SUMMARY
So day time price had been mostly overlapping and so corrective. This confirms that likely the currently wave is wave 4 as shown in below chart. Price has not yet touched the bottom channel line but perhaps that'll happen overnight.
The micro closeup counts show the red abc corrective waves. The blue down impulse should allow price to touch and perhaps even briefly pierce the bottom white trend line. If the temporary piercing occurs, that'll actually be a bullish wick.
The key is for the bottom white trend line to hold as support. Should that happen, then blue wave 5 can be expected to bring Bitcoin to $12,500 or so. IF the bottom trend line supporte decisively breaks, then we have a different wave count which will be reviewed at a later time.
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
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
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How To Easily Trade Ethereum/USD on the Daily Chart!
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NEW Exchange! Opens in a few days! The next Binance! http://upcoin.com/?ID=ce32d476
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Read more here how to become Cardano billionaire :)
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Bitcoin has recovered well, but @haejin what is your oppinion on the future value? Has Bitcoin done its bit or can we see it being more stable than before? That major pump of nearly $1 Billion made the price rise sharpely.
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Great, bitcoin recovering value, thanks @haejin for sharing your analysis
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Thank's for the post,i always follow your post.Your post is very informative and the way you shows the market scenario its quite brilliant.@upvoted and resteemed
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Hey @haejin, thanks for your hard work...if you can please take a look at LBRY Credits...thanks!
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The way I see it is that wave 4 is comprised of a corrective ABC with a 5-3-5 zig-zag. It seems that the C wave only has2 of it's 5 waves complete with wave 3 almost there. I thought it was complete in a different scenario but that would have had wave 4 cross into the price threshold of wave 1. Please let me know what you think.
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I am now beginning to think that wave 3 has a truncated 5th and it is about to shoot up to test new ground.
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hey Yogi, any thoughts on APPC? Haejin's (and mine) counts seems to invalidated when wave 4 entered wave 1's territory. Bit puzzling. Maybe it's just a rare occurrence in a subwave?
ps I know my wave C should reach much lower (subwave C is generally longer than A?)
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I am very impressed with your post, i like your post 👍 @haejin
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Amazing thanks for the updates!
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Bitcoin seems to be in major Wave B as explained by haejin, with peak around 17500 - 18000. That looks like the most probable path and confirmation of which we will get once bitcoin crosses 12500.
Awesome analysis ! Learning a lot from you ! Thank you haejin !
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Wow....i celebrate your honesty of post..interesting..thanks for being sincere
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Coins mentioned in post:
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@haejin you give the complete info about the facts on cryto thanks for posting this.keep updating.
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@hajein, wave 2 on your analysis is overlapped(in bitfinex). So, i suggest this.
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if youre wrong just go away and leave charts to the experts
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If I'm reading this correctly (pretty green to chart reading) on the 1 day chart. Could we be starting wave 1 over again or am I just crazy?
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thank u ~! <3
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Thanks for the post and all the thoughtful information. I think I'm seeing an ascending triangle forming with low volume. Anybody else seeing that?
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So wave 5 will be the last wave if this prediction is correct? What will happen after wave 5? Another bear run? Any predictions?
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Expecting NAS technical analysis :) the Google of the blockchain :)
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Haejins alternate scenario is a for c and current rise: b of an a b c, so a possible lower low c is not yet ruled out.
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I suggest we will not see this lower low at this time. That is why I show the chart. if you look at the 1 hour chart I think it is taking too long to complete wave C. Also think bulls are in control at these levels. Current price is above wave B if B completed?
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I agree. But still it is wise to keep the alternate count in mind:)
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Hi Haejin
In response to one of your earlier observations,
Would bit-assets not function as a store of value when bitcoin is retracing/correcting.
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Thanks for the update. I believe Bitcoin will go further up this year and it should hit $50,000. The reason is more and more people are entering the cryptoeconomy. It is only going to increase in future.
Bitcoin being the gold standard of cryptos, it will profit immensely.
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Fear is soon forgotten.
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But stupidity always stays there .....
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And greed as well...
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You have a very informative presentation, probably the type of people I need in my academy as mentors or participate in my webinars. How did you create the GIF? please get back to me and dont forget to follow back.
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Gif and jpegs etc. can be created quite easily in trading view. Click the camera link (bottom right)and paste the link into paint. Save as whatever/wherever and upload to steem or twitter.
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Bitcoin recovered so well. That's why I love it so much. "To the moon!"
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