Bitcoin (BTC) Morning Update: Head & Shoulders Combo

in bitcoin •  6 years ago 

SUMMARY

Bitcoin (BTC) overnight price action is showing a pattern that is very similar to that of Ethereum (ETH). It's quite apparent that many holders of BTC are holders of ETH. Such is the reason of the "Uniformity of Sentiment". The Left Shoulder (LS), Head (H) and Right Shoulder (RS) are drawing out the potential for $14,100 (not labeled in chart below). That combined with the currently forming Ascending Right Triangle, the target could be $14,729. The MACD is also supporting the patterns as the 12 day average blue line crossed above the 26 day moving average red line. Let's see how the day time price action performs.

Legal Disclaimer: 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.

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Bear in the woods?

Well price has closed strongly back into the expanding triangle pattern on the 4 hourly... so looks like you were right! Time to buy more bitcoin and other cryptos guys? I know I did anyway, just do your own research before you do!

buy signal bitcoin 20th jan.png

It will hopefully climb back to 20k in next few months

U5dszpn9M6SuwNAMCF2opAMkQjvaJ9m_1680x8400.jpeg

This is encouraging. Many traders, I guess, are already cashing out their profit at this very minute. I have just seen a possible whale-induced price swing!

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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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and he only votes on himself!! not you ignorant followers!!
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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

Go away.

Mars!

great post! thanks

buy bitcoins right now since it si in dip this is opportunity don't miss it

this markets getting scary huh

tienes mi ressteem estoy sorprendido por el alcance de tu post genial saludos excelente aporte.bitmoji-20180107015335.png

very interesting.... thanks for the analysis !! keep it up boss!! try out the boss method... it works greatg for me

  ·  6 years ago Reveal Comment

Haven't withdrawn my investments on Bitcoin ever since I invested regaedless of its ups and down. I will withdraw when Bitcoin goes to 100 U$D

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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

I think its way past $100.. you should check closer :-)

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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

Hey jerry, what are your thoughts on this kind of war going on between some to haejin?
Thanks, please check my post on Casey Neistad, its for steem!!

If you're an Argentinian... you should know what happens when the competition goes from being good to being the least bad.

My answer would be inflation, but I think you are thinking of something else, haha

My answer would be inflation, but I think you are thinking of something else, haha

Hey @jerrybanfield ! So he removed the vote?! I would like to hear his response to this.

Who fucking cares? @jerrybanfield is more worthless than all of those shit photos in this thread.

Let once this hit the target it will be a complete slap on the face of @kimjongpoo

so sick of his tag to every comment how to get rid of this damn auto flag here :(

Click on the name and hit the mute button

I didn't want to use that feature for the longest time. Very glad I have now!

22z3hg[1].jpg

Oh. That silence. 😁

Don't let me offend poo!

  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

Mute him

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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

I agree , have exactly the same thing drawn on my chart. However I don't think we are going to get to see an E wave. If it even reaches C target it's I think that will be the peak.

And that is in the case IF we even manage to break the 11.5k - 12k resistance. The volume has been really low today compared to what have we seen in the last few days.

The link below displays a live chart for SHND/Doge trading. I tried analyzing it but I couldn't because the shape is a bit odd. Its hard to see where the triangle starts, if there is any. Your insight is appreciated! Here is the link: https://www.coinexchange.io/market/SHND/DOGE Thank you!!!

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I would appreciate your insight on SHND/Doge. Here is a link to the live chart: https://www.coinexchange.io/market/SHND/DOGE I tried analyzing it, but I couldnt. It has a triangle-ish shape to it but its hard to know where point A is. The shape is a bit odd. Thank you so much in advance!

  ·  6 years ago Reveal Comment
  ·  6 years ago Reveal Comment

I think EW are good as long as nothing fundamental changes. The moment something fundamental changed it blows the EW prediction out the gate. Lastest example is like you mentioned the BCC scam finally revealed.

I would also highly recommend people to have a bit more patience and hold from FOMO'ing in right now. I think the reason volume is declining is because even whales are not sure which way is the price going forward as it's probably a 50/50 chance going either way.

By EW rules the possibility of price going to a lower low get's invalidated only after we have passed the 12.8k mark.

If you still want to gamble than make sure you set your stop loss orders.

  ·  6 years ago (edited)

Not every market moves in impulse waves on a larger scale, but the alt coin market in particular is likely following this pattern (it is also potentially not, sure). You're right some markets are down- trending on a larger scale, others are consolidating, the crypto market is up-trending and at a rapid pace.

So what is the usefulness of pure reliance on elliott then because it cannot identify a reversal of larger uptrend into a larger downtrend. As I said it works as long as it works.

