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SUMMARY
Bitcoin (BTC) overnight price action was very euphoric until a little while ago when there was a $1,000 point drop! Panic by many. However, those who are panicked are the ones unaware of the price pathway possibilities and probables and they think the two are the same! Possible is NOT the same as Probable and the video explains in more detail.
The below chart has updated the Elliott Waves. If the blue wave 5 is complete, then Elliott Waves states that after five waves, there is a requisite a,b,c correction. There are 36 possible combination of correction patterns so that gives 1/36 or about 2.7% chance to get it right. So, the below shows one probable corrective pattern, an a,b,c,d,e triangle.
Another could be a simple a,b,c correction as either a zig zag or a flat. Prices often become attracted to a recent significant resistance and now support. Price might gravitate to the upper trend line...however, this is my alternate count. Let's see how the day time price action turns out.
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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.**
I think this thing is moving much more quickly than expected.....I think we are close to being done with 2...but different markets have increasingly different price reports. Kraken shows a high of 15200 and is about to break that number as well....while Bitfinex as you show hit 14702, and Bittrex shows 14798. Bitfinex and Bittrex not too different, but that's a $500 difference with Kraken. Perhaps it is an expanded flat, but I think we may be headed up again already....that would be quite fast if so. Just my two cents.
Man you're good! Almost too good...like ahead of time. Here comes the ABDCE..... Thanks for all your work, as usual!
You rock scarlet !!!!!
And I eat my words already.....and now I spit them back out...
BOOM goes the Dynamite !!
This is literally the best blog ever. I'm so happy to be alive during these exciting times and backed by this community. Unlike other blogs or groups...Master Haejin just wants to help all of us and do no harm. Can you feel it!
I wish you MASSIVE profits!
Haejin u should use the Jackson's song "Can you feel it" as your theme music.
656 Views in 38 minutes.....This is Crazy! I mean seriously. Holy Shit.
No wait, 700 Views in 40 Minutes!!!!
ZEC and BCH is killing me.
Could you have a look at them please?
Thank you.
Bitcoin is killing them...
Bitcoin cannot kill even a fly.
Says increasingly nervous man who wishes he had more Bitcoin :)
Maybe you know maybe you don't hut this period is only due to the flooding of the newcomers. Not because BTC is a big deal. But they just know the name BTC.
EXACTLY! They know the name, because it is the original. It will ALWAYS be known as the original and it will always be around REGARDLESS of it's network functionality. Not sure why you spend so much ti e hating it and spreading the hate......oh, wait I think I know why...
I don't hate BTC.
It is only stupid to accept a marketplace that is tied to one commodity only and I simply refuse to do that unlike you.
Why do you love it so much abd defend it as hard as you do? It just made this run due to the infinite forks and made you money you have not seen in your life before.
So how do you feel now about your big freakin deal BTC?
patience... BCH is likely to be having a bearish wick right now.
Ripple is bleeding too.
Ripple bout to pop like a pop-corn.
Your post has been resteemed to my 2500 followers
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I wonder if LTC is done correcting or is it going to mid 80's?
https://steemit.com/bitcoin/@haejin/lite-coin-ltc-update-a-minor-wave-4-correction-to-preceded-a-b-line-to-usd168-or-higher
190720 transactions unconfirmed: https://blockchain.info/unconfirmed-transactions
Probably one should set a higher transaction fee when sending bitcoins. Otherwise, it might take even days before your bitcoins reach their destination, especially in days like these.
Hmm, seems correction not started yet.. End of wave iii.. ABC retrace to 12.8k after 15.8k?
its going parabolic as fxxk and i cant even figure out when to get in. truly annoying. kicking myself for missing triangle breakouts
A good trader is a bad trader who forgives himself for the mistakes made and learns his lessons and then tries again.
I hear ya brother. I managed to get some at 12400 but missed the previous bigger corrections.
Thanks Haejin! Insightful as always .
Most of the alts have been smashed today. Is this because most of them are in the handle phase at the moment , or has some technical damage been done here ? Your thoughts on this topic would be interesting!!
Generally the alt coins take a hit when BTC rockets up so fast....I think it's a flocking mechanism with the buyer. Once BTC starts to settle....the alt coins go phasic with it, and I think that's when people start to pull profits or any type of funds from BTC and start spreading it around the market. Could be due to fear of volatility, rumors or whatever else. The price didn't just go up last night, the volume was growing as well, and as the volume declines, those buyers start to spread around the cryptosphere.
Nice thinking, pretty much the same in my mind.
I would be selling BTC for alts, but I am stuck in the mempool, for over 24 hours.
Thank you for the prompt and early post!
