SUMMARY
Corrections are notoriously difficult to Elliott Wave trace and path given the 36 possible price twitch combinations. This is when patterns provide that additional guidance. The below chart shows a potential triangle and if $10,890 is targeted as wave d of the abcde; then the e wave would be next. However, when the e wave is at the top line; propensity of price is to decline.
IF the secanrio of the larger ABC is to be valid, and BTC is currently carving out the red B wave; its subwaves are shown as blue abc. Since c waves always have five subwaves, this means that the blue c wave needs to be impulsive as shown by the white 1,2,3,4,5. It's still in that mode and not yet invalidated.
The descending wedge pattern is not yet off the table. This means that the small uprise of price that seemed to be like a breach of the upper white line could be a bearish wick. The decline would be a welcome trajectory towards $8k or $7.6k or so to mark the bottom of this correction.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Thank you Haejin, we all curious where this will go the next days/weeks!
One thing is for sure...we will go up in the long term!
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This time next year should have most much wealthier!
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looking forward to that journey the next 12 months!
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I hope so. Here is what I am looking at this morning on the 30 minute Coinbase chart
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Have a good week, keep posting no matter what, people love it!
Steem on ;p
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This correction has only been a few weeks, but it feels like forever for some reason. Lets see what Feb has to offer.
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Here's my sentiment summarized.
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Yes, that's the more of a bear flag scenario.
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No longer breaking out. It's taking a real beating now.
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btc will rise in feb after 10 feb it can reach 13k easily my calculations
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Why exactly that date?
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Chinese New Year will have passed
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Many possibilities but all lead to the same direction...DOWN!!!
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for now.....after that correction we can look up again. Personally i would be happy with the correction ending instead of the thread of it not being finished yet!
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Absolutely up after the correction but we must be patient. The possibility that @haejin eluded to of the whole wedge being just "a" in a big abc correction is pretty interesting. Imagine that we drop to 8k for "a", up to around 14k for "b" and back down to a new lower low "c". Two nice buying opportunities for big money to come in and take us to 30k :)
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You are so rigth about that....being aware of it could make us BTC on the way up and down!
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And not just BTC, if it bounces around the alts will see some strong movement again as well.
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Place your bets folks...been hearing for weeks how these coins have to hit a new bottom in order to begin climb back up to new highs...meanwhile...zig...zag....zig....zag....triangle down....triangle up...
Meanwhile...@salahuddin2004 posting that the trend is up...no crash down to $7,000-$8,000 range...so its a battle of the TA heavy weights...
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Once again thanks for the update @haejin. I posted about a possible fractal forming in your last few updates and BTC movements seem to be conforming to this. Posting the picture here for the community to consider.
Again, this would add to the position that BTC would revisit 8k levels and below.
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coolly noticed!! ))
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Well done! There could be one more down.
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Bitcoin struggles.
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Thanks for adding the tutorial links.
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I'm learning I think
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it might be another low, more corrections?
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I have been waiting for that 8k dip to buy, pretty certain with where the volume is sitting in most exchanges we should see it. It will be brief as I’m not the only person waiting for it just I’m my local group, that sentiment is fairly widespread. Then look at some of the linguistics webbot has put together for this year, huge shift in severity of linguistics used towards price of crypto. Implying a massive divide in confidence for specifically bitcoin, which we are seeing currently but he also reiterated that most of the linguistics point to buyers not sellers again showing intention of fud and propaganda to benefit the buying side not just effect the selling.
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Clif High?
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Yea got a few snipits from a friend.
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LTC is also another great investment you should think about that!
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Thank you for your good work Haejinn, it's a pleasure to read your analysis. Keep up the good work!
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haejin, or anybody, i have a question..
why is this wedge on the end of the vid not possible to be a triangle ABDCE??
for contracting triangle, is has to be nicely horizontal then or why do i seem to have difficulties to separate wedges from traingles on charts... what am i not seeing here?
is there any logical guideline or can you guide me thrue the books for the answer plz?
thanks a lot!
young cryptowan learning
(edit) the inside of this wedge is easily to see as 3-3-3-3-3, so why wedge and not traingle?? thx!
