Bitcoin (BTC) Morning Update: This Correction Too Shall Pass....!!

in bitcoin •  6 years ago 

SUMMARY

We live in a world of impermanence and so the only constant is change. Overnight, price decided to finally give its direction and that puts the corrective mode more solidly in the a,b,c pathway. For those who have been following my blog since the beginning, we've seen these types of corrections before during the June and early Fall of 2017. As they had, this correction too shall pass, IMHO.

The below chart shows the updated Elliott Wave count for the a,b,c pathway. The subwaves of wave C can now be counted and projected. The first prospective landing zone could be at around $8,364. It is at this level during which I plan on casting my buy ladder. Yes, I see it as a buying oppotunity. For me, this is NOT the time to be selling, but plan on BUYING at projected correction bottoms. Most everyone will be panic selling but I will wade in with my piles of cash and fearlessly cast my buy ladders.

As the directional resolution is now clearer for Bitcoin, subwaves will be actively counted as new price data comes in. Subwave counting allows a good estimate of a "geo positioning" with regards to Elliott Waves. The below chart shows the subwaves of blue wave 3 of red C. Blue wave 3 could target $9,400 or so.

Here is the MACD with a fresh all time low reading of -369 and with additional Herculean effort, sellers could bring it lower. The bottom line is that as this rubber band streteches, sustainability becomes less likely.

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.

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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Loading fine for me.

I check the Bitcoin price now which was around 11200USD. So the price of bitcoin is decreasing too fast. It just amaze me. I want to invest in Ripple. Please tell me which coin can be profitable.

Looking into $Monk, I'm staking it on https://stakeunited.com/Jordentan
About 1% of Reward a day!

Best buy in opportunity of 2018 guys! help upvote resteem :)

it is always the same, it needs some time for youtube the list a newly upladed video, just hang on for a few minutes...

thanks for that analysis. Most appreciated. Upvoted as usual. Please return the favor. Thanks.

  ·  6 years ago (edited)

This chart has been posted here, on the haejin's blog, 8 days ago

With the following comment:

....A reversion to the mean down to 8,500-9,000 would be the bare minimum. A weekly close below $13282 implies continuation all the way down to the lower $4K. And that is what I put as the BTC target for 2018.
https://www.mql5.com/en/charts/8134910/btcusd-w1-simplefx-ltd

same

Good now :)

Will it fall over, or will rise like a bird? Bitcoin please go up, you making me have a pre-heart attack. My heart can't take it no more.. One last buy...@haejin we need to trust it that it will rise-- again! Hope that the worse case scenario won't happen.

  ·  6 years ago (edited)

While everyone panics, we should do the opposite and be contrarian. It always is a winning strategy to buy when other won't and to sell when others are buying. Today while everyone is crying, I'm smiling and trying to move dollars as fast as I can so I can buy, buy, buy. Buy BTC cheap and then buy the alt coins on crash sale. Trust me, we will look back at today as one of the biggest missed opportunity to buy, if you didn't. Put on a smile and see this as a gift:)

well said. just hang in people

pPlease I need a follow

https://steemit.com/@gloryjacobz

YouTube doesn't work for me either. Also getting the error "This video is not available". Previous YouTube videos worked fine.

HEY @Haejin just wants your UPVOTES.
He don't care if you make any money on Crypto.
U5drprrtpKJVNpR9jFCJF5f5LfTXN8C.gif

  ·  6 years ago Reveal Comment

Don't fall for this pump and dump shit guys, only the leaders make profit because they buy the crypto well before they announce they are gonna pump it, meanwhile when you manage to see the notification of the pump and then get a buy order filled the price has already flew through the roof.

Sad that people do this to other people honestly.

Agreed... I actually wish I had some more capital set aside for buying into this dip. I think it is possible that BTC will bottom out at $7-8K.

You really need to be disciplined and have an overall strategy with currencies, and it is much more healthy NOT to get caught up in the dips.

