SUMMARY
NOTE: Sorry about the Audio on the Video....my CAT chewed through the mouthpiece of the headset. Did not see it until after recording.
Bitcoin (BTC) today put in price bars that could form a Head & Shoulders pattern as shown below. The white line represents the Neck LIne across the bottoms of price bars. The LS is Left Shoulder, H is Head and RS is the Right Shoulder which is currently being formed. Volume also reflects and confirms the H&S. The minimum price move is measured by drawing a line from the Neck Line to the peak of the Head. This price distance is then measured down from the Neck LIne and that targets around $6,100. So, overnight, the Right Shoulder could complete.
The chart below would be executed once the Head & Shoulders complete. I've labeled the white waves towards red wave C. The wave iii of C is also subdivided by the circled blue waves 1,2,3,4,5. Once red Wave C completes, a trend reversal is expected towards $8k or higher.
The Alternate count is shown where if this is an expanded flat correction then the red C wave needs only below the low of red wave A. If so, the distance of red wave C could be shallower as shown in the below chart. It could be probable but given the H&S pattern potential, it is not yet.
The precision of EW is not what's important. The accuracy of EW counting is not what's important. Rather, the price direction, the overall trend is most important. This is when Elliott Waves and Chart Patterns can best identify the underline trend and make it your friend. Don't forget that Technical Analysis does nothing more than identify as many possibiliteis and narrow them down to a handful of probabilities from which a primary price pathway is selected. This means one can't forget that there are huge differences between a possibility and a probability.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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Legal Mumbo Jumbo: 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.**
I would gladly purchase BTC for $6100. I have some Fiat currency lying around, I'll be waiting for the BTC drop and then I'll pick some more up. Keep up the good work!
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Questions to all: What altcoins you are buying? there are so many choices.
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See first two comments by @mynameisdale. Most of Haejin's recommendations are brilliantly listed
https://steemit.com/bitcoin/@haejin/eos-is-showing-a-bullish-cup-and-handle-pattern-new-target-usd2-58-check-out
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Long Term: BTS, XVG, DGB, XWC, STEEM For this rise: NEO, ZEN, LBC, SPR, OKCash, EOS
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ADX and BCH with a little bit of LTC. Keeping things simple.
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@hippo I'm buying Groestle coin and Vert coin, after the failed bitcoin gold fork. these 2 Asic resistant coins are rising and I think they have a bright future in 2018 also buying some OMG
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Great. thanks for the replies!
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Hey man, you better check your computer...your cats just tweeted this!
:)
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Rumors out SEGWIT 2X is still in play ...
this is the reason for spike up now ..just FYI everyone
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I have absolutely done it myself, but pinning any event to be the cause that fulfills the wave is just the brain trying to make sense of the motion. There could be any number of things that we both know about, and don't know about that could drive sentiment.
I believe the idea that an event shall arrive to justify the forecast is just a way to simplify the fact that no matter why it is going to happen, it's going to happen, and that said event could be a million different reasons to a million different people....in other words, we only assign the event to the wave to produce the feeling of closure and reassurance to ourselves. In actuality, that event may have been a part of the flowing undercurrent of the trend cycle, but it is only a tiny piece of the puzzle.
I only say this because I've been thinking on this, and how to better be whole and pure with my chart patterns and counts. Because really, you never need to know what people think are the reasons or not the reasons, as long as your count is pure and it results in consistent accuracy.
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Seriously?
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yeah...check my post
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LOL! I cant tell you how many cellphone chargers and landline wires my cat has chewed through! (I have become an expert splicer) . Hope your mic is fixable or at least not too expensive to replace..
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Very good post @h
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thank you sir.
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It is good that BTC price may correct itself as soon as possible. Good for investors. You are doing great @haejin
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thx man. also bch is running up.
i think all the energy that was going into 2x may now come into bch. Will be interesting to see how this evolves.
i hold bch as insurance in case it would overtake btc.
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i have one other question: I noticed that we have achieved a new alltime high in terms of volume recently. For the first time this ATH was when the price retraced. In the past I was always very bullish that the volume was higher on good green vs red days especially ALT in terms of volume & price. This is the first time there is a divergence. Wonder what your thoughts are on this.
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Volume has been declining and no ATH on volume recently:
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i have a cat too i feel your pain XD. I replaced 5 earbuds since summer
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Thank You @haejin from Jupiter TH, I really enjoy your analyze keep on the good work, I look for you.
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I wish you MASSIVE profits!
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Thanks, @haejin, I am really into privacy coins because with the world politics and taxes to come I believe it will be a need in the future. Anytime, you can contact me on steemit.chat. @ricko66
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The old "cat ate my microphone" excuse. It's a classic! :D
Great call on the H&S
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BTC at 6700. Saturday shopping will be sooo much fun this week.
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