SUMMARY
Note: Video has lots more details!
Nobody should be surprised by this correction! I had spoken of it in my posts for the past several days and drew out the ABC correction waves. Below is the updated chart of Ethereum (ETH) which had the baton and was leading Bitcoin (BTC) but now that phase is no longer phasic (details in video on this). The likely ABC correction could be towards the 0.618 Fib level as there is a cluster of support (blue circle). However, the 0.5 is also a candidate for C wave target given the larger cluster of support (white). The point is not in precision marking the bottom but identifying the terminal zone of the correction as these are almost always the best buy entry points.
Bitcoin (BTC) was following ETH's lead but that lead became non-phasic overnight. The updated Elliott Waves show that the ABC correction is also well in progress and seems to be in correlation with ETH rather than behind. The blue circle cluster could represent a potential target for red C wave.
Let's never lose focus of the longer term. The short term charts all jive into the longer term. What has changed so far in the below chart? Not much except that the right wall build has progressed a bit. The Cup formation should bring prices to the $11,800 region where BTC was repelled three times before and likely will get repelled once more. This would lead to the ABC correction for the handle formation. However, the massive downward wedge combined with the bullish Cup & Handle; when these are complete and confirmed; an explosive bull setup will be in place.
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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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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It is going to break the $10k resistance line!
thank you @haejin bitcoin takes the support of the 9350 ~ 9450 area to maintain 9550. If the break of the 9350 is falling to the 9100 zones
It seems that there are some movements, but not enough, but later on we will see that the situation is going to rise a little more.
I think keeping a hodler's perspective and being long term greedy is most important than the short term squigles and wiggles of price.
If that's the case, then why do you find it necessary to give 2 to 3 updates on BTC a day?
I think when bitcoin's price increases then ethereum increases। good post! thumbs up!!
It's not all that useful to make comparisons between BTC and ETH, as far as one leading the other one. The best analogy I have heard goes like this: BTC is a Lion, and ETH is a shark. They are both at the top of the food chain in their respective environments, but they are fundamentally different beasts. They don't necessarily "compete" with each other.
Now, EOS is coming into the picture. If it is a beast in the above analogy, we would have to call it an amphibious flying dragon. It could completely dominate the Lion or the Shark - or it might just decide to leave them alone and fly off into the sunset. We will have to see if it grows into a mature, ancient dragon - or some other dragon slayer comes along and wins the day. However, the current environment is changing, and I believe EOS could soon be in the position to rule over everything else. This is because it is technologically superior to other top coins, and it should prove to be more adaptable and easier to use - providing a better path towards mass adoption of cryptos for widespread use and acceptance for day-to-day business transactions.
Do you believe EOS will become bigger than ETH ?
Yes, I think it has the potential to be bigger and better than Ethereum. Here's why:
Ether has some issues in its' code which makes it more difficult for Dapp developers to run off of the ETH blockchain. I am not a programmer, but I have dabbled with it a little bit in the past. EOS was created with Dapp programmers in mind - to make it easier for them to write the programs that make their Dapps work smoothly. Basically, if you had to drive 100 miles and you had the choice to take a dirt road or a paved road, which one would you choose to take? ETH is a dirt road compared to EOS being a paved road. It's easier, faster, and all-around more enjoyable - unless you REALLY like bumpy rides.
Since EOS doesn't even launch it's own network until June 1st, it has a lot of catching up to do. In a way, a whole bunch of other people have already started the trip down the dirt road. By the time they reach their destination, they're going to be upset to learn that - after they left on their trip - a bunch of other people just made the same trip in a lot less time. This could make some early ETH investors be stubborn and double down with their ETH plans. And, they will work all right. But, more people will be taking the same trip in the future. Which road will they choose? EOS - unless they are stupid. It could take a couple of years, but I do think EOS could very well overtake ETH.
With all of that said, there is one huge caveat: EOS must launch smoothly and react quickly to adapt to issues which are bound to come up. How well EOS & BlockOne solve problems will also matter. Since EOS is developed by Dan Larimer, I believe EOS is will be in good, experienced hands. What if Dan Larmier gets hit by a meteor? IDK - there are some things that could still go wrong.
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hey thanks for the detailed response. I agree with EOS having an exciting future and being in experienced hands with Dan. As far as the technology goes, I also agree EOS is leading the way, although to be fair ETH has some big plans this year and next year, which will bring huge improvments. As far as investment goes, I'm not sure if the huge number of EOS in circulation will mean that EOS cannot overtake ETH in price, since to do so would result in a huge maketcap ?
Yeah, IDK about price vs. # in circulation. I do know this:
BitShares, Steem, and EOS are about $16 or $17 Billions of the total CMC, added together - which is... about 4% of the overall market. But, those 3 tokens account for 10% of the CMC total daily volume.
