done with wave 2 but not quite there yet. I hope to see that wave three impulse today.
Nice post thanks for sharing
If I had the opportunity to invest, I took this information
Love your always positive and positive thoughts
Very nice post dear haejin
We are on a long long journey. This year like all other years is going to be a roller coaster ride with great highs and nail biting lows. If you believe in blockchain then hang tight. If not get out now. :) @dan21050
wow....that's really great post @haejin i like it. thanks for sharing post
good!!!!
I had disagreed and labeled the first peak as blue wave 1 and the decline as blue wave 2. This chart shows the current correction. I've labeled the peak as blue wave 1 and the minor correction which I had called to start in the weekend posts is labeled with blue 2. The current correction too turned on the dime with monstrous panic buying volume.
Without @ranchorelaxo, The @haejin is disabled.😁
GAZUA!
Funny - https://steemit.com/hardware/@cryptomilionar/really-funny-unboxing-video-of-ledger-nano-s
nice trick
I come to about the same conclusion as you. It looks like we are at or near the bottom of a 2 wave.
The many agreements I’m getting give me caution on herding potential
3 people agreeing with you is a herd? There are other opinions out there.
I would certainly like to see Wave 3 begin!
Why most of the time, the predicted value of BTC is always pointed upwards in your graph?
Because he is bullish
I think that positive attitude is a great thing! But on the real, the yearly charts for BTC have very similar bounces as one another. Hold tight for the long term, or look at the history of the charts to see when you want to potentially buy and sell. Again, I don't know much about anything...just the opinion of an educated knuckle -head :)
wow good post
your analysis makes positive impact in my mind as a new steemian. thanks for sharing the info
As usual, you have a very concise and realistic interpretation of the charts. Thank you so much for continuing to supply your readers with fantastic information. I personally believe that each year 'mirrors' the year before in regard to many cryptos, especially Bitcoin and the other biggies. I'm totally not worried right now and will continue to buy buy buy! I'm part of the Buy The Dip and HOLD philosophy! :) #btfd #hodl
Great analysis. I learning to read charts from your posts. Thank you.
I know I’m not supposed to talk fundamentals, but I keep hearing these dumps have to do with Mt Gox selling and that they’re just about done . If not, oh well guess I’m really screwed and broke.
Congratulations @haejin, this post is the sixth most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 51 and the total pending payments to posts in these categories was $3447.81. To see the full list of highest paid posts across all accounts categories, click here.
If you do not wish to receive these messages in future, please reply stop to this comment.
Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 187.85 SBD, based on the pending payout at the time the data was extracted.
If you do not wish to receive these messages in future, reply with the word "stop".
What a analysis! Your post makes very useful and must be read it of new users for know to the Information!
nice post, my 2 cents is always consider the indicators, anyone can draw structures and may have overlooked the indicators
Would you @haejin please go the phuck away and stop predicting that BTC will go to the moon.
You are seriously BAD KARMA dude. Every time your TA BS analsyis predicts an uptick, we have another 10% drop in the price of BTC.
Let's try an experiment - you shut the phuck up for 48 hours and stop posting about BTC.
Let's see if we can generate some good karma and get BTC back on the rising path again.
Patience is a virtue, especially since he’s doing great work that’s not a 1 minute chart you’re looking at