SUMMARY
Note: The Video Analysis has tons more details!
Overnight price action has been putting in lower lows and the chart below shows updated Elliott Waves to help define the pathway. If circled white waves 1 and 2 are complete; then the white waves 1,2,3,4,5 would be subwaves of the higher degree wave 3 and naturally, after an impulse of five waves, there is a requisite a,b,c correction as shown by the red a,b,c.
Another way of counting would be to define this minor correction as an expanded a,b,c. The blue waves 1,2,3,4,5 are positioned so that the purple b wave is higher than the start of purple wave a and so the purple c could be in progress. Many are panic selling. Many are scared. They don't understand that corrections are healthy but more importantly, they lack the awareness of price pathways.
As I had discussed two very long days ago; my alternate counts remain. The last alternate was shown as below and I know that many bears are screaming for that to happen....almost wishing for the $8,000 zone! However, that's my third alternate; not my top alternate.
My top alternate count was shared by a follower's comment (can't locate the commenter to give credit). The below chart shows what all cryptos love....TRIANGLE! IF this pattern plays out, the price could touch $12,834 or so. Let's see how the daily price action progress.
I have often stated that awareness keeps the panic away. Well, since the market is driven by a binary emotion: Fear & Greed; I've learned in over twenty years that it is most ideal to trade and invest from the position of Confidence & Awareness. Technical Analysis helps instill these. Bear in mind that Confidence is NOT related to greed nor is Awareness associated at all with Fear! Egotism is NOT confidence; though, it can often be masked as such but is really Greed in disguise. When one approaches trading and investing from the position of confidence and awareness supported by Technical Analysis driven distinction between the possibilities and probabilities; laddered buying; forward discernment and experience...you often get a confluence of MASSIVE profits! When there is a lack of confidence and awareness; then ignorance can set in and that's when you trade based on gut feeling or instincts and shoot from the hips while experiencing the horror of seeing your account go to zero. This is the tribe of the innocent and the idiots to which you do not want to belong!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Disclaimer: 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.**
It was I ! :)) it has to be a triangle. Cryptos love triangles right? :))
in 2017 it had 3 cycles 3 big ones. and the 3rd was huge ... so if it reapeats... will rest until the end of february in a triangle and then will go up...
same thing happend to ETH in you Fib video. after a huge wave 5 (x6 ) triangle.
same with verge...
it was too soon to grow... just how i feel it
https://steemit.com/bitcoin/@haejin/bitcoin-btc-morning-update-fractal-3-is-spotted-check-out-the-his-chart
Nice observation, I agree. Nice thing is that is doesn't matter much for your buying decisions as the direction is the same!
Thank you! I will give credit where credit is due and state your contribution. A 100% upvote also given!
i am thinking on february when btc goes up verge will as well. With verge also pairing with btc/eth/usd, when it meets the right time, even with so much sell walls it may be able to break all of them. Imagine btc up, with verge more profitable, usd coming in due to end of triangle, and more coming inflow from eth after the ATH.
agreed! there are a,b,c,d,e triangle.
check
I could write a book with the information given in the video. Great stuff!
Thank you for using Youtube, again! 🙏
Epic as always. My daily reminder of calm and awareness. Thanks.
Hell yeah !
Very informative. It's a great thing to learn & hope we can apply it in real application. Thanks for sharing
Thanks for the update! Confidence is key in life (and TA). I called for a channeled A,B,C,D,E correction but @dbrdbr made the call your referring to...Good job @dbrdbr !
Also I'd like to share a ground floor opportunity for another alt coin exchange called UpCoin. First 250k people to sign up get $500 free in their account:
http://www.upcoin.com/?ID=81ae7a89
Happy Trading!
Thank you ;).
Without confidence we are lost, and easy to sway.
The 500 dollars is to cover exchange fees.
Here's my referral link of you choose to use it.
upcoin.com/?ID=67632290
Btc price sounds like a new lower floor
Can you do an analysis for Kin ?