I'm not a pro level Elliotician so I'll comment as I see it.

It wont identify the reversal in this case as it's not technologically complete without further option. So the benefit of Elliot anylysis here is to keep you informed that there is potential to fall and a break point where it will stop being a problem.

For this reason I find the Elliot chart pattern combo a nice tool to add to the TA.
Pure reliance on anything will eventually fail, just like my boiler come winter.

*edit *
Sorry for some reason I thought I was replying to a reply and jumped in the convo. I'll leave it here as I still think the answer is relevant.

  ·  6 years ago (edited)

We don't have a larger downtrend yet.
We had heavy dips every end of year since 2015, and we had large downtrends for a few months, following after a short rebound, but this time we may just see a slow and constant rise... in the sense that we smoothen out the really crass volatility because so much new money comes flooding in.
If this came true and there were no crazy rises either, bitcoin would be at a reliable 16.5k around end of February without lots of volatility - just to supply a third scenario between the "all is lost" and the "to the moon" ones.

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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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Congratulations @haejin, this post is the second most rewarded post (based on pending payouts) in the last 12 hours written by a Hero account holder (accounts that hold between 10 and 100 Mega Vests). The total number of posts by Hero account holders during this period was 393 and the total pending payments to posts in this category was $11497.99. To see the full list of highest paid posts across all accounts categories, click here.

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  ·  6 years ago Reveal Comment
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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

Watch the beginning of the video he shared, he suggests we're at the end of wave C ( Subwave 4 of 5)

ok thanks my friend I cannot view the video until later so that is helpful

  ·  6 years ago (edited)

did he? I've seen the video as well and I understand it the way that it is a bounce befor going towards *the end of (c)

  ·  6 years ago (edited)

We've been on the C wave for days, started Jan 07

I'm talking about the terminal end of (c) of course. and still he states about a bounce, he doesnt imply that we are at the bottom of (c)

  ·  6 years ago (edited)

BTC.png

wave 1 is likely not as long as I drew it

I know where we are and I know we are on the c wave, thanks anyways..

still a bounce doesnt imply a change of trend and thus doesnt mean we have been on the bottom. the only problem I have with this is that (4) would overlap with (1) and in this case and the whole count becomes invalid.

however, the way I understand his video, he did NOT imply that we have already passed the terminal end of (c)

Hey @erit2018, yes he did but the target he gave crosses the end of wave 1. I think he overlooked that line..he is doing alot of work, sometimes it is easy to miss stuff.

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and he only votes on himself!! not you ignorant followers!!
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  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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  1. Yes it invalidates the count and a new analysis would need to be applied
  2. "An ascending triangle is generally considered to be a continuation pattern, meaning that it is usually found amid a period of consolidation within an uptrend, but it may also occur as a *reversal pattern following a prolonged downtrend. Once the breakout occurs, traders tend to aggressively buy the security and send the price higher on high volume."

*Reversal pattern following a prolonged downtrend

  ·  6 years ago (edited)

thank you, much appreciated!

My interpretation of the trend is from where the we are entering the triangle. If from top to down, the trend would be bearish and if the entry is from bottom to top the trend would be bullish. This is just my interpretation but as clear i am just a noob.

Best of luck and again thank you for the time.

P.S: just saw your edit now. Thanks alot.

My comment is flagged..i am sorry but i am clearly looking for knowledge. shame on you people,shame on you

Yup have to agree the comment and honest question that links to an actual source of information is flagged!
for what?
Someone feeling the need for censorship of something?
Way too much of this BS on steemit

This is quite an interesting market period.

The Elliot waves for the last 5 count don't really sit well in form but the count can be shoe horned to fit.
We just about pricked the 150 day EMA for a bounce

Both technical boxes ticked but rather unconvincingly

At the same time this could very easily ve a wave 4 before the final drop to bottom.
and here we have a technical triangle which will likely make the decision before the price has to breach ~13k to prove the count invalid.

  ·  6 years ago Reveal Comment

and he only votes on himself!! not you ignorant followers!!
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and he only votes on himself!! not you ignorant followers!!
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second

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and he only votes on himself!! not you ignorant followers!!
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and he only votes on himself!! not you ignorant followers!!
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He basically told us that it’s either going up or going down! Great analysis!

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and he only votes on himself!! not you ignorant followers!!
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and he only votes on himself!! not you ignorant followers!!
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Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 271.82 SBD, based on the pending payout at the time the data was extracted.

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good

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I wonder how you can count the 5 subwaves of corrective wave C? We are still on subwave 4 of the 5 waves of C. This gets invalidated only when we go above 12.8k.

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and he only votes on himself!! not you ignorant followers!!
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