Yeah man, I keep hearing $8k from so many people, I think it is destined for that price now, almost like a self fulfilling prophecy!

Indeed! ....it's below 11k as we speak. I'll tell you, the cryptocurrency world is a real trip! LOL

I will keep trying to get to the video.

it is always the same, it needs some time for youtube the list a newly upladed video, just hang on for a few minutes...

Agree with your idea. If "C" is an impulse, the 3rd wave there should be longer, then the 1-st, so probably we will get a bit deeper. Here is my analysis:
correction - zz 4.png

Thanks Haejin witness voting power has been transferred. Keep up the great work. Subscribe to a Haejin on twitter guys so the haters downvoting doesn’t hide his posts from you like the last BTC update

Good post! I just posted my take on the Crypto Blood Bath, might be valuable to you guys!

https://steemit.com/bitcoin/@benkalashnikov/btc-update-analysis

Screen Shot 2018-01-16 at 14.01.20.png

This is what I'm seeing as most likely scenario also.

  ·  6 years ago Reveal Comment

They see him rollin’..they hatin’. There’s also a lot of people who simply blame the messenger when their coin doesn’t get a lambo after a few weeks CA6346EB-656C-446E-9FC4-9F3E232CFA72.jpeg

I paid off the Toyota and Hyundai...goos nuff for me.

  ·  6 years ago (edited)

That’s awesome @tumtum01 😀 seriously some car repairs and a reasonably priced vacation has been much more satisfying than only dreaming of lambos, staring at a 2-dimensional screen all day and never making a move. I just buy more on days like this. Haejin reminds us to “protect your profits” which sometimes means take care of your freakin’ shit in real life and sell some when it’s high

Even i bought the dip , if we get one more dip . I got some cash ready ! Ppl are cashing out for taxation . This dip wont last more !

No comment...

Let me get this straight..."Provide good content that many viewers would like-be respectful and help others-share your knowledge and ideas to the community that provide value-Earn your followers trust".....I see every one of those boxes checked..wow, if that's the case, I've totally changed my outlook on this place...i think haejin will be looking elswhere for a medium to share his knowledge...this is so bad...im really shocked at this

Who is dan?

Dan is a cofounder of Steem and I don't think that he downvoted @haejin from jealousy. I am sure he has a good reason for that.

  ·  6 years ago Reveal Comment

who are the knuckle heads down voting? lol proving that the majority of the market is filled with dumb money

This is best opportunity to buy if you love crytpcurrencies guys!!! Buy Buy!! Follow me @meetkarthik

  ·  6 years ago Reveal Comment

You need to start writing books on crypto, your analysis are have always been helpful to me when trading and dealing

more buying opportunities incoming! Woo!!!

I also hope to buy more at below $10k. Bring on the price dive!

buy orders are ready! I love this scenario way better since it is a opportunity to max out on the profits!

You can buy some now, if right triangle 10k$ never reached, but just a few, in case it really dips to 8k$ ;-)

When this whole correction is at the bottom I hope to have more BTC and Alts than I have ever held. Of course the USD value will be far less than before coinbase triggered the fall, but I think this time next year will be a diff story.

The video is unavailable sir, that might be deleted or its not published yet?.. hhmmm

  ·  6 years ago (edited)

The Market has been showing so many solid bearish signals for the last week. Yet Haejin failed to see them and even preached calm to everyone while promoting alts that will supposedly go to the moon! How many people purchased those alts now god knows! Now as the BTC price continues to decline all those alt will hit rock bottom! So far for doing no harm! Sorry but that is the objective interpretation of events.

  ·  6 years ago (edited)

Anyone who bought alts recently! If you believe in Haejins interpretation that the BTC will "correct". then you have to just liquidate if you are not in major loss. if in a loss and not comfortable with playing around. Just hodl because the price will sure fall. Especially if you are in minor shit coins.

very interested to see how some of the Alts (especially the ones that are already very low in price) will bottom. Very interesting times indeed!

