SUMMARY
Keep a close eye on LBRY (LBC/USD) as it's completing if not already the EXTREMELY bullish Cup & Handle pattern. The Handle has taken the a,b,c,d,e formation and price is expected to EXPLODE upwards!
Check out the BULL FLAG pattern in the LBC/BTC pair! BULLISH!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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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.**
What i truly miss in your posts, is a bit of a fundamental view on things as it is a much more important factor in a final decision, have e.g. a look at this post on LBRY and i wouldn't dare to step in honestly
@haejin, i spent a lot of my life investigating technical analysis, i made a program that generated research to see which ones are working, i spent my 2 first posts on that but not more, keep my secrets :-) https://steemit.com/lbry/@hipster/stop-buying-lbry-credits
As a pure Technical Analyst, I truly believe in this statement:
News or Events shall arrive to justify the forecast, never the reverse.
This means that fundamentals are further downstream than price action. Both are reflections of sentiment, but price action is more upstream. This is why I truly believe that news or events or fundamentals don't drive price action, it's the other way around.
Many vehemently disagree with this, as I did too. But, after experiencing, time and again, forecasts that seemed outrageous and yet news/events arrived to justify it execution.
Here is link on my essay on Technical Analysis:
https://steemit.com/bitcoin/@haejin/essay-what-is-technical-analysis
here to have a quick look on what i have been doing. This is 25 years ago and the source code of my program is totally lost and that is very, very painful as i would love to let my program run on crypto historics.I hear you @haejin and i know very well what you are saying, any pre-public-knowledge action is reflected in price- and volume-movements. Click
The crypto space is clearly different than normal shares and the fundamental aspect is in this stage also less important but i personally do take it into account as a first selection criteria. I will have 20-30 crypto's i believe in and then use technical analysis to step it. I stepped in EOS and BitShares 2-3 weeks ago after watching them for almost a year for example. KABOOM KABOOM as you would say :-) but i did e.g. same for Steem a few months ago and still waiting for the KABOOM KABOOM :-) so no guarantee.
I have lots of respect for the technical instruments you are using and that's why i am following your findings with interest. Many of the crypto's you come up with are totally unknown to me and i end up again and again looking into the project. Let me just say i would be really happy with 1 extra paragraph in the style '... is moving in the ... space, launched ... ago, website ...'
Oops, this became a bit long, much love @haejin and keep going, i think you are doing a 1000% better technical analysis job than many idiots around here who would decide on a bloody worthless moving average, take care...
I personally don't look into any fundamentals or function of the coin. It matters none to me. If I were on an island alone and only received hourly/dailuy price feeds, my projections and forecasts would be the same.
Fundamentals have no bearing on technical analysis. It has lots of bearing on human sentiment and for that many want to know more about what they buy from an informative perspective.
For cryptos and equities, I only use Technical Analysis.
Hey Bubke - I agree, have your posts lined up to read later today.
Loved your India trip story and posts... do you have footage from those days?
Living free + internet connection & cryptos are good bed fellows if you're profitable - living the dream in fact. hahahaha
Hahahaaaa indeed, it is a funny combination though :-) Just had a look at your blog, you are even more lazy than me :-)
As a pure Technical Analyst, I truly believe in this statement:
News or Events shall arrive to justify the forecast, never the reverse.
This means that fundamentals are further downstream than price action. Both are reflections of sentiment, but price action is more upstream. This is why I truly believe that news or events or fundamentals don't drive price action, it's the other way around.
Many vehemently disagree with this, as I did too. But, after experiencing, time and again, forecasts that seemed outrageous and yet news/events arrived to justify it execution.
Here is link on my essay on Technical Analysis:
https://steemit.com/bitcoin/@haejin/essay-what-is-technical-analysis
Probably old BTC news already but...
Thank you, haejin! Your calls are always interesting and very well researched. I'm bullish on LBS as well, they have working product. It will drive price as well.
what product is that?
LBRY app. Actually, it is like decentralized youtube.
LBRY is one of those that seems to be a 'hot' coin right now, seeing pretty good movement every day or two. Appreciate the TA on it!
Groestlcoin had that huge run and then has had a couple weeks of 'hurry up and wait'... it appears to have woken up now, but is this just a blip, or probable indication of a coming upward impulse? Thanks for your input, Haejin!