SUMMARY
Bitcoin (BTC) overnight price action has run into the upper white line of the descending bullish wedge pattern. IF the bull scenario is to continue, then a breakout is needed. Should this breakout happen, the MACD would increase as shown by the blue line drawing. The breakout is needed because then it would allow price to continue higher and put in the impulse five waves which would signal the turn and give confidence to an abc correction likely being complete.
However, if this is a bullish downward pointing wedge, the market might be better served with a one more lower low. I'm not a masochist but rather understand that a completed bullish wedge would allow the next leg up to be carried so much farther and higher. I've added the blue circle buy zones I've set for myself as attractive areas to ladder in for more Bitcoins!
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I observe that the last C correction started a monday - the 15th of January, after what we touched a bottom C correction at around 9000 - 48h after the start of the correction.
If the same scenario repeats, tomorrow monday 22nd could be the start of the final E correction. One that is already engaged right now.
Also coincides with 1st official announcements from South Corea and European regulators arriving in the beginning of this week (monday/tuesday).
Thanks @hajin for helping see the trees in the forest.
PS. I have lost some consequent amounts following some @haejin Kabooms, but I also learned from it and this is a very very valuable information for the long term.
@haejin it´s a descending chanel TF daily BTC/USD Stamp.
Thoughts?
https://steemit.com/bitcoin/@thomasawa/el-bitcoin-como-un-leon-enjaulado-en-un-canal-descendente-spanish-version
Good analysis!
Now, first stop 10.5k pullback, retest 10.5k. So 3 times, drill and go for the 10k pullback, 10.5k, retest 10k.
Second stop 9.5k and 9.2 k pullback to 9.8k.
9.5 / 9.2k and drills the 9k to 8.8k
To prevent clutter here, I organized all my thoughts on BTCUSD in a steemblog post.”Jan 22 2018 (2:00 UTC): What is the price resistance against BitCoin (BTCUSD) that must be broken to change its trend?“. Please check it out and let me know if I am missing anything…https://steemit.com/bitcoin/@chipmaker/jan-22-2018-2-00-utc-what-is-the-price-resistance-against-bitcoin-btcusd-that-must-be-broken-to-change-its-trend
@kimjongpoo
I want to answer you with this saying: You only write when what you want to say is more interesting than your silence.
Thank you for your analysis :)
Just throwing out 3 options I am currently seeing based on all the TA I have seen so far.
What if a hybrid of option 2 and option 1 occurs?
We would reach 8000 target (option 2), then move up to test 13500, and back again to target your E point at 8000 or probably lower
lol - These astholes think I give a flip about their internal war or my STEEM reputation? Pissoff!
Thanks! Thank you for giving us a map to move around in this new exciting world!
Wow. What happened to the head and shoulders of just a couple of days ago?
haejin - Do you think this is an alternate possibility if the wedge breaks out but fails to continue North? I plotted an ABCDE but using a larger wedge/triangle
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I drew a similar wedge and was about to post it to ask @haejin and then saw yours! @Haejin why do you not consider the first peak in your wedge like we did in these larger wedges?
That's my thought as well. Why is the first peak not part of the pattern?
Possibility, yes. However, there is quite a bit of sentiment out there about this 'lower low' that may occur. It comes down to the sellers vs the buyers, and if people quit buying, well... we'll see that lower low sooner than later. If BTC hit 13k and dropped to 11k, and now bounces up to 14k+, I'd be very surprised. Right now it appears Haejin's analysis would be more probable.
Still, thanks to both you and @kwaman for sharing your input! It is appreciated :)
I did a post about it a few days ago, check it out :-)
https://steemit.com/crypto/@adri1202/future-of-cryptos-new-apocalyptical-hypothesis-descending-triangle-for-btc-and-ltc
Nice work. It seems most TA people are in agreement about being in a major correction, just not exactly the depth of how far it may go South or when it will make the final turn North.
This could be a possibility but I wouldn’t risk not selling now if the price decided to plummet all of a sudden
I have a "core" holding in bitcoin. A few BTC I will not sell (or spend) until the really big pay day. A couple are digital and one is a physical CASASCIUS bitcoin that has never been redeemed. I will hold that coin until I can auction it off at one of the big auction houses some day. :)
Any other fractions of BTC I buy or sell trades around that core position. Looking at it that way it is no big deal to me if I miss this entry or that entry as I will always have a long position in Bitcoin. I bought into Bitcoin when most people didn't know what the heck it was because I saw the future potential of BTC. My opinion has not changed. It has only been reinforced with all the crypto mania of late.
Indeed that was @haejin primary count from a few days ago.
