Bitcoin (BTC) Morning Update: The Sellers Are Weakening!!

in bitcoin •  7 years ago 

SUMMARY

Since the beginning of this correction, the sellers have been giving all they had to try and cause a Bitcoin crash and it still hasn't materialized for them. The uncanny a,b,c,d,e triangle pattern is tiring the sellers. Their mojo is depleting! That's what these consolidation patterns often cause and it's confirmed by the noticeable decline in the volume. If the d and e waves of the triangle complete, then volume will decline to a only dribs and drabs. The contracting lines of the triangle are quite effective at tiring out any mass of sellers because as the volume declines, so is the population of sellers.

The MACD is curling upwards and has crossed bullish. I believe if BTC passes $14,630; then wave d is in play. Let's see how the day time price action carries on.

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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yeh bitcoin wil move up big time

Have you seen a chart lately? A lot of people took it in the shorts on this one. I like Haegin, but there is too much jumping from coin to coin to do any good.

His calls have become a "Jack of all trades and a Master of none"

Just like they Karl talking about the S&P going to 400 for all these years Heajin has refused to knowledge this reversal for weeks.

Just my observation. How can you move so quickly on 4 waves and then stall forever on wave 5? I think that is more evidence of a reversal than a continuation but that's just my opinion.

When BTC goes under 10K maybe everybody will concede that we are in the middle of a trend change.

Well, that's true... But sometimes we get into spots where it's difficult to know exactly where the direction is going.. Like Haejin says, it's more about probabilities and betting on the one you believe the most in. I talk more about bitcoin in my latest post:

"Game Over For Cryptos?"
https://steemit.com/bitcoin/@benkalashnikov/btc-update-analysis

Screen Shot 2018-01-16 at 14.39.23.png

  ·  7 years ago (edited)

Great observation for a first post !
What sort of trend change - you mean that in a World of booming stocks and rising public interest, crypto will now be a bear market for likely the rest of the year ?

Or maybe not crypto but just Bitcoin, because of what ?

Or are you just saying that we're in a sideways market since 3 weeks, and that the bitcoin brand has been successfully damaged and needs to be damaged more ?

Because that is what has indeed happened, Bitcoin/Bitcoin Cash insiders have effectively damaged their brand, and now people just hesitate buying the coin because this entire business depends on TRUST. Bitcoin was the racehorse in the market and now it isn't.
Grave depletion of trust because of naysayers who gave it poison when it stumbled.

It's humans who make "economy", it's a game they play among themselves, so they are responsible for its ups and downs, and when they INSIST on haven a "reversal", they can have that of course...

While @haejin here is doing the opposite with his posts, but then he's not on cnnbc or other shill channels the sheeple prefer listening to.
In a more serious vein, I have to point out that "seller weakening" really is an excellent buy indicator, one of the best.

just of december of 500 dollars it went to 16000 dollars showing its still have a tendency of increasing the more
cryptocurrency all the way

As much as we all "want" BTC to surge, until they get their issues fixed, it cannot be viewed as a viable means of exchange. If that's the case, then what's the rationale for an increase.

Time to buy some cheap crypto!

totally agree, hodl what you have through crashes, buy more at bottom of crashes!

Good to know. thanks for your great posting as always.

Many people like your awesome posts!

I've been watching BTC closely over the last couple of weeks, and it's gearing up for something big I think. A new ATH soon would see the media once again fall dizzy with 'crypto-mania', which will introduce even more new money to the market.

It's going to be a bumpy ride over the next 12 months, but it's very exciting!

I agree! Something huge is getting ready to take place in the crypto space.

Banksters get their wall street bonuses today look out their billions going to get prices set to steem ahead!

I agree with you. Volatility will rule as the media cranks up the volume of fear and greed. I'm not playing. I'm holding most positions and trading some additional opportunities that have good trading set ups that haejin is showing.

  ·  7 years ago (edited)

BTC Correction not over yet. Reversion to the mean required. Likely 10,000 area depending on time of correction. More here:

https://steemit.com/btc/@bodaggin/btc-correction-not-over-yet-reversion-to-mean-required

btc jan14.png

Great observation from my experience in the stockmarket and seems to carryover for cryptos. Thanks for sharing.

On the daily BTC charts it looks like there is another up wave and a down wave still to develop, The finalwave would take BTC below $10,000.

https://www.tradingview.com/chart/XivohC7n/

Appone I suspect we just completed wave 3 of the C wave down. I don't have the sub-waves drawn in here but picture 5 waves down within C. A slight bounce up in 4, then finish down in 5 satisfying Elliott Wave and Reversion to Mean models.

Then potentially rally. But I'm cautious. Aside from TA this crypto world still satisfies many criteria for a valid bubble. Possibly that burst occurs over this next phase potential rally. Use extreme caution here. Bullishness is excessive which often means downside risk.

Why do people try to be first in reply??!

  ·  7 years ago (edited)

Lol I think the tradition started on youtube. It would be great if the statement “First!” was followed by poignant remarks concerning the discussion but that’s as rare as finding a computer with forgotten Bitcoins on it

First has existed long before youtube :) I am "old" 32. I remember it from the 90s.

