SUMMARY
The Mid Day Update had shown the potential for a brief peak at $11,170 over the upper white channel line or a a larger one towards $11,466. Price temporarily pierced the upper channel and promptly returned back inside.
If the count towards $11,466 is to be sustained, price can't decline below $10,885 because that would invalidate the impulse since Wave 4 would overlap with the peak of 1. That would break one of the three major rules of Elliott Wave labeling.
The wedge pattern outlined by the blue lines is very uncanny. The current price decline also fits the type of a wedge breakdown. IF this continues and matures; then likely the larger degree wave 4 will be in progress towards the lower line of the channel.
Keeping this in mind and into awareness:
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Price is trading below your level. We will see
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Thank you Haejin , i FOMOed into the crypto world on Jan 20th 2018 and promptely experienced a price drop , PANIC for the newby would have set in had it not being for your calm reassuring words of advise and analysis of what and why it is happening, i have HODLED ,BLED and now PROFIT which is due to the trust and patience you taught me . Cheers
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Bitcoin Breakout IMMINENT! Where will it go?! https://steemit.com/bitcoin/@investingtips/imminent-long-term-break-out-up-or-down-for-bitcoin-this-is-a-pivotal-moment
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I think your experience is quite a common one especially over the past couple of months. There is a lot of new money coming into the market with the expectation that they be rich almost over night. Other blogs, sites and groups of individuals seem to fall into mass hysteria - one minute their coins are going to the moon, the next the sky is falling in! I’m glad to hear that your portfolio is on the up and I think you’ve found a relative oasis in the madness which is social media where you can plot your next trades. Good luck to you
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Hello! I noticed you had 2 followers and 3 posts. I recently joined Steemit as well and would love to have you as a new follower!
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It is indeed a tough time to choose to get into Bitcoins in January. But eventually many expect it to eventually bounce back and possibly exceed its Jan 20th price.
However, looking at the fundamental metric I wrote about recently I would not expect to see real recovery until that metric begins to creep up. No matter what the TA or chart says, if is use case as measured there continues to fall no recovery will likely get sustained. That lower low that Haejin was pointing out a few blogs ago will likely continue to be in play until that metric recovers.
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Thanks man, appreciate all of your posts!!
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Hopefully the bitcoin goes up to me again waiting.
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Money is coming out of alts into BTC, holding it up, market has been having a hard time breaking 500bln.
I don't see 11k support holding unless market pops over 500bln first
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My count is not the same as yours. I am seeing that hitting the top of the upper line put us at the end of 3 and now retracing to 4. Also I think we are going to have a inverted head and shoulders setup. Thoughts??
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You probably wanted to post it in the previous post where he showed his inverted head and shoulders.
https://steemit.com/bitcoin/@haejin/bitcoin-btc-mid-day-update-a-beautiful-pattern-in-progress
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How does this look?
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Well done!
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I´m new to elliot waves thanks to Haejin but jonnycrypto´s chart regarding to wave 1, subwaves 1 overlaps with 4. Can anyone clear my doubt?
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@cktaco not sure if I understand your question?
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The question is: Can wave 1 counting be validated if subwave 1 and 4 overlaps? it´s against elliot wave rules!
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If you are talking about the very first (1) - (2) in green, you are correct. These should have been placed lower. By moving these down, the rest of the count remains valid as is.
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Right, good question. So my understanding is that the rule you stated is correct. However if you take a closer look at the chart you'll notice that the wicks are primarily causing the issue of 1 & 4 over lapping. Also this chart is from an exchange where trader can enter at leveraged positions so this chart is from a margin trading trading account. My understanding is those markets behave a little different.
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Is that looking better, I tightened it up.
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Thank you!!! I have a great teacher!!!
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broke $10,885
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That means it falls to the second scenario in the bottom chart where wave 5 is complete and we are now in a corrective wave trending as part of primary wave 4.
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After everything I've seen I change my mind about you and I am sorry.
https://steemit.com/berniesanders/@nsfwsteem/berniesanders-a-hypocrite
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Thanks for the information well deserved upvote.
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Missing info. Price towards the lower line of the channel but he didn’t mention the price there or I didn’t see the channel drawn.
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Thanks 🙏 very helpful..
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Hello! I noticed you had 3 followers and only following 5 people. I think you would enjoy following by blog. Hope to see you around!
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I am confused ........ fml
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So what does it mean now as it broke $10885 but bounce back up?
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... still dropping
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Nice your post, thankd for share,, i like it your post,, great post
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Nice write up. But sort of unclear message. Larger degree wave 4 and price heading towards the bottom of the channel? But I didn’t see where that is in the write up. So it kinda keeps one guessing.
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go back to previous days charts you will see the channel.
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Read Elliot Wave Principle and read earlier posts of his on BTC movement. It'll make more sense then.
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I think it’s easier him to mention the price at the bottom of the channel then me going reading his previous posts. No? For the amount of upvote payout it’s an easy thing to mention. Just the price.
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Just that price this time, but what about next time? No sense in rehashing all of history in each post just for a new installment. This way, the video stays short for those who are actually following.
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Hello lovely steem team we have a def con 1 , we have a floater in our pod pool , isolate and cremate even the ashes are to be put in a nuclear generator and thrown away in to the depths of Sidon and Gomorrah, we are a clean community that does not take crap , obliged
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Minnow you turd , I thought I flushed you last week but you are a floater indeed , sponge it up boyyyyyyy 😂
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Hi could you please share your opinion on Bulwark (BWK)? I think it's a great buying opportunity right now. Thank you.
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How high will bitcoin go?
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Now XVG too start ascending with 5 th wave of BTC
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Very Nice post man thanks for the info. Have a beer on me!
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Wave 3 is done man.
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I never understand the charts but good info on the break down of the charts keep up the good work followed and upvote
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