Though I observe that the last C correction started a monday - the 15th of January ... Could that be a coincidence, where we repeat the same scenario?
In this case, tomorrow monday 22nd could be the start of the final E correction.
I see it as a more likely option at the moment, specially with the 1st official announcements from South Corea and European regulators arriving in the beginning of this week.
There is always a probability it goes up to D before that the way you say. Thats why we should learn to ladder the buys just as a master analyst would do...
Not an easy job, but thanks @haejin for bringing this information accessible to the newbies and really pleasant to hear and learn.
Please stop this.
They can do no harm - "All their poo are berong to us!"
My comment is great due to great ratings!!!
haejin.. i dont want you are frustrate.. cheer up
I see that you are getting a lot of. bad publicity. Let the losers cry their hearts out. You keep up the good work!!!
agree... let it build up support here.
This is what I wrote 5 days ago. The correction is near the end. I invested 100% of my bitcoin budget with prices of under 10k now. Maybe there will be a last lower low. But this level ist still a very good buy.
https://steemit.com/btc/@vonbuelo/bitcoin-btc-correction-near-the-end
Can we have a update on stox? It's seems to be not following TA!? :/
Why flag me?
They flag everybody. It's about "who owns this network - this town aint big enuf for both of us." Haejin is earning way too much money, this network is supposed to be egalitarian, where everybody gets something and the bot programmers get more.
They want the rewards, and steemit is Wild West now. You are a Haejin follower ?
Then you get flagged. They hope that eventually, all newcomers to steemit will be so pissed off that they leave, and everything will be robotic the way it was before. Paradise !
This shall not happen. Spirit must again conquer technology!
#humanitytothenextlevel
Can you analise Verge again please?
You got it sir good summery
upvote
Thanks for the update @haejin. Looking forward to see how BTC will move.
Can I suggest you to take a look at ADA/BTC? From my own perspective, it looks like it has completed an A-B-C-D-E triangle correction and a breakout may be on the cards. Would you agree?
Keep going and posting! You have support.
THX you very mutch MASTER!!!
Great analysis, thanks!
Muchas gracias por compartir tus análisis
The swings in this current downtrend for Bitcoin has been quite different from the bullish run up leading into December. The swings or volatility is increasing with greater intensity. So the run ups as well as the swings lower have been very aggressive, that could take many traders out of their positions even if they got the trend correct.
Great one
it may move up if it is permanent in the ascending channel.
Every year is the same story, the beginning of the year there are declines of all currencies and after a few months, everything is back to be the same.
We'll wait and see what happens in another two months or so.
Some people are saying that the CBOE bitcoin futures contract expiration last week has something to do with the dip. The CME futures contract will expire in the next few days. Do you guys think that there's actually an effect on the pricing of the bitcoin?
my view if its helping
thx!
Thank you as usual!
I like your work..as I mentioned, closer to 10,000 was the entry point...there is more work to be done. but be sure much higher prices lie nera. See my blog on silver/gold..a must divirsification..thanks
The swings in this current downtrend for Bitcoin has been quite different from the bullish run up leading into December. The swings or volatility is increasing with greater intensity. So the run ups as well as the swings lower have been very aggressive, that could take many traders out of their positions even if they got the trend correct.
Thank you Haejin. YOU are the BEST!!!
Do you have a good opinion about ETH laddering buy place ?
What's with the Kimjungpoo guy? No way to kick out The Riffraff? I bet he's in his mom's basement.
BTC/USD - call me crazy or is around $6000 the next resistance?
You're so nice for commenting on this post. For that, I gave you a vote! I just ask for a Follow in return!
There's no excuse for this useless level of spam. I'm not an apologist for @haejin but this could be posted once in the comments like a normal human being. I'm tempted to 100% flag these until I'm out of juice. Tell me why I shouldn't do that @kimjongpoo
Thanks. This is beyond entertainment!
Thanks! Haejin. This is beyond entertainment!
Steemit must do some actions on this violence.
Please mute haters. Haejin provides best analysis and teach us how to do it. Its very unfortunate that his posting is getting so much down votes. Request to all Haejin's fan , please mute haters.
You haters can only flag. But cant post a good content for us.. so stupid people ;-)
Many a bite. Class. You have been a calming voice. Yes i think your predictions have been off for last few weeks but you are a bull and its a bear market. Every video is a master class in technical analysis. Money all tied up at moment but i honestly feel i owe you money so will be attending a future group session, or sessions. Thank you.
Have done my own technical analysis, been reading the books and watching every video. It would be an honor to have your feedback.
https://steemit.com/bitcoin/@martinf/bitcoin-btc-first-morning-update