Can someone please clarify who these “bullies” are and why they are flagging so many comments?

BTC Futures are already trading @ 14000 markets at 11000 currently, coupling that with expiry of the futures contracts tomorrow .... BULL RUN in 24 hrs !!!!

From where did you get that btc futures trading price ?

I can appreciate you being bullish at 8000, but I have to admit i will be looking for an altcoin to give more returns at the next reversal. just saying.

  ·  6 years ago Reveal Comment

🐧

Haejin's analysis is not really superb one. One can do as much as he does if they read several books on TA. There are a lot of people keep saying $8000~9000 is incoming including myself when Haejin was sticking to his primary count or whatever. Reading his blog should be just checking out what the other people think, not to make an investment decision. However, I think a lot of people here is using his blog like a jackpot machine. Remember that Haejin will not give you any money if you lose money based on his analysis. Yet he earns money from your donation and upvote even when he is wrong. Also remember the market was very bullish lately so even a monkey can call bullish. Really good analysts are born in bearish market. Let's see if Haejin can survive.

Could you look at Rdd coin?

Hakuna Matata, No worries, this will pass

I'm having a hard time these days, but I know.
This too will pass away.

yeah...

yeah look at the graphs of past months and you will see these type of corrections,crypto is going to be super big 2018,now bitcoin may burst but it will be definately reaching its peak again and maybe going to 50k$,who knows,just HOL'D.

I agree its a buying opportunity, done this before and made good profit :)

Muchas gracias por la información

Video doesn't work for me, is it the same for everyone?

the video needs a bit time to be displayed on youtube altough it is already uploaded. just wait for a few minutes.

your posts makes me brave against future. thanks

Thanks for the update! I have decided to sell and watch from the side lines. The Fall 2017 crash lasted 2.5 months. Way too long to have money sitting.

It's never a good idea to sell at a loss. Patience is a virtue and bitcoin wouldve recovered significantly. That wasnt a great move

Not true at all! Cut your losses quickly and let your winners run. Hope is not a risk management strategy.

The fact that this isn't the first time the market has done something like this is definitely a reason to hold on. Each time there was a significant correction/dip like this it's always restored itself 5x over. It's not ''hope'' at the end of the day. It's logic and common sense to know that things like this happen occasionally in this type of market.

Thank you. Will be interesting to see how this plays out.

But if you believe its going to go that low (~9000) why not sell and buy back then?

Because it's just a possibility, it can also bounce back from here, and form a right triangle. So IF it dips to 8k$ => buy. I personnaly just bought 1/3 of what I plan to buy, the other 2/3 are for the 9k$ and 7k$ levels if reached ;-)

I hope so.

Thank you Haejin! Looking forward to BTS and VERGE updates as well.

  ·  6 years ago (edited)

They are on huuuge correction, I have casted ladders for bts at 2500/2000 sat if I remember well, just saying, ... can dip lower than that.

Good luck with that!

Thank you for your updates!

Thanks for posting!!

Thank you, Haejin. You are a solid voice during smooth sailing as well as in the storms. I wish I could upvote you 1000x.

@haejin BTS fell below the prior ATH. Can you do a revised analysis on BTS? Thank you!

Vid not working

Wow, that is amazing... Too fast... Someone slow down it... But 2018, still have remaining time... Just like 358 days... Just wait and see.

BollingerBands held it and the IHS at the bottom are giving clues that a decent up move has begun...
https://steemit.com/bitcoin/@vaamsy/btc-bollinger-bands-held-it

So, what do you think?

Sell all of your alts into Tether, then wait for the bottom and buy back cheap? Post your strategy. I would be interested.