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yeah ok, p51 of EW principles, it then can only occur as w4 of an impulse , wB of ABC, or in final wave X in double or triple combo... can never be otherwise?? is this correct?
for me personally it's also a language challenge :-)
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My 2 cents. Any critique and help is more than welcomed.
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This is my triangle zoomed in. Again any feed back and comments are welcomed. I am just a novice trying to learn a new skill.
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I totally agree with you, thegreatecurrency!
To heajin, in 3-3-5 correction, wave B always retraces at least 90% of wave A ?
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Let's see if we get that impuls!
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We miss KABOOOOOM Moments :( :(
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DO NOT IGNORE THIS COMMENT !! EYE
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I liked this post.
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Thanks Haejin, good article once again! Keep it up :)
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Thank you for sharing your projection @haejin. Just HODL team! ;0)
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Is this possible?
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Haejin ICO NEWS https://steemit.com/ico/@cryptomarketnews/token-sales-and-icos-report
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Thank you for the very meticulous and intelligent analysis.
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This correction is taking forever :) Patience is the key 😁
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Good probable analysis..I agree with ur triangle pattern ..BTC going down to 8k and the. Rebound high💪
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Haejin, can you stop with all of these different price paths and just give us what's going to happen?
People would upvote you more and you'd earn more steem by just giving us where bitcoin will go next and when. This guessing game is just boring.
Could you just post when and how much it will go up with, please, I need money
Kind regards
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So you're asking to be less informed, more confident, and more likely to be wrong? All while usurping your own power to a mysterious figure on the internet? To make you feel less insecure about your situation?
We all wish that it worked this way, but what you're getting here is the cream of the crop analysis, just as an analyst would do it for himself, and a look at how the sausage is really made so that you can make your own informed decisions on a hair trigger when the market signals which way it will move. This is the best format you'll find this information in, with nuance and probability, and becoming more detailed with more possibilities every day.
If anyone gives you information in the format you're asking for, run. Because they have hamfisted various values into 2 or 3 key numbers to spoon feed you, when the reality is much more complicated and if they are worth listening to they will already realize that.
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Well said!!!
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I think he (@thealchemist1234) was saying it tongue in cheek - as in "stop giving us different pathways, we know you know the future, just tell us the real outcome" ...
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Then it would be a great joke that flew right over my head. :D thanks
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Thank you Haejin as always. really amazed to watch your daily update.
I know you do crypto TA but can you do TA for Gold and Silver every once in a while cause I thought your TA for precious metal is also quite interesting! thanks!
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I think that we are not in trend reversal mode yet...Breaking the 13k barrier would indicate wave A taking place. What do you think?
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thanks (^^)b
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UK Crypto Trader Forced to Hand Over Bitcoin at Gunpoint
https://steemit.com/bitcoin/@ajaydodeja/uk-crypto-trader-forced-to-hand-over-bitcoin-at-gunpoint
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So what happens to yesterday’s analysis then? It seems contradictory
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Yesterday's TA was very clearly labeled as an alternate. It's right in the title! I was a little disappointed that he didn't rehash his primary count yesterday just as a way to avoid this kind of confusion, but this has been his primary count for a week or more
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Bitcoin is going sideways dude! Anywhere from 5-35k in 2018.
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Every asset is moving sideways. Moving sideways means its moving with time. A true sideways move would indicate no price change with respect to time. 5-35k assumes price will go up and down with respect to time. Its our job to predict and profit from these moves. Going down at the moment - trade accordingly. Best of Luck!
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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 447.47 SBD, based on the pending payout at the time the data was extracted.
If you do not wish to receive these messages in future, reply with the word "stop".
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Please behind the follow
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What do you think about Verge? Will it breakout with BTC?