Is there a Bitcoin 101 or Cryptocurrency 101 for dummies anywhere on here? I'm trying to learn more about all of it :)
we love all the info and thank you for posting
Could you please do an update on Litecoin?
Thank you for this informative post, Really helpful and well written @haejin
As always
Haejin's primary counts don't follow the rules of Elliott Wave. His alternate counts do.
The only reason he's calling these primary counts is because they're bullish counts. Everyone is a crypto bull, when he tells them what they want to hear they get happy, and when he gets them excited they buy his coaching services.
I'd recommend being very cautious with this guy.
Yesterday I posted that we will revert to the mean of 8,500-9,000. This is the 150EMA which BTC has reverted to the last 6+ times after it has rallied in 2yrs. I also posted this about 6hrs ago before we moved into the 13,000's. Very simple pattern, but powerful.
Most importantly, I'm not selling you anything and wouldn't even if you asked to buy it. :)
https://www.tradingview.com/x/nsoC1izm/
@haejin is providing us his views which we should take it at our discretion mate!
Mr. Bear is back
dbrdbr You're on the 240min (4hr chart). The 150EMA is for the daily chart. Either switch the timeframe to daily, or switch the EMA to 900 on for the equivalent on the 4hr chart. :)
yes... but in my opinion 150 is too long . because 150 day means almoast half a year. and it seems to me that cryptos change suport lines and trends fast. and at diffrent angles.
Indicators are not written in stone. Just because 20 and 50MA are common doesn't mean they apply.
We must use indicators to look for patterns that are showing reliability. This one has shown exceptional reliability. In fact, some of the best reliability I've seen of a MA in a long time.
If there's no pattern to a 20EMA, no point in using it. :) GL!
just try the 300 day EMA and see. It is absurd to use a EMA that long on cryptos that have just been born.
i'm quite new at this so that's why i have this fresh in my head.
i have read that EMAs act as trends and support.
so if i choose a more appropriate day count for the rate cryptos change their angles on the trend and support lines you can see that this EMA acts as a support line and it predicts a triangle.
Been trading 10yrs+. The 60 doesn't show very reliable support or target prediction. GLTU! :)
Not sure if you even read his posts, but he gives alternate pathways & his general opinion. There are three alternative pathways. Though he believes the 8k one is possible not likely.
Not concerned about price projections, concerned about following the rules of Elliott Wave, which he is not. He's just using it as a means to pull the "bull" over some people's eyes and push a bullish bias. But all good with me. Trade how you wish. :)
Disagreeing with his count, that is more than fine. But accusing him, that is not nice. Especially when you are here trying to get his audience to yourself.
Hi @Haejin, maybe you don't remember but here is your BTC prediction from your fibonacci & Elliot Waves tutorial from months ago. What we are seeing today is exactly that. So I am calm and patient. Thank you for all the hard work.
true, we should be calm and patient :)
Greed has always been the downfall of man. Trading either cryptos or the stock markets it is easy to be consumed with greed and meet a quick loss. You are 100% right that greed and confidence are two different factors entirely and when combining both confidence with awareness one is more liklely to succeed. I look forward to reading more of your analysis and wisdom. All the best!
Regardless of the falling price and my lack of technical knowledge, I like the spiritual part of the post specially being humble when taking profits. and I will keep my Bitcoin :)
Thanks haejin.
Thank you for saving my time and giving this information to us . :)
Still bullish on BCH? ;)
Got into trading a couple months back. Watched all your tutorials and picked up the Elliot Waves book you recommended. Your teachings have helped me not panic. After looking at your XVG projections, and seeing that it ended up wanting doing something else. PANIC? NO. FOMO sell? NO. ADAPT! I started a clean chart to look at the BIGGER picture.Thank you for teaching me this valuable lesson. Although I still consider myself a rookie, I can do some solid TA. Would love your opinion on this Verge chart. Thanks @Haejin for all you do!