How can we say that all of this will pass when the biggest shareholders in the market are selling off due to whats happening in South Korea. It will take months or years for volume to come back.... The market is screwed.

then seems it's time for you to sell, bye

but educate me here. hows it gonna come back

how long are you following haejin's channel so far?

one of the first things you should have learned so far is that it is price that drives the market, nothing else. based on this you simply apply the EW count that haejin projects for btc day by day.

expect that once we hit the bottom of the c wave there is coming the next set of impulse waves the brings us towards new ATHs. and also instead of blindly following, go ahead and dive into the tutorials provided by haejin and get some books so that you become independet in decision making (thats what haejiins blog is all about, check the links under each of his blogs).

The queen of trolls!

It does seem time for you to sell friend. Don't feel bad. I did too. A ways back to buy back of course... not so sure you will be with me.

I'm seeing a big bullish flag formation with a possible bounce up at $10,500.

Sure looks like a BTC bull flag to me...

https://www.tradingview.com/x/Ajk2dg8i/

people are people ...
Stop blame other people ! He said ,she said...
Go sell, if is this so hard for you.

Thanks for the quick update, everyone's waiting for in this moment, to stand against the fear : )

Glad I finally decided to wade into Steemit last night! Jk 😙 Let us not even talk about BTS. At least the latest Larimer project is holding up. All 3 are really good so I HODL. Just hope Im not wrong! TBH if Steemit BTS and EOS don't succeed...wtf will?

It's gonna stabilise, I don't understand why people are freaking out, it should have never gone up to 16000$ in the first place, they all new that the more realistic price would be around 1000$ - 2000$

Thanks haejin

This is update news about bitcoin.......
i had interested about that and for this i am helped
so thanks for this to share
just carry on

Who is just hodling till it goes up? I won't sell it..
of course buy - sell will make more profit but I won't... who's in?

So the consensus is we are going down to $8Kish.
Well at the risk of looking like a tool i'll go with, we bounce around here. Zooming out and looking at the global market cap from June last year we have had five waves up with no extended fifth, and an A,B,C, correction down to prior wave four.
BTC actually topped a month ago and since then many alts have prospered. Now we have almost universal end of the world bearishness so now everybody must sell! Only to find you've been bucked off the greatest bull market in history.

Guys come on this is not the first time we see this shit, right? Relax, buy with the discount and be happy soon after recovery. https://twitter.com/Digi_Thor/status/953315028941361152

So, is the moment for buy eh? Interesting.
Pd. The video is runing great for me

guys no one knows what future brings, maybe all these angry guys should be angry at themselfes? if you sell now - your fault, not of anyone else - you know its a risky market - hold on or trade - still possibilities to get some coins cheaper (eth dropped not hard, if you hold eth like he recommended, you made like 100% profit in last 2 months - i did - sold it and changing for some other coins - cheaper than 2 days ago....)

  ·  6 years ago (edited)

해진 선생님 진심으로 감사 드립니다. 매일 아내와 함께 , 올려주시는 글을 읽고 영상을 보면서 많은 배움과 힘을 얻고 있습니다. 아직은 저의 판단 능력과 과감성이 부족하여 많은 손실을 보고 있지만 선생님께서 매일 나누어주시는 통찰력을 좇으며 결실을 일구어 내겠습니다. 늘 지지하고 응원합니다. 고맙습니다.

Thanks haejin, I am ready for this correction, I think it's overdue. Can you take a look at Eth's correction path?

Good Post and Important post
Thanks For Sharing

no

Haejin, I think you are brilliant and I appreciate all that you do for the crypto-community. One suggestion, could you please somehow track your claims so we can see how often your predictions are correct?

Bitcoin payment gateways like Poof https://www.poof.io/ for accepting Bitcoin payments is really helping adoption.

Bitcoin payments at Poof https://www.poof.io/bitcoin, will definitely be used for checkout for quite some time.

are you still posting mtf ? load of horsehit, inaccurate and still saying "healthy correction" . admit it, you are wrong, you are misleading and probably doing this on purpose.

