SUMMARY
It's quite good to see price adhere so closely to the wave lines I had drawn. The chart below shows that the blue colored five waves down are complete. The current bounce looks three wave like and is expected to put in the white wave iv. The red C?? marks a potential bottom, especially if price start impulsing and put in five waves up. The recent low is also a respectable degree lower than the low of red wave A. So, the key is if there will be an impulse set of waves up. The video analysis reviews the details of this potential scenario better than what can be summarized here.
The daily chart perspective shows that if the recent low was the bottom, it fits well into form of an expanded flat. Declining to $6,100 or so would have the red c wave of the expanded flat a bit too low.
The 4 hour MACD charts shows a deeply oversold condition. This also adds credence to a potential bottom as the bounce should be no insignificant.
The most bearish case is if an impulse downard is completed. Though, I'm only adding this scenario so as to put in on the table of possibility and not yet probability.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
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:
BTS Wallet - d2e60e9856c36f34
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
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.**
@haejin - what do your charts show long term for Bitcoincash, I am thinking there could be a flip on with legacy Bitcoin and bitcoincash
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Hey man, I know your big on the Technical side, but I would love to hear your thoughts on what is going on with the many forks of Bitcoin.
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Thanks again Haejin for your world class FREE service!! But it's really more than that. It;s like a university economics class...except it's interesting, and has real-world application, and I am learning (also I no longer live in a building with 40 other people and a MINIMUM of 3 kegs, so that helps! )
Anyhow, have a great weekend my friend.
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LOL! Though, many years ago, I did teach Biology at a community college right out of graduate school. It was fun but pay stunk!
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just followed the elliot wave rules, added some pattern and fibonnacci. not really meant to be that accurate, but this look really bullish. CLOAK!
i'm adding some using fiat. hoping to get it cheaper when btc is lower (6.1k?).
PS I bought the book!
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May you be blessed with profits, wealth and health!
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Hey @haejin, Can you please check out my blog? ive done an analysis on ETC/USD using Elliot Waves and Chart Patterns to the best of my abilities...
https://steemit.com/bitcoin/@cryptosuf/etherium-classic-etc-price-pathway-using-elliot-wave-counting-chart-patterns-blog-2
Also can you please follow me and up-vote everyone? Im going to try to get better at analyzing charts and I would love to document it the way @haejin does.
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Well done! Was already following. Upvoted your post.
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thanks! anything else i can do better?
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Here’s hoping! What’s your take on the BCH movement?
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Great job! 😎
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Hey @haejin, you might want to take a look at Bitcoin Cash, I predicted the 921$ high, but even then my counts didn't show my 1050$
Even now it seems to be poised to go to 1350$ rather than taking rest before impulsing, what do you think...
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I'm thinking the same.
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Wow. Very nice sir.
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You know you've "made it" in life when @haejin Compliments your T.A.
:) Thanks Haejin, the book helped, but your vids are the main course here.
it looks like BTC is doing a 5 wave now, rather than a 3 wave... is it time to be taking buying actions?
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Haejin many thanks for this update. Can you please review charts of NTRN, MSP, UBQ, LINX, RNS, SCORE, and TAJ?
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Good job my bro.
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Welcome to my blog! The aim of my blog is to help and do no harm! I provide free technical anaysis of any coin requested by my readers and followers. If there is a coin you'd like analyzed, please let me know.
I use Elliott Waves and Chart Pattern Recognition algorithms.
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Can you please analise Lisk?And maybe Verge?
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Thank you so much! Finding your blogs has helped me so much! Could you do a update on BAT? Does this look right?
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Can you label the prior waves?
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Sorry, this was the one I meant to post....
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Can yo try 5 hour and label the prior waves before the rise?
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Sorry, I am new at this...is this closer?
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Haejin,
Thank you so much for your excellent work! I tried to send you beer money via LTC but I keep getting a "not valid address" warning. I notice your alt-coin work is usually based against the USD. Would you please have a look at XVG/BTC when you get a chance?