What media do you remember it from? Haha that would be completely ridiculous if someone posted a selfie on myspace or did the cinnamon challenge on their Facebook and someone yelled “first!” Lol

Just to avoid confusion, it's annoying as hell so don't, please.

So there was this guy who would post a detailed game review, as far back as like 04' after Eagles games, on their message boards. People would always try to post "First!!!"... the sad giggles they got from it kind of make me smile now.

IF you think you're old at 32, you need to work out and eat well bro.

Sound advice..but I didn't say I feel old :)

Hmm... I guess it has to do with upvoting and getting those steem power dollar/votes or whatever. Notice how the first post got some dollar amount. I've also got some steem but yet to figure out how to optimize its use. The system seems to allow bots or bullying by whales and such. Anyhow, hejin I've upvoted you and showing my appreciation genuinely. Keep up the great TA!

  ·  7 years ago (edited)

One important trick is to dumb down your language, use uncomplicated verbiage and stay away from grammar ! Never try to express complex thoughts, be positive, fast, and people will upvote you, especially if you have nothing constructive to say. It's not about that, it's about status within the herd. Comments like "Cat great, good haejin" with an infantile gif attached have a success guarantee - but yeah, why not use bots ;)

GREAT POST. 2 GOOD THAMBS UP FOR JU!

Yes early or first upvotes can help with curation rewards but can be easily eclipsed by whales with giant upvoting power. It helps to power up as much as you can whenever you make some steem or sbd

autism?

Because its easier than being the last!

they think haejin will vite them lol

BTC dropped today by $4K

in the past week of widespread FUD, it's always calming and comforting to read your analysis and see the bigger picture :) Thank you!

Thanks for the update.

  ·  7 years ago (edited)

FIRST! Do you mind giving ETHOS a look, Haejin?

Like the video. Hope BTC heads north!

interesting

  ·  7 years ago Reveal Comment

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

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

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

Today Wall Street Banksters gettheir bonuses and some will be going into cryptocurrencies, so lift off expected soon, early January traditionally slow time for prices to go up.

Lightning network near completion as test purchases for mobile phone pay your bills done and passed the test.

You can now mine Bitcoin on your smartphone using lightning and get small reward, and you can help bitcoin by running a light node on your phone or buy the new satellite dishes for bitcoin to help the network !

Stick it up on your roof and help decetralize and protect 51% attack by banksters and criminals, the more nodes the better for decentralization.

Nick
Certified Bitcoin Professional
follow me for tips and news

thanks for the great info nick...wasn't aware of the satellites that will help with 51 attacks..will look further into it...cheers friend

I heard this as well, but I haven't seen any of it in practice.

Part of me thought that this recent "crash" was somehow due to market manipulation by Wall Street so they could get in at cheaper prices.

Maybe time to put away my tin foil hat...

Only a matter of time before 500B market cap, after that 1T...

Seems like your BTC primary count is constatly wrong.

26814730_10156989333114838_6386269988791073702_n.jpg

This is great.

nice post

In recent days, it happened so many times but HODLer will benefit.

you're doing great job brother. thanks!

Bitcoin needs to break $15000 to start a new bullish ride
Bitcoin price is still into the corrective move it started in mid-December. @haejin

@Haejin, Thank you for your good work!

i think it broke the triangle.

Indeed, looks like we're going to pass $14,630 today or tomorrow and there's not much in the way of reaching it either.

Muchas gracias por la información, tus análisis son muy útiles

thanks for keeping us informed

Thank you so much for the calm and rational approach which has helped so many over the past few weeks. I know I look out for the morning update to make sure things are on track.

thanks for the update! and thank you very much for recommending the books, love em and hopefully trading will become more then a hobby for me!

https://www.tradingview.com/chart/BTCUSD/ldFJeJ9N-BITCOIN-TO-REACH-70k-80k/ Master, Haejin! is this scenarios possible? (the chart is not mine, but i have a gut feeling it is possible) ?

Have always enjoy reading your post and updates.

I think it will be up as soon

I believe that without improvement of our mining technology we might find the BITCOIN falling quite a lot and possible failing.

I wrote an interesting post about creating Super Conductors in order to create better mining hardware. It would reduce electricity costs, increase computing power and infact put some power back in our hands instead of huge mining factories.

Take a look at my blog. Hope you enjoy.

Genuinely confused - is there a typo in the blog, or am I missing a part of the picture?

Haejin says "the sellers have been giving all they had to try and cause a Bitcoin crash"

Does Haejin mean buyers?

If the sellers are the ones holding the coins, surely they want the price to go up - the opposite to a crash. It is in the interests of the buyers to have a crash so that they can nab some cheap coin.

Not trying to pick holes - genuine question as I fear I'm missing something otherwise.

Sellers want the price to go down. IE they short it at 15k and want it to go to 10k to make 5k profit on the drop.

Buyers want price to go up. So they can sell higher. Forget about BTFD it's not an investment method it's a fad. You're thinking of acquiring new positions, buyers/sellers are people already in positions.