Haejin one question I have been meaning to ask is for someone with only a small amount 1000usd to invest, would you recommend just keeping it in bitcoin only. it seems that the most stable riser is bitcoin. the safest option. for the last month i have been trading alts and for the most part have been gaining. i have turned 1k into 2k now after 25 days but looking back if i parked my money in bitcoin and forgot about it. would be the same outcome. or alternatively should i park it into a potentially big gainer and wait. i have half of my money in bts right now which seems to have potential
Many Alt coins with high potential are at extremely low prices right now, which would be a prime time to ladder into a few of them. Personally, I would keep half in BTS, then choose maybe 5 other coins that are at lows to ladder into. Unlikely they fall lower, much more likely they start gains again. The percentage value in BTC is quickly shrinking for smaller budget investors. BTS is projected to fall to about 16c then up to nearly 40c, that's quite a rake for half your funds.
IMO your top prospects at the $200/coin price range would be STEEM as it cycles up again hopefully today, LBC is very low and a good paying coin, DGB, XVG.......and there are many others recently posted in Haejin's blog ready to take off, and you pretty much couldn't time your buy into those any better than today.
Just make sure you are informed on your choices, and are confident in your buys.
Yes i am hoping XVG......
thanks for the reply scarlett. unfortunately my other money is in dash and spreadcoin now and they are both down so i will just hodl i think
Spread should perform well, dash is great, but pricey.
scarlet when you say dash is pricey, what do you mean? i only look at potential percentage gains. is that wrong?
I could be wrong, but I think what @scarlet is saying is that for DASH to move 50% is a $300+ dollar move. For a lower cost option like STEEM, a 50% move is .75 cents.
No, that's how I would look at it. I just mean some coins are pennies or less and have great potential. DASH also has great potential for gains, but the starting price is much higher.
xvg, eos, dgb, cardano, bts, xlm, iota and many others all with really good upsides. Bitcoin is the big one but it's frustrating to move money with. I recently sold of half my ether for cardano and eos because the network is so clogged from a crazy cat game and i got in quite early so it was time to move some out. Ether was once how I moved money but it's become slow also. Their is many good projects out there research and buy what you like. Ask others opinions. I hold about 20 different coins, some underperform against bitcoin some have out performed bitcoin. But it's best to be diversified in the long run. You can invest to just invest randomly but thats not a good idea, I think its best to look at the project also, what does it do? What will it do in the future? Who's behind it.
Thank you!
Ripple?
What's up with Ripple man. Testing my patience to its hilt.
Dude, that's ripple. It should be renamed SlowAsADamnTurtleCoin. Here is @haejin's last post on it from about a month ago. Look at the triangle he drew for the correction
Looks like it could last until May, and I bet if you redraw that now it might be even looooonger!
Hurry up and wait!
Love your videos Haejin, I am concerned about two things regarding Bitcoin:
Unconfirmed transactions are racking up, the main chain is basically unusable, really high fees, long confirmation times, etc. When people get fed up enough with this the price will take a plunge.
All projections are based on price movement using what I like to call CPREW: Chart Pattern Recognition and Elliot Waves.......never are they based on the news, rumors, or any other fundamental element.
This is a serious problem.
I cannot express my sentiment when stuck in the mempool.
I think that there is some misunderstanding about the futures that are being rolled out. These futures will be cash settled which means that the investors in the futures market will be betting on the price rise/fall that happens on the actual exchanges where real Bitcoins are bought and sold. So, if an investor buys / sells a future, that doesn't mean that an actual Bitcoin has been bought /sold.
in coinbase it reached 19k+ .... correction over ? :o
Is anybody laddering out and preparing for a minor correction? I feel like I should according to TA.
https://steemit.com/bitcoin/@financefreedom/bitcoin-price-to-20k-then-crash
@haejin, we would love your input about Eth. #2 crypto in the market is losing ground vs. BTC!!
So is there no correction now? It's just heading to 20k??? Seems like it barely corrected
I think your Cumbrian Event may be when all the money in BTC is cashed out close to $20KUSD and flooded into the Alt's. It might even be just before $20K because their are heaps of bargains that can be bought with little BTC cost. The cashout from BTC will be like the rains of Africa after a long drought, and the ALt's will blossom to newer highs
BTC 4hr show an avg of 70k+ BTC over the past three 4hr time scales.
Thats up from the previuos avg of 20k-25k BTC's per 4hr time scale.
Sounds like it being over bought big time at the moment and a correction is soon at hand
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I don't understand how that's a reason to head to the exit.
If it's moving too quickly, just stop trading and hold the thing until you're satisfied...