SUMMARY
It has been pretty cool to take more profits from Bitcoin Cash (BCH). I'm out and on sidelines. As shown in below chart, the price adhered very well to my Elliott Wave price pathways. So, now it's time to correct. The white wave ii shows the $400 region as the retracement depth.
The key is to understand that after this wave ii correction, which wave is next? That's right! Wave iii UP would take BCH to well above the peak of white wave i which topped at around $688! I hope MANY of you gained MASSIVE profits from my BCH calls! Booyah!
Please review these Tutorials on Laddering! and Buy/Sell Setups!
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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.**
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Well said! Agree!!
When you trade out, do you trade out of the alt and into btc? Or into tether or straight cash? Most smaller exchanges that deal with Alts don’t deal with fiat and if you trade via btc you’ll be hammered with 2x fees.
When the time is right I will be in bitUSD BitCNY bitJPY bitruble hero
When the time is right. But what do you do when you trade daily
I’m going to hold 33% of all my alts except I’m out on btc too crazy right now. I will convert all my coins to btc. Then send to bts dex convert to bts. Then convert to bitUSD. Then wait for the correction. Then get back into alts when the deep correction is over. Whole process takes me 15 mins.
i like bitusd, it has 200% collateral. In other words, bitUSD will withstand a 2x +/- value variation of BTS.
Good to know I have the oracle of crypto approving. Thanks hyung.
Ha! Back to Rep Score 41? That plagiarist bastard had knocked you down to 8! Asshole!
We gotta stick up for each other. Lol
I was planning on converting all my crypto to steem to go to war with you know who. But he backed off and unflagged me. I really didn’t want to have that much steem powered up. But sometimes you have to do what is right. At any cost. Lol
usd
So you withdraw USD from the exchange after every trade? That’s difficult for me as it makes accounting for tax very complex.
Bitfinex holds usd
Ahhh good to know. Thanks.
Thanks for the update! Nice to know someone like you who really contributes quality analysis!
Really hope to see BCH rises. Again, what abt the news that 3000 BCH will be dumped every day starting from tomorrow?
And also Nov 13th EDA for BCH?
What news? Source?
Haejin I'm not so sure I follow your wave count on this one. Here is one very simplified which shows a retracement no deeper than top of Wave 1 ($525) - https://www.coinigy.com/s/i/59ff353185dfc/
I believe you are right. I will update later tonight. Thanks!
You mentioned you would look at the retracement of BCH from $400 to $525s.. why is it not correcting but increasing?
My chart that I shared in a different post also showed a retrace to between 540-570 usd. Good to see some confirmation of that in your chart, and the bounce tonight!
you seem an experienced cryptocurrency exchanger. These days there is a talk in the market and i also heard the analysis of bitcoin investors that bitcoin is going to hit $10k this year. i wanted to buy it but i stop, thinking that it will come down. Now, i don't have any idea whether it will come down or keep going up like rocket speed. Please, share your experience. When should i buy bitcoin? thank you.
Here is a very important and wise quote:
"It is better to be OUT of the market wishing you were in than IN the market wishing you were out."
Here are my trading nuggets that might help:
https://steemit.com/bitcoin/@haejin/haejin-s-trading-nuggets-all-learned-through-tonnages-of-failure-experiences
thank you man. thank you.
Thank you Haejin! I wish I would have hopped on the BCH train when you first published the TA, but this seems to be a 2nd chance :-)
How do you calculate the depth of the retracement? Based on what? I am trying to better understand. Thank you!
I eyeball the fibonacci levels.
Fibonacci retracement lines, aligning with resistance lines from journey up
You really think the price came all the way up before the fork only to go back down to 400 before? Thats a heck of a lot of trust in elliot waves. If true im going all in on bts for that $420 per bts prize!
Thanks @haejin for the professional update! Still, how do you know that correction might go all the way down to $400 ? Were you looking at blue wave (2) as a "support" line so to speak ?
I'll make a post on Fibonacci levels soon.
You mentioned you would look at the retracement of BCH from $400 to $525s.. why is it not correcting but increasing?
I like BCH especially since it took Ripple's place!
Hello Haejin, I am having trouble with this concept: If BTC price rises and BCC is priced against BTC, would that affect your price targets? Thanks for any reply! I bought your suggested books yesterday:)
No, I use BCH/USD prices.
Great news on the books! You'll be wealthy and healthy!
So did you guys buy back into BCH around 580?
there is an interesting post on reddit making predictions about the fork and having BCH as the next bitcoin.
What are your thoughts on this, @haejin? Thanks!