Bigger Chart here - https://www.tradingview.com/chart/XVGBTC/b4EO2OTv-Verge-XVG-Bigger-Picture-possible-Cup-and-Handle-TA/
3rd wave cannot be the shortest..
Wave 3 will slightly be longer than 1 or Wave 5 will slightly go above Wave 3.
Should have cleared it up on chart. Will edit.
This is a solid idea. Keep up the good work.
thank you!
greed is vice ...confidence is power so can't be same
Just looking at the chart you posted brought a possible head and shoulder top to mind but it appears volume does not confirm. So that leaves it as possible but NOT probable, correct?
Nice Analysis Thank you ;-)
wow. this is so informational.
Thank you for this information
I wish you success
https://steemit.com/cryptocurrency/@racoo/mr-zuckerberg-is-learning-how-cryptocurrency-works-racoo
Thanks @haejin
Thank you brother!
@haejin, how long have you been doing technical analysis?
Oh if you just would read the post you would know the answer. (20years)
@adrian2lee, I saw that he has learned over 20 years, what I should have asked was "how long have you been charting"
He references it in his videos often. Over 20 years.
AGREE!!
“awareness keeps the panic away”
Thanks, haejin.
Is B allowed to higher than the end of wave 5 as it is in this case? I posted some charts last night mornign Dtube post, starting with that count but realizing that it was wrong. I reposted another showing how this could be wave A... still reaching around what you project here, but just curious if my assumption B may not surpass the end of 5 is true?
I know master Lee can't respond to all.. Anyone with the knowledge is encouraged to answer :)
I am a member, you have good articles
Risk / Reward looking better and better. Thanks for the update as always!
Thanks for the longer video! Helped me to do the daily stretching, lol.
Thank you @haejin! I know you get a ton of requests for coins to analyze, but if you get a chance could please do a post for Decent (DCT/BTC)?
Use Haejin in combination to viewing this pump group and $$
https://discord.gg/YKfwD5J
Get out of here please. Thanks.
Excellent vintage @Haejin video. the stuff that brought me to steemit.
Thank you.
Definately we have seen the BTC drop in value to $15+... and come back up to a $16+gain only to fall again. Lots of people are selling and going into alts. Take a look at the steem price hike. Infact all alts seem to be doing well in consideration to the BTC bear but atleast that means cheap BTC right?
My 1st follow ^^
ths ur inf~ gazuaaaa
Nice
Cheers!@haejin do you this there is a correlation between the value decline of all crypto's and the overnight decision from coinmarketcap to excluded Korean exchange rates? Is CMC causing a panic? Or are the current developments an organic development?
The last prediction, from a member of a triangle seems the most likely, there is away too much popcorn stuff happening for this to become bearish, in my opinion.
I know Haejin is a busy man but could someone give me some info on what is the best thing to do, cause people are panick selling, prices are falling.
Thanks
altcoins all the way buddy, exciting projects and interest in many coins such as XVG, EOS, STEEM, etc, will bring you more profits than BTC could ever do. Just look at XRP (Ripple): it brought the biggest gains of all coins in 2017 (per ratio), undisputed.
thanks for your advise.
I'm trying not to panic. everythings' gonna be alright.
I regret so much not having de-risking portpolio, especially not having cash now.
I have a question for you though.
I have no doubt in your charting technique, but coin prices not only move with the chart. I want to know that if there are any negative issues to put down crypto market. (such as governmental pressure in south korea for example)
Not only bitcoin is going down. literally all the coins are going down right now and i'm really scared. I have to know what is happening now and i want to be awared to get rid of fear.
Thank you :)
Check this out is free money
https://steemit.com/bitcoin/@s3cr3t/free-bitcoin-up-to-200usd-every-hour
So many possibilities...
thanks. can u please to an TA for ETHOS and Icon?
My respect Sir
So basically, in relation to your last paragraph, invest intelligently. Lol