SUMMARY
Bitcoin (BTC) overnight price action likely completed wave 4 of a five wave decline for a higher degree of trend red wave C as shown in below chart. I'm using the expanded flat a,b,c waves as the guide to this correction. The blue waves are composing the completion of the c wave of the expanded a,b,c.
Now, there is a scenario and count where the five waves could be done as shown below. This count is technically correct for five waves down of a c wave. However, the subsequent waves are very three wavish. More importantly the last chart shows additional reason why there is likely one more lower low.
I want to thank @dbrdr for sharing the below chart pattern. Well done! It shows that an a,b,c,d,e could be in progress. IF that's the case, then it lends to wave C going to around $13,203 or so. That also jives well with the one more lower low requirement of the above first chart. Let's see what happens during the day time price action.
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I hope so, sold to buy lower
oh man hopefully you didnt sell to much. it is very riscy to short the bull market..
If it drops to 13k then you made only a very little gain in comparison with the risc you are taking. I would only consider selling on waves 5of3 and 5of5
it is very cool done))
HODL LADDERING IN MORE
Good analysis, it's always comforting to read your posts!
another possibility:
If we stay on scale of a all time height in the next two week we can reach $19000.
p.s. My work of past few months to be shared with All Steemians please resteem and let it be of great use TFDSRE: #1, #2, #3.
i dont think so that it is going to 19 k in next 2 or even 4 weeks .... but it is possible also.
if you look at this long term projection it will surely go maybe much higher.
But maybe haejin's correction will roll on and the much lower entrypoint will be reality.
Some disagreement in the TA community at the moment regarding this correction. I am hoping that your prediction is the right one!
Corrections are the nemesis of TA :-), we know they have to happen, we know how to take some probable targets up or down, but predict their path is a nightmare ...
I only hope it's just one more to go and not many more...
Just chill'n on the block, riding the waves with total confidence either way.
Yes but I am anticipating an entry point and an exit point for me to exit onto an alt coin.
Thank you for the mention! And thank you for your hard work! You are helping a lot of people to learn!
great time to buy!
Good to know, I'm buying even more btc if it does hit the C wave!
Wish we could break 20K soon!
Could you please do an update on Omisego?
I had extra time.
This is only my point of view. Your decisions are your own. It could be like this;
philakonecrypto just did one https://steemit.com/bitcoin/@philakonecrypto/omisego-omg-jan-9-technical-analysis-long-entry-usd23-usd34-target-40-usd32-50
I want to make a t-shirt for this whole @haejin movement...reply and let me know which quote should be on it. Here are some ideas:
MAAAAAASSIVE PROPHETS!!!
Awareness is Key
Ladder In...
prophets rly?
LOL That's phunny 😏^^
BTFD!
How did I forget that?!!! That might have to be it!
The best one!
man thats unbelievebal, I've been discussing just this weekend with my brother that we should do some haejin merch :-)
don't forget the following:
KABOOOOOM
ORGASMIC LUNGES
It's a triangle!
Shall we team up? I have some contacts on fiverr that would do some beautfiul designs :-)
edit: BTW: whats your weird fetish about massiv prophets? :-D :-D
Sure, Let's collab...I got some designs in mind...Definitely "KABOOOM" and "BTFD". Also, maybe one with a chart showing a cup and handle (with a symmetrical triangle correction) and then a target price on it?
Take profits humbly.
This is not a game of certainty, this is a game of probability.
ORGASMIC LUNGE! This name just needs a band.
@haejin :
Would love to see you analyzing the Silver Chart!! please upvote if you do so!
Thanks for the update! One question that still concerns me and you might have overseen it the previous time; what do you think about the total crypto market cap as shown here?
https://coinmarketcap.com/charts/
If you check the chart I could apply EW to it and would come to the conclusion that we are building Wave 5 and a major total market correction is next. I'm really interested on hearing your thoughts on this @haejin
If you check the market cap in the last few months ( the exponential growth) it looks like there is a pattern of 3 step forward ( lasting an average 8-10 days ) and 1 step back ( lasting between 1-3 days). Right now we are almost done with the step back and I think by tomorrow the market will start going up again.
Honestly I don't know what to think about applying EWs on the marketcap. There are so many variables inside of it that I just cannot wrap my mind on how there would be a sentiment on the overall marketcap. I really doubt most people give a f**k about the entire market, since just being in it does not guarantee you profit. ( even though most of the coins go up...there are still lots that went down).