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Patience is Key...$1.70 is still coming...
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I hope so too :P
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Your informative. I appreciate your hard work. Still curious about Reddcoin. Can we have an update? Keep up the great work, legend.
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your eth eos ta is saying deep south ... then dont you think thats not gonna happen unless btc also goes deep south ?
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Refuse to listen to nay-sayers. Keep up the good work.
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This matches Bitcoin in the trends too https://steemit.com/cryptocurrency/@coolkidapproved/today-s-top-trending-cryptocurrency-coins-for-january-29-2018
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My primary;
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That would be the wedge scenario.
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Just had to let you know I followed you from youtube. your breakdown is great. I have trouble following some people, but not you thanks.
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Haejin always thanks for good analysis! How think about bitcoin cash? I think it will be going same with bitcoin. What are u think about?
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Check out this new article of mine and participate in the discussion I would like to hear an opinion from other traders.
https://steemit.com/bitcoin/@drumsta/crypto-market-cap-forming-head-and-shoulders-pattern-are-the-markets-going-do-go-down-further
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Thanks for analysis. For me the sadest thing is, i only got into crypto in November, and if i had waited to come in now id be better off...lol But then again i might not have entered.
All this talk of this could still be in the A part of the A B C, is a very scary fact. Now more than ever other coin/tokens need to start to make developments. The time for hype is over.
Results is the only thing that is going to get this ball roling again.
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Yes! I like what you are seeing and saying! My chart has a few interesting tred lines that seem to be giving support and resistance along the way!
Also check out my pal Greg's new show! you will love it! https://steemit.com/cryptocurrency/@hilladigahackles/the-truly-weird-and-wonderful-coins-of-crypto p.s. I am following you!
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We are launching a new Cryptocurrency investment analysis blog.
https://steemit.com/cryptocurrency/@cryptovate/launch-of-crytovate
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Next few weeks should be interesting.....Only time will tell if the gods are with us.
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$200,000 GAZUA~
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Hey, I'm giving away up to 1 LTC ...
It's a survey ...
Question : What's your portfolio look like? ...
To answer: check out my steemit blog ...
...
https://steemit.com/cryptocurrency/@ninjad/crypto-journal-log-survey-1-ltc-reward-portfolio-1-29-18-10-12p
...
and read and respond to the post titled:
"Crypto Journal Log ((( Survey :: 1 LTC Reward :: Portfolio :: 1.29.18:10.12p )))"
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Hi thanks
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Steemit will overtake banks and paper currency till 2025
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amazing post to give information all of us.
please help me to upvote me
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Raise to 40,000$ i hope
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Additional perspective on the ongoing BTC breakout scenario: https://steemit.com/bitcoin/@goldenphoenix/bitcoin-breakout-revisited
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Very informative, will be looking more into it. I have upvoted and followed for more updates.
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Why every time NEWS affects so much on cryptocurrency price, specially Bitcoin?
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Thanks for the update @haejin
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very good post dear and you are almost on my point let me tell you about my opinion, Bitcoin is now become a strong trading matter and some serious group of daily traders are trading on bitcoin they are getting in for short term trades and after getting there daily reward they came out of trade safely, But whales are waiting for more down at least 7000$ +- for their long term buy to fill their bank accounts with heavy money of common man but buy this stability of coin they are now getting disturb and if this condition will remain for whole next week than they will must get in with there huge investments because @cryptocurreny is decentralized currency now it is the public who will determine the worth of a currency, now public showed their entrust to the coin.
in my opinion it is remarkable resistance shown-up by public to bitcoin now chances of downfall is lesser but chances are still there because technical will always prove right and technically its time to move down for corrections and than get up for high rates, but common trader is entrusted in the same condition and rates of bitcoin
it is very entrusting position now lets see what happens next according to me by the first quarter of #February the coin will move weather its down or up meand bear or bull but it will move because its #bitcoin baby
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nice lets take good profits with btc now!
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