Compare that to BitCoin and Ether combined: they account for 53% of the total CMC, but they only account for 38% of the overall volume.
Basically, BTC and ETH are running at about 71% aggregate efficiency, but Dan Larimer's combined projects are running at 179% aggregate efficiency. This level of aggregate efficiency means that EOS is going to have free, or nearly free transaction costs for everyone using it. It also means that EOS is going to be much more useful in terms of keeping costs down for collaborating business partners. Not to mention 3 second block times for settling transactions.
So, if you are running a software/Dapps business and you're going to choose a business model to work with... do you go with slow, high-costing transactions - or do you go with quick, free transactions???
Forget about the TA and the charts. Think about mass adoption by individual people and businesses. Everyone is looking for what works well. They will not switch over to a new form of currency (blockchain) for making everyday purchases unless it is fast and simple for them to do so. EOS will make crypto-adoption fast and simple for everyday, widespread use.
Even with almost 1 Billion tokens, counting up all of the assets out there which are ready to become tokenized on a blockchain, yes - I can see EOS going over $100 in 5 years. So, we're looking at, 100% profit, every year, for 5 years.
What everyone in crypto needs to understand going forwards is this: now that more and more coins and people are coming into the markets, we are not going to see these coins making 20,000% Return On Investment. Everyone thinks they can get rich like the initial BitCoin investors who started out 5 - 9 years ago. That's not possible to sustain. Still, the average person out there will never have another opportunity to multiply their investment by 500%. Cryptos are still a once-in-a-lifetime opportunity, but people need to adjust their expectations to something closer to reality. "Visionaries" who got in a few years ago can realize 10,000%'s + of profits. Early adopters, people investing right now, can realize 1,000%'s of profits - if they do things right. The next "phase" of investors, people coming in a year or two from today - they will be able to get profits around 100%'s of profits per year, if they do everything right. The insanely massive profits are quickly attracting professional money gatherers and they are going to scoop up all of these profits so fast it will make your head spin. Our window of opportunity is very short to stack up on these tokens while they are still low-priced. Mass adoption will occur in the next couple or 4 years - and those people will be back to making more "everyday" or common returns on their investments. But, the overall, global monetary system should even out and return everyone to a more "normal" economic life over about a decade.
Obviously, I'm making a lot of generalizations and assumptions here - for the sake of telling a story about great wealth: very few people achieve insane wealth, many people can achieve "upper class" level of wealth, but the majority of people never will - because they do not understand what "money" is, and they do not have the self-discipline & respect for wealth that it demands. Wealth is an accumulation of the very best social virtues, and it can only be had by those who understand it and are prepared to wield it like the weapon and the tool that it is. The proper use of tools can build great societies - or they can be used to destroy, loot, and dominate others. Great wealth is "guarded" and fought over by those two groups of interests: those who would create liberty vs. those who would enslave the world. Crytpocurrency is the next battleground between these groups.
This is true for the market as a whole but if you look at how it has played out for the last few weeks ETH has been leading and BTC has been forced to follow. Even when BTC was barely making any progress upward ETH was rocketing. So it seems that this time is a little different.
That is wonderful update cryptocurrency news
Thanks for sharing bitcoin
Coins mentioned in post:
I think when bitcoin's price increases then ethereum increases
Upvote and rsteemit..
great analist it wil crush a little but going up like a spaceship
Ha ha....You have too much haters @haejin. Your post is hidden for low ratings.
Haters or Trolls will NEVER get me to do what they want as long as they use racist memes and downvotes.
What they want from you?
I think you’re one of THE best, most knowledgeable of all. I follow you here and on You Tube and appreciate your wisdom. Haters always hate the best people. They’re just threatened and need a lot of prayer. 🙏🏾
I'm the one who so suprised by these correction...
Awarenes keeps the suprise away!
I would like to see what you think about Waves, could you do a TA? I am also curious what you think about altcoins in general when BTCrises/declines?
I will try later today. A good number of requests ahead of yours. Thx
Wonderful of your new post..i like this post..all the best..
upvote and resteemit.
Thanks
Thanks for the great TA as always haejin...pretty much in line with my thoughts...would you care to show your view on ARK??? The long beautiful accumulation triangle (or jaws of wealth) looks good and I still believe these types of projects are crucial for linked chains...cheers
Pssssssss......
laff... i have to learn from scratch
Its better it can do so after a long time journey of fighting to go to moon but be informed that it will stack again in august and November. Do not be happy to much just set the good strategy that can drive you to the better position when it fall again. Free analysis
@haejin What are your thoughts on KIN?