Haejin, do you see the Alts staying with BTC while its corrects, or do you think they could finish correcting before BTC does? and start rising again.
I Am SO nervous, however going to buy some more BTS, TRON, XVG & maybe BTC!
Thank you!

I totally agree with you. I will hold my positions. It will certainly pass. Cryptocurrencies are too strong. They will not go to zero. You can now do great deals. Thanks for your daily analysis, they help me to make my own decisions.

Not a fucking clue

I thought the sellers were weakening...

Gracias por la informacion amigo

I am agree with your analysis. $8000 is probably a good price level to buy. Right now the market is too bearish.

Bring on the 5k BTC price, I am ready to buy. Anyone else agree that the dollar will crash soon leaving cryptos with all the value?

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

this is not youtube, relax

people bitcoin should hit the flip zone around the 8k mark and flip, meaning put your seat belts back on and enjoy the ride it's gonna be hard and fast

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

5D0E0295-7CF6-41E9-BE2B-3255B8AA2A88.jpeg
Feeling sooo small 😂

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

I look forward another post like this.

  ·  6 years ago Reveal Comment

good bro well dun how do i analize this

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

Haejin good analysis . This will help a lot for all of us. I am going to vote you

  ·  6 years ago Reveal Comment

good

At 5 AM Pakistan Time BTC downtrend starts Then after 11 AM starts recovering and then next day more down and cycle continued in same way from last few days.

  ·  6 years ago Reveal Comment

Everyone does realise there’s so much confirmation bias dont they? If he keeps calling for coins to go up from points where they’re obviously low and in correction, they will eventually go up because there’s nowhere left for it to drop. I can just repeatedly call for coins to go up and ill be right because eventually they will - days, weeks, months, years down the track they will.

But no one mentions it or calls him out when it goes the opposite way of his calls. They just say “Oh yeah, it’s all just part of the correction - he doesn’t have a crystal ball you know”. But then when it goes up - “he’s a genius!”

Where was his call that we were at the terminal end of a wave 5 with nearly all the altcoins and it was time to bail? He often says that best time to sell is terminal end of wave 5. If he’s such a master of TA why couldnt he see the obvious snowball rolling down the hill towards us?

Either, 1. His TA is really not that great. 2. He’s playing us all for fools. 3. He’s just stabbing in the dark in a bull market.

  ·  6 years ago Reveal Comment

Congratulations @haejin!
Your post was mentioned in the hit parade in the following category:

  • Comments - Ranked 6 with 247 comments
  ·  6 years ago Reveal Comment

hi, i can translate to spanish your text post?

  ·  6 years ago Reveal Comment

HELLO! Do you wish to trade crytocurrency? I've been trading cryptocurrencies for 2 years now and I can say that over $150 billion dollars was made worldwide and has made millions of traders rich. I trade LTC, BTC, ETH and the rest. With half a bitcoin, you can make up to 4 bitcoins in a month. Feel free to email me via (victorvladimir34@gmail. com) so I can guide and assist you with any information you may need to invest in these new and unpopular crypto and digital currencies that are making waves at the moment.

  ·  6 years ago Reveal Comment

I am following your video alot lately, am slowly learning from your video
Thanks for sharing

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

What are the odds that we keep going in this direction? I see more profit taking as people are looking to pay taxes.

descending triangles are more likely to be bearish, thats why I personally exclude this pathway yet until we get further confirmation

Saw this too. Any reason why it couldn’t go in this direction? I hope it does.

If you know how price works on right angle triangles, it would drop the price of BTC to $920.00 or less. Not impossible, but not the most likely path at this stage with out further price action.

I see, cheers

I see, cheers

Those typically break down upon completion.

Either paths are probably. If someone is planning to buy the dip, I think it's good to buy some now rather than to wait for the price to his 9k - which might not happen if the price takes this path.

I see the same. Very likely scenario in my mind.