Thank you!
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Here is the chart but I'll write a full analysis tomorrow. Looks bullish
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Thank you! That's what I'm seeing as well.
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I'll do tomorrow morning. Sorry for delay. So many requests and then I have to monitor comments.
Try this LTC address: LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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Thanks! No need to apologize, I appreciate you very much. Beer on the way!
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Hello Haejin! BITCOINPLUS has painted an excellent picture but what can You say about the prospects? thanks in advance.
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Really appreciate your TA, thanks HaejinLee, I also think your name is super cool!
If you got time, could you check out SNT (Status Network Token) and possibly do some forward discernment on it, would be awesome.
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Thank you Sir appreciate all the hard work and time you put into these write ups and videos. You have opened up a new door for me.
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Good call on the $6600 price
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Thanks, could you do Walton coin please?
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Thank you!
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Pundits are widely promoting that BCH is the new bitcoin, and quite a few people are getting nervous and jumping ship. This is the Roger Ver faction trying to draw out as much capital from BTC as possible, over to BCH, arguing that BCH is better as a currency - as if that should matter to people who invest in it. Litecoin and Rippple, all the Ethereums are the better currencies, and Ver is putting all his marketing weight on the Bitcoin brand. As it seems, the stupidity of people will decide the matter, as it always decides human history. This is of course exactly the principle Elliott Waves also measure, but as I have been saying, this is an exceptional scenario. The Crypto crowd are fighting among themselves, sowing insecurity. Will I be watching BTC falling towards 4000 and BCH rising to 4000 ? It's all psychology after all, and the cognitive dissonance is immense.
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Primary: BTC to $5800
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In a contracting 3,3,3,3,3; the waves are supposed to get shorter. Your e wave is longest and so out of proportion. So, these would be in more of a parallel channel. If so, gvien how impulsive form fit is, the c wave is better labeled as 1,2,3,4,5.
But the direction is more important, and multiple counts lead to same destiantion. that's the key to TA, not the accuracy of count.
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I thought you recently said and reinforced that BTC could drop down to as low as $500-$1,000 based on the waves retracing. Is that opinion outdated with new information, or are you taking a step back from that suggestion?
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steemmatt,
I think if you review Haejin's videos you'll find he's referring to a deep 3 wave correction following the final 5th wave up at cycle degree, which the market hasn't completed yet.
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Do you think that when Haejin prediction of BTC drop to $500 comes true it could actually be because BTC has been dethroned as king by BCH (or other crypto) and that BTC would then never recover ?
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Possible! But probable? Probably not.
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hey haejin
what do you make of todays action ?
https://cointelegraph.com/news/bitcoin-classic-shuts-down-as-staff-claim-bitcoin-cash-will-rule-in-6-months
or the rumours that Roger Ver could dump 25k BTC
https://www.reddit.com/r/Bitcoin/comments/7cefom/roger_ver_just_sent_25k_btc_to_bitfinex/
I know you always preach news or an event will arise to justify the forecast - could this be what sinks BTC and ends wave V ?
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From an entirely non-wave point of view, much has changed - that was a few weeks ago. Since then, btc has consolidated a lot in the minds of people globally, even he bitcoin cash conundrum today reinforced it as a haven of value for the future. Bitcoin is totally the thing and I can't see any danger of it going below 5000 USD, ever again, as we all expect an influx of institutional money soon - but that's my opinion. I wonder what haejin is going to answer, as he refuses to even acknowledge that institutions exist ;)
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BTC will crash heavily after reaching 15k or maybe 30k. No doubts about that. When this happens, then the BIG money will buy in and we can see 1 million $ BTC everyone is dreaming about.
Anyways, it is just one of the possible scenarios, but this is the one i'm betting on.
EDIT: We are talking years, not months.
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Still there, but we need to first top and that hasn't happenned yet.
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