As price falls, buyers get frustrated by loss or inactivity due to flat price. This causes them to liquidate their positions (sell), converting them into sellers.

When everyone is a seller, market can go up. When everyone is a buyer, market goes down because no one is left to drive up the price.

Markets are a giant psychology experiment and often work inverse. You're either a contrarian or a victim. Enjoy the ride.

Thank you for taking the time to answer my question. It seems I was (still am!) missing the bigger picture and need to adjust how I look at these situations.

NP. Anything else just ask.

What is the name of this strategy..so i can read more..

What I expect is 1 BTC = $1800 haha, then it will go up.

Whatever happens, happens. I just don't wanna be left standing on the dock when the boat leaves. Must be vigilant.

Hi @Haejin. Thanks for the daily update.

Can u tell something about diamonds? I ran to this when I was reading ta of stock trends and it was a bit messy. V-shaped neckline, swings, triangle etc...

Hi there Haejin, will the group coaching be available after it happens? I would like to purchase, but not sure if Ill be able to make the live session. Thanks!

행님 잘 보고 있습니다 ~ 가즈아 ~!

Thanks for the update @Haejin! Can you take a peak at litecoin? It's looking ready for lift off imo.

Everything is linked to Bitcoin, nothing goes until it goes...simple as that.

Always share with us. Keep updating us. I'm glad for this. Thank you!

Humm... Not genius... But ok...

Thank you!

it has survived the hard rain, now lets vroom vroom

I sure hope so.... Bitcoin has gone nowhere

Hi Haejin, There is some considerable amount of coins correcting at the moment, Haejin do you see most of them close to breakouts, quite a few seem close to the apex in triangles? A few seem to have been creating some nice cup and handle formations also?, your comment would be appreciated at this stage, keeps the Steemians calm! and maybe me lol :)

Thanks for all the info you are sharing here on Steem. I'm going to review your tutorials. I hope to be a great trader one day because of it.

I'm not sure if I want to enter bitcoin since its use cases is being declined everywhere. Hope it will be a store of value, but the way of payment is dying slowly.

Thanks for the posts

@haejin can you please update us on BTG? Thanks

Portfolio based on Haejin’s analyses getting absolutely hammered this past week.

same verge is killing me

Excellent analysis my primate brethren... I think it's a fantastic thing for Bitcoin to get attacked. I was watching Andreas Anttontontontpoulous and he was talking about how the best thing that could happen for bitcoin is for it to get attacked merciless on every front.

Bitcoin is showing its resilience and with every attack that is launched at it, it only makes it stronger.

Fantastic news for chimps and humans alike...

i look forward to seeing Bitcoin reaching new heights..

Great,Just Waiting For BTC to be Stable

how are they weakening if we tested 12800 3 times in the last couple of hours

Insightful analysis. I hope you're right!

Many people like your awesome posts!

So should we sell BTC now?

Ditto...?

filthy-stinking-thieves.jpg

Rewards Pool Farmer Alert

@Steemcleaners, check out the comments section of @ryacha21 above. (https://steemit.com/@ryacha21/comments)

He is leasing 30k SP from @minnowbooster then using that to VOTE Up his own 7 Day old comments on random posts at the last minute. Scroll his comments to around the 6 day mark or just go to https://steemd.com/@ryacha21; he has a lot of self love on his own old comments.

HE IS DOING IT OVER AND OVER AND OVER.. He is farming the pool.. If you could help it would be appreciated..

Learn more about this sack of monkey spunk here:

https://steemit.com/shitpost/@pawsdog/the-shit-post-diaries-1-17-18-4

Also kinda a dick move to use the actual good post of another person to post a comment for no other reason to come back and farm it later.

Post Author, @haejin I do apologize.. This dude makes no actual articles of his own so the only way to draw attention to what he is doing is to comment his comments. My sincerest apologies for cluttering up your blog, outing the abusive self voting behavior of

Many people like your awesome posts!

I've been watching BTC closely over the last couple of weeks, and it's gearing up for something big I think. A new ATH soon would see the media once again fall dizzy with 'crypto-mania', which will introduce even more new money to the market.

@haejin

hopefully u are right or this will be a bloodbath haha

Over 170,000 unconfirmed transactions + high Fees = People are running

I highly doubt that is the reason it is crashing right now. More likely the bans in some Asian countries..

I agree, but the backlog is not a good look for BTC. Too easy for the whales to spam the network. We all end up paying.

true

I think this time will be good for Steem and LiteCoin, or I hope so... What is your opinion @btcmillionaire ? I am following you and looking forward for your predictions.. It is important for me.

Looks great !

Bitcoin will rise. I love it

Thanks for going above & beyond posting the tutorials as well as your analysis, very useful

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Many exchanges disabled new sign-ups, which is preventing fresh $ from coming into the ecosystem. This is another big reason for the current dip, but is not getting the blame it deserves. As always Hodl!

thanks for sharing this information!

Good post thank you.

  ·  7 years ago Reveal Comment
  ·  7 years ago Reveal Comment