  ·  6 years ago Reveal Comment

wtf, all downvote? What kind of a cesspit this place is! What a nice welcome to a steemit newbie!

The market has been very turbulent. I would enter with some fiat to get cheap buys but I'm not gonna have weak hands and lose fiat this way. So i guess Holding might be the best way to brave this right now.

  ·  6 years ago Reveal Comment

BTC returns to its natural state ...

  ·  6 years ago Reveal Comment

All coins are gonna hit rock bottom, some may never recover.

you seem to have a lot of experience.. gosh

Have fun buying altcoins now. Haejin made 'amazing' predictions the past few days, go buy them quick, BTFD! Go, go!

BTC took an unlikely pathway, but still a pathway. Many alts would've gone up as their patterns were bullish, were it not that SK and China called to ban BTC again. Nothing wrong with his TA. If you blindly buy in someones TA and aren't ready to watch the market daily or hourly, then it's your own dumb fault!

If you read what I actually wrote you'd know I did NOT buy any coins based on on TAs that were shaken up by 'an unlikely pathway'.
The thing that is not correct for people who bought coins according to his TAs is that he should have posted a message saying that as BTC is following 'an unlikely pathway' all TAs are erroneous and need to be updated. This is a lack of integrity and honesty.

you dont know shit, it baffels me to see such comments in haejins community..

it is actually the best buying opportunity right now, and if you would be in the game for longer then a few weeks then you would know already that btc still drives the whole market. so if you want to make some profits you invest now and see the numbers rolling when btc goes up.

Of course you seem to know better, so good luck with whatever you are trying to do there, but please try not to affect others with your insecurtiy.

Then what is your rock bottom never to recover assesment based on?

based on nothing. dont try to find any sense in this guy

Oh hello there! Don't forget to upvote yourself!

Many shitcoins will take a hard hit and many will stay where they are. Good riddance.

Nobody know if BTC will go up or down, He always gave the path probability, the primary account to Go up. see all blogs and watch the vid first before you judge him

no need to argue with him, also there must be losers in the market to indentify the winners.

  ·  6 years ago Reveal Comment

I think he doesn't even know what crypto is

  ·  6 years ago Reveal Comment

I believe any chart can have corrections and they might be predictable, the problem with bitcoin is too many fluctuations made it uncertain rather than risky.

Uncertainty kills the trust of calculations and brings fear!

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  ·  6 years ago (edited)

Fellow steemians, there are Trillions of dollars coming into the crypto market in 2018! If people don't have the stomach for the volatility that comes with this asset class, then they should not play with them. Many people buy when they are high and sell out with the crowd when they correct.

Most of my portfolio is made up of long term holds. Yesterday I was up 25X on my crypto coin investments in 10 months. I could care less about the volatility. Anyone who will buy when everyone else is scared will be in a completely different financial position this time next year and it will be the biggest positive financial boost they have ever had outside of winning the lottery. But it takes time being in the market to lose your emotions and buy and let it ride and occasionally take a swing at a big trading opportunity when it presents itself. We are impatient human beings. We want instant gratification. Learn patience and delayed gratification and you will change your financial life.

Corrections lead to new highs. Look at the history of the stock market. The asset class of blockchain crypto coins is not going away. If its not going away and if trillions of dollars will be coming into this asset class this year, then why the fear of a correction? I have a simple rule. I stop tracking my crypto portfolio when there is a big correction. In other words, I only track when they are going up. This means I don't spend any time worrying. If you have a diversified portfolio with small position size for each coin, then it won't matter if you lose one or two of them as this market matures. I keep my position size small and it is working out better than I could have possibly imagined.

Yes every correction will bring in more strength for the coin . Be positive and HODL ,in 1-2mths time, we will be chasing the coins again and had forgotten what had happen today

  ·  6 years ago Reveal Comment

Thanks for the chart haejin. Keep up the good work. Btc futures expires today. Looks like trend will reverse soon.

  ·  6 years ago Reveal Comment