Robbie, the exchanges are closed to new entrants so influx of cash has stagnated. A lot of capital "bled" to smaller caps and large caps are in the red so current investors and traders are weary. We need the accessibility to new entrants to improve to resume the climb of overall market cap of cryptos.
I'm also not sure if you even can consider applying EW here.
No idea how to think of that but surely if you see this enormous and quick growth of the cryptomarketcap it makes me wonder if this is just the beggining or if a correction is inevitable. Any more inputs?
check now how the total market cap follows the rules of EW, I find it amazing and will use it as a future indicator to forecast the next major pullback
I am also interested in this one. But if last correction of BTC didn't started market correction, than what possibly could?
check the total market cap now, it clearly shows a correction, seems EW was appliable after all
I thought I was the one who gave the possible triangle alternate of a few days ago. Oh well! I don't need the praise! Master Lee's approval on the comment was more than enough.
Thanks. I started to worry .
Having enough space to handle all transactions, whether on #BTC or #BCH, improves the privacy, fungibility, and decentralization of Bitcoin.
It's so goofy to watch BTC and BCH maximalists argue over speed and transaction fees on STEEMIT, a fee-less and instant blockchain.... lol
The median transaction fee on #BitcoinCore is 64,500% higher than the median fee
please stop calling BTC "Bitcoincore", thats a poor marketing strategie of BCASH
What makes bcash more preferable to any other digital currency that is not bitcoin?
Like... y'know... Steemit? The crypto we are all transacting on right now that has 3 second block times and free transactions.. lol. So goofy to see the BTC vs. BCH pissing match here of all places.
Wow write about it on yours.org
The first chart projects the end of wave 2 lower than the begining of wave 1.
Thank u bro.
Did you know Kodak introduced its own new cryptocurrency KodakCoin and shot through the roof after the announcement last Tuesday? https://steemit.com/cryptocurrency/@lionsground/kodak-introduces-its-own-cryptocurrency-kodakcoin
why is it in a ABCDE correction and not a ABC on the week view....?
thank u everyday
Hello @Haejin and fellow steemians!
What do you think of BAT's recent development? It looks a beautiful cup&handle forming on the BTC pair.
If we do get a C & H than most likely a minimum growth to 22-23k satoshi is expected.
Looking at the USD pair this seems to confirm it and my target is close to $4 usd. I tend to elapse correctional wave 2 & 4 because of the hurry up and wait syndrome. However we all know how vertical can wave 3 and 5 go.
This is my analysis based on what I have learned from you @Haejin and I would love to hear your opinion on this.
However I do want to mention that based on a fundamentals I really think BAT is an undervalued tech. Compared to many of the coins that got pumped so huge based on some promised tech, Brave browser is a released product and while it is still in it's early phases it is actually very good.
I have actually dropped Firefox & Chrome after more than 10 years in favor of Brave. The inbuilt addblock system is already worth enough for the change. Not to mention the payment/reward system, that might actually change how web marketing works.
Thanks again for being awesome @Haejin! And I am VERY glad that you guys stopped the flaming war nonsense.
Nice to see a fellow BAT bull :-) I'm in BAT as well and I'm positive that the C&H pattern will work out for us ;-) Wishing you a succesful year!
Thank you
perfecto análisis, gracias por la informacion
Thanks @haejin !!!
About the flag war with the jealous/idiots/bullies of steemit, is it over ? Maybe I can take some of my steem power back ?
Bitcon Beggar
https://steemit.com/bitcoin/@imtiazz/only-bitcoin-no-ripple-only-bitcoin-or
steady and perfect post @haejin
Thanks for the analysis! It's really helpful!
Upvoted!
Great analysis
@haejin Do you think it really could switch between BTC and bitcoin cash ? I mean that bitcoin cash would be the "real" Bitcoin ? Thanks for your Update !
why would this happen? bcash stays bcash and once lightnigh is applied to BTC bcash has not much of any use left.
Amen
There is a reverse shoulder-head-shoulder formation:
Thanks Haejin!
good job dear @haejin
I like it..all time your post dear
I love your post dear
Thx :) Very veryyyyyyy
I love your article
Nicw, haejin!!
Thanks Haejin...
Si es muy probables que todo eso ocurra, pero lo que me encantan de las criptomonedas es que cada vez que hay correcciones toman un nuevo impulso nuevamente al alza y siempre vienen con mas fuerza, este año creo firmemente que este año va ser bueno como el 2017, mucho éxito.
ok then...
