SUMMARY
Could the below scenario be probable for Bitcoin (BTC)? Where the current degree of decline marked by the red ABC be the correction? IF the reversal occurs in a clear five wave impulse (blue) and not a three wave, overlapping corrective sequence, yes. However, what bothers me on this correction scenario is that it occurred too fast and hasn't eaten not enough time. Crypto corrections are almost never fast. So, this scenario would be the alternate.
The primary still stands as shown below whe the current price bounce for the blue B which should traverse in the red ABC manner. Blue B should be able to tag the $9,200 or so area before declining in blue C wave down to make a lower low. Yes, there is the likelihood of mid $7,500 or so for the C completion point.
The Cup & Handle pattern still progresses, unphased. This is why I much prefer the longer term be it normalizes out all the wiggles an squiggles that seem big but rarely are when viewed with a big picture perspective. The white parallel lines show the alternate scenario for the handle formation and the blue parallel lines show the primary count. Let's see what happens in the next few days.
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 should 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
Essay: Is Technical Analysis a Quantum Event?
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Will go up :-)
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Once again, BTC (and all the other alts) are taking a beating!
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Is it true @haejin? You leaving Steemit?
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I think he is stopping the TA posts, but will still have his Steemit account. So what will you post about @haejin? I love your TA.
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Thank you
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I'm not sure Haejin, I think this might have been the bottom, with 12K as the target of these next 5 waves up.
Looks like it bounced off the 50MA and fib level. Looks like a fib spiral (very bullish).
We might not be going down here, but for similar reasons to you, I hope we do have a slightly longer, appropriate correction.
But perhaps the biggest bag holders feel that 3 months is enough already :)
Thankyou for everything you do.
The education and skills you spread are changing the world for the better and enabling financial freedom for thousands, like me.
Thanks again, From Australia :)
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Do you think the price of Bitcoin will rise? Anyway for cryptocurrency news follow @jyotirmay , Thank you
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I have 3-4 scenarios for btc so you can see on my profile
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Lets leave this correction behind us and moon
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It will be rise again.
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Master @Haejin, remember in ine of your earlier videos you mentioned that the wave 3 could actually be wave 5 which I believe is the case and we are having a running flat. That woukd certainly meet the time issue you have now. What do you and others think?
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Thank you master!
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@NED this fucking asshole is still fucking flagging me almost daily. I am taking these flags as PERSONAL ATTACKS. These are THREATS towards me. I do not flag him. If he does not like my post he can simply MUTE ME. When are you gonna fucking do something about this fucking bullshit. Do you want everyone to leave Steemit because of this one fucking asshole you have on here? I wish @DAN still worked for Steemit. At least he had the balls to flag @Haejin.
We Never Had A Discussion!!! I even tried writing him open letters & guess what? That dumb ass flagged those too. He was too big of a coward to respond to me. He responded to everyone else except me. He is a fucking pussy!!! So from now on @NED this jackass is not permitted to flag my account.
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@haejin there is always a bottom for everything from where it revives. You have done a great analysis
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In my opinion, BTC will get only stronger in future. If BTC will drastically drop down it will be a surprise.
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Great
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Bitcoin is the real phenomenon of the modern age,,It is placed on every market economy,,
Thanks for sharing,,nice content,,
#upvoted
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@Haejin - Just a quick question on BitcoinLive. Would you be doing the same level of analysis on your botcoinlive page? I would be interested only for you and not for other 5 because the level of details your analysis contains is priceless..
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Sounds good. Thank you! One question on TA. How I should know how long the wave 1 impulse should go? I mean when I draw lines for 5 waves impulse up what should be the length of wave 1? like wave 2 can go 0.38 or .50 Fib of wave 1. Thank you!
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It will be rise again.
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@haejin, do you think there will be a big bump from the NYC crypto event coming up? Has nothing to do with Elliot Wave but news worthy if they announce something big.
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Lately, I've been following BTC trend quite closely. Something is not very clear about a number of undermining factors.
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i really like your analysis in combination to tones! :) please chose me for bitcoinlive sub :D <3
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i want to know how to earn bitcoin.
but i dont konw any site.
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I am very positive about the future of Steemit and will continue to support it. Great post by the way. Up Steemit.
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Will go up :-)
just love it's
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I'm a lot of interested Koreans in the block chain Good information Thanks
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