BTC Morniing Update: Will Bitcoin see $7,000? Check out my Analysis!

haejin (88) in bitcoin • 7 years ago (edited)

SUMMARY

The below converging, upward pointing (bearish) triangle pattern is still staring at us in the eyes! From purely pattern perspective, the top could be put in at any moment. However, the MACD disagrees in that its own broadening pattern makes it likely that MACD will touch the upper white line. This still does not make this an ideal time to be taking buying actions for Bitcoin. After touching the upper white line, MACD then should touch the bottom white line and that's quite a distance down.

Elliott Waves also show that the top is most likely not yet in, though close. The below count shows that price is correcting in an a,b,c (red) pattern. Once complete, higher highs should be attained. The video has tons more details.

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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.**

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7 years ago by haejin (88)

$6.75

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bitcointv (40) · 7 years ago

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2 votes

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bitcointv (40) · 7 years ago

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marvirafael (40) · 7 years ago

i wish they change the background music tho xd

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jeff-55logclub (50) · 7 years ago

Good work Haejin. Thanks

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1 vote

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rps (25) · 7 years ago

I have no words, how to appreciate your great analysis. Simply superb , Can you do a review of Civic

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1 vote

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znog (38) · 7 years ago

I like the abc because b could be a peak just prior to Bitcoin Gold fork on 25th. Then there aer a few weeks to get that over throw by SegWit2X fork... and then the fall. But the peak would be on the very tip of the triangle. I don't see why not... but my sight may not be that good on this topic.

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1 vote

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haejin (88) · 7 years ago

A good thought process. Though, I try not to rationalize it with fundamentals and timelines.

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scorer (58) · 7 years ago

I'm in cash and waiting Bitcoin to go down, so I can buy again and sell when it goes up to $7000. 🙌

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unaveragejoe (25) · 7 years ago (edited)

Haejin, so the only crypto you plan on holding onto through this correction (presumably, past Oct 25) is BTS? What about your bullish predictions for Steem, XVG, Ripple, SpreadCoin, BitShares and ZenCash? Are you holding onto any of those? Edit: I realize that you said you were holding onto BitShares, but what about the others?

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rjh (35) · 7 years ago

I have the same question

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1 vote

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cryptosuf (51) · 7 years ago

same question

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demonklyd (43) · 7 years ago

same question; Haejin said he would be out of most altcoins, but I'm still wondering....

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lightest-dark (36) · 7 years ago

Hi. Have been wondering and trying to calculate the same problem. How did people do this during the last 3 major downs (people that follow your strategy), Haejin? Thanks again for your valuable inputs.

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haejin (88) · 7 years ago

I'm not saying to Oct 25 as peak or down time. Peak could be $7k to $9k. This should give most Alts time to go phasic to Bitcoin.

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unaveragejoe (25) · 7 years ago

Thanks for the reply. I'm trying to justify that logic with possible events. It seems likely that people will sell