Lo ideal seria no impacientarnos, y ver el tiempo como un amigo, las criptomonedas al transcurrir el tiempo siempre van valorarse un poco mas
Thank you very much for the latest updates and keep us up to date... what do you think, the value of BITCOIN will increase in coming days or not ?
did you watch the video? either we are done with the correction already or we dip a little further
firstly i like your post. this topics are very informative.and it is very valuable..every people don't know about this.
now every people will know it.thanks to you..
I just wonder when another coin will over throw King Bitcoin...
And our former king becomes a peasant.
why would bitcoin become a peasant? surely not in this or in the next year
I didn’t say this year or next- I said when....
It will happen I’m sure. Maybe not any time soon but it’s dated- and it’s only where it is by default.
I wouldn't bet on that, BTC is constantly improving and already the lightning-update will be a big step further. Of course BTC might be the prototyp for some currencies that are out there in 5-10years but yet it is still THE Cryptocurrency and I'm absolutely sure that this wont change during the midterm.
Lightning can't happen soon enough IMO.
Amen lol
if they manage to apply it in the next half year I would bet there is not much to worry about, but we will see. Please dont mix me up with a huge BTC fanboy, I know it has its flaws at the moment but the brand is just so huge and if ppl know about one crypto then it is BTC and it takes a lot of time for the public to undergo a certain shift
Good point with the updates- that will prolong its longevity for sure.
As far as the midterm- you’re probably right about that too.
Unless more countries start to make it illegal or an impossibility to own. Hopefully that won’t be the case but I feel like the ability to do what we’re all doing won’t last forever in the United States- it’s gonna become harder I’m sure ..and soon
If viewing the videos on Dtube gets stuck sometimes I just need to refresh the page. Thanks HL!
People, what do you think – is there a chance for bitcoin reaching 100 000 USD this year? 🚀🚀🚀🚀
of course there is a chance, but it wont help you because noone ownes that crystal ball. keep track on the charts and you have the best chances to avoid surprises ;-)
If Wave 3 is double of Wave 1 and takes the same time we are at 51000$ by the end of the year.
Of course neither Elliot Waves give you a time nor you know how big Wave 3 is.
Keep learning and you wont care much in a year tho
Good luck bro
xantos Actually the rules of Elliott do give price and time when combined with Fibonacci.
Wave 3 must be a minimum 100% the price and time traveled in wave one. Generally however, wave 3 is 161.8% of Wave 1, up to 200% as upper target. You can conduct Fibonacci time projections 1 vs 3 to create a target. Happy trading.
I find this very debatable, IMO it is not time yet to set the label to (1). Yet we are going towards the end of a 4 and the 5 will be sitting somewhere at around 25k which then becomes the (1), dont you think so?
I think @xantos is right (just feeling, no TA involved :-) ), we're in the correction of a 5, problem will be if this correction is a triangle, rarely happens in w1, so in that case yes, we're in w4 ... Anyway it's right it's not time to label these wave, but we can try to make some guesses ... and dream about the moon :-). Let's see where price take us in the following weeks !!!
So you mean we are currently in the correction of Subwave 3 ..
Sounds reasonable aswell!
We'll see what future brings :)
yes we will see, will try to catch a view on haejins main count one the next BTC videos, maybe we have some guidance there :-)
At least 50k$, then correction, then 100k$. End of the year or beginning of 2019 imo. Just a gut feeling, obviously hoping for faster move :-)
Just HODL !!!
Thank you most part of my portfolio is in bitcoin for long time.
for me it is 5-10% but I'm planning to push it up to 20%. More I wouldn't recommend since the alt-potential is so huge and diversification is very important (not only for the gains but also for to losen this dependency on one single coin that might drive you crazy when you have this price swings)
Ive got bitcoin by cloud mining and some profitable trades so price its not so important I love amount.
well you for sure wont be doing much wrong with holding BTC for this year.
I have been holding only btc as well, unfortunately I got in only in september 2017 and bought until almost 1.15BTC. About a month ago I started to diversify my holdings and now I have a value of 3 BTC without any additional investments, so thats about the amount ;-)
Diversification is really importnat, not only for cryptos but also in general, maybe you want to give it a second thought.
as I said only a part of my portfolio is in BTC I have KCS ETH EDO XEM SGR BTX
Thank you @haejin for you analysis, you really help us to make money!
So a low Bitcoin for a while then. Plenty of time to accumulate some. :)
for a while? I wouldnt bet on that, if we are now building the fifth subwave of the c-correction then we could be done during the day. how you come to this conclusion?
Thanks for continued update on BTC...Blessings🙏🙏