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SUMMARY
Bitcoin (BTC) is more likely to be forming a symmetrical triangle with an a,b,c,d,e wave pattern as shown below. IF this is correct and thus my primary count, then we're damn close to finishing off this correction. An impulse would then carry prices to $13,758 or higher.
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 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.**
I agree. The market looks a bit oversold at this point. According to Bitfinex's subeddit, it appears that yesterday's extreme volatility was caused by margin traders getting forced-liquidated. A lot of traders lots they entire portfolios yesterday.
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thats sucks ...thats why its not good to margin trade...but bts no interest and leave at least 4 x times collateral and your good...and also have either bts in reserves or bitUSD in reserves....better is both
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This is fascinating info. Was it an error? Or that's how system code/rules are written? Where can I find more info about this particular situation?
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I slept in late, missed my leveraged Long and got called on margin for ETH....damn that sleeping in late. Fortunately it was not devastating. I don't even want Haejin to read this post....SHHH I wasn't leveraging!
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I won’t tell him if you don’t!! But don’t do it again.
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It's dropping below C., perhaps C is actually a wave 3 down.
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Futures market go active in US in early December.
Shorting BTC will become possible for first time.
BTC will go below $8K before it goes above $13K
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Umm....you can short BTC right now.
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You can short but it’s not easy for mainstream investors. When futures go live, anyone who uses futures as instruments to invest will have the ability to short (and go long) bitcoin.
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You can short on Kraken. Have been able to for a long time. Just click your leverage number, and sell. Position opened. OHHH MAINSTREAM....that's cool, they'll all get caught with their pants down.
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I have learned so much by reading this post and thread...thanks guys!
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I’m glad a correction finally came. I was getting worried.
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It's weird isn't? I am more calm, when bitcoin is falling/correcting these past 24hours, than when it was skyrocketing to 11k.
That 11k sudden growth was kind of terrifying :D
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it is..... im a long time hodler..... and........ i feel same as you weird!!
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keep thinking that when it’s corrected by 80%. It’s happened 5 times before in bitcoins history!!
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I won't argue that possibility, BUT I don't see ANY reasons for this to happen NOW.
CME is comming in december. More people should also join crypto.
And even quality sources @reddit said, that the fall from 11k was due to the lack of quality memes supporting 11k. There were plenty of quality vegeta memes when bitcoin hit over 9000!!!
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I apologise I didn’t see the meme relationship index. I will pay more attention next time!!
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Did you vote on your post? Cool. Didn't know it was possible.
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Please update Bitcoin Cash
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what happened to BCH > ? It just collapsed ..
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Don't worry. Many many many more forks to come in the future.
have you heard about LIGHTNING BITCOIN fork which will happen on december 23rd :).
It's hilarious actually.
P.S. I have some BCH.
P.P.S. No, I'm not crapping my pants over BCH. Well maybe a lil' bit. :)
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Super Bitcoin on the 14th or block 498888
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All IN on this one! (until ligthning bitcoin arrives obviously)
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I'm actually starting to think that all these forks are what is going to keep bitcoin alive and decentralized. It doesn't HAVE to be the original chain to represent the same thing. In fact, after ten years, you would hope they would upgrade the system! I think all these forks will eventually level out the price field....long from now. Perhaps Bitcoin Gold and say...Bitcoin Diamond will be worth something similar in comparison to Gold vs Diamonds. That's taking the names pretty far, but the point remains clear I believe.
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I don't disagree with your point, but at the same time all the forks also dilute the 21 million BTC. These two forces need to be looked at together to get a better picture of the long term value of the hard forks. Without reading the future, it is difficult to know with certainty whether hard forks are good or bad overall for the ecosystem.
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My thought on that....competition is always good in a free market!
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Seems to be following whatever BTC is doing now.
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Just like litecoin
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Thank you for all the guidance. Hope to tip you soon when XBG and BCH moons.
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If so, that correction was damn quick.
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Thanks for the update. Santa's climbing the ladder and taking off soon. Beer for Haejin.
I'm excited about the red and GREEN Holidays coming up! (mostly green)
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So it's no longer going below A as you initially told us to buy?
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Buying and selling is purely your decision. Haejin mentioned where he would ladder in if the correction took the course presented earlier. The probably pathway has changed in his eyes, thus the update.
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But what if...
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It's excellent to count yourself, and practice that daily. Especially when Haejin might comment on the chart you created. That being said.....pretty much every time I trust my count over his, I'm further away from the price path than he is. I always do my own analysis, and then compare. Depending on many factors, make my decision....however, BTC is somewhat complex in the higher orders....I get lost eventually, and that is where it is so nice to have someone so skilled to compare and contrast with. Either way, you learn a lesson!
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Mist can be pretty foggy sometimes, gladly Haejin teaches how to survive from it.
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correction finished so fast?
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What if you ignored those huge wicks at A and pivoted that bottom line up - could you create a downward sloping channel? This would make the upcoming E correction a little bit lower and a little bit further off, maybe giving things a little bit more energy for the next impulse.
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Wasn't it always this fast? remember bitcoin cash weekend artificial pump weekend??
BTC was fine on monday.
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Hurry up and wait is almost the opposite with Bitcoin vs the Alts.
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The CME futures market does not actually buy or sell bitcoin...they are simply placing a "side bet" on whether the price of bitcoin will go up or down...like betting on football...they don't actually play in the game...will some players get involved to manipulate the price one way or another? No more than seems to happen now...
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Thank you!
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