BITCOIN (BTC) Elliott Waves Seem So Complete! What does this mean? Here is the chart...!

erodriguezc11 (58) · 7 years ago

The technicals indicates a drop, but people selling their Bitcoins right before a fork just don't make much sense. It went to as high as 5400, that wave looked pretty impulsive right?

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9 votes

haejin (88) · 7 years ago

Impulsive, yes, be remember that it's at the terminal end of an impulse which consists of five waves. So, if currently finishing wave 5 of (v) of c of B; then it could be ready to turn. Why? After every set of five waves, there is a requisite three wave a,b,c correction.

I gave up trying to tie fundamentals to Technical Analysis. Soley rely on TA.

erodriguezc11 (58) · 7 years ago

Fair enough, thank you very much, i log the chart and my apex gets right at the time of the fork, for the record my primary count is still similar to yours.

The apex came at about October 26th it is very tempting.

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grizgal (55) · 7 years ago

So are you selling?? Or are your btc on an exchange with sell orders if price drops?

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haejin (88) · 7 years ago

Neither. Just watching carefully.

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4 votes

grizgal (55) · 7 years ago

So what do you do overnight? Wait and sell in the morning (if you are going to sell) or do you have sells set?

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11 votes

haejin (88) · 7 years ago

I cast my ladder overnight for buys or sells and often get a few rungs filled! The same for day. I cast it and walk away.

3 votes

cannonball6 (46) · 7 years ago

Consider risk reward. If it continues up, how much? Likely <<10%. Downside may be 50% or more. So either sell or set stops if you are not able to quickly respond to price movement.

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grizgal (55) · 7 years ago (edited)

But that still involves thinking of price movement. My biggest mistakes have been selling cryptos! I need to be happy it’s the right time. The only reason to sell is to buy back at cheaper prices!

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cannonball6 (46) · 7 years ago

If you made a profit, it was a good trade, even if you left some money on the table.

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cannonball6 (46) · 7 years ago

Also, I would suggest that another reason to sell is when the likelihood of higher prices is low.

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cryptobrant (25) · 7 years ago

So, out of Bitcoin. But are you also out of altcoins too?

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cannonball6 (46) · 7 years ago

I started with cryptos in April. More than tripled my total investment before the summer correction. Started moving back to cash progressively before the correction started 25-50%). I STILL lost about 40% of my total portfolio value. My lesson is, protect your profits. Get them off the table early rather than late. There will always be another opportunity, and the one that comes when BTC is under $3k will be monumental.

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upfish (15) · 7 years ago

It's hard to imagine, altcoins hold their positions while btc is crashing - even though that's something i would be hoping for....

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robert31 (54) · 7 years ago

images (9).jpg

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spiftheninja (54) · 7 years ago

Think we are in for a drop soon ?

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haejin (88) · 7 years ago

Not sure. Watching carefully.

haejin (88) · 7 years ago

Not sure. Watching carefully.

taskmaster4450 (78) · 7 years ago

Look out below on that one if your count is right.

A 5 wave C pattern can be painful.

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simonthedeerboy (32) · 7 years ago

Or REALLY profitable if you're doing it right!

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haejin (88) · 7 years ago

I never short BTC. I know a guy who lost $300k doing that!

3 votes

cryptobrant (25) · 7 years ago

It's really tremendously volatile. I would die of a heart attack and then leave my family broke.

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crimsonronin (8) · 7 years ago

I know a guy who made 90k the last run down. But yes, margin trading isn't for the faint of heart....or light of bank balance!

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pcourtnier (55) · 7 years ago

Grizgal, I would watch the volume, MACD, and RSI. If volume starts to sell, then that is a good indicator.
Maybe even put in a stop limit.
I am looking at good BTC pairs right now that are undervalued compared to BTC... BAT and XEM for example. I like XEM better as they have more product rolling out right now.
Just keep your options open.

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grizgal (55) · 7 years ago

Thanks for the tips. My problem is I just don’t have the time to research, chart, place orders etc. I need to either trade/ invest longer term or leave it.

Most of my coins are from mining back in the day, so effectively free (or valued at $3 at the time) so I have been in profit for almost 6 years!

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haejin (88) · 7 years ago

Good.

nabes (51) · 7 years ago

Hey Haejin, thanks for the metal and the ARK analysis. any chance you could do one for Litecoin and Ethereum for long term?
thanks

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LTC:
https://steemit.com/litecoin/@haejin/litecoin-ltc-shows-a-bullish-ascending-right-triangle-target-usd79-76

haejin (88) · 7 years ago

Hi Nabes, Here they are:

ETH:
https://steemit.com/ethereum/@haejin/ethereum-eth-target-usd695-by-mid-december-here-is-the-analysis

nabes (51) · 7 years ago

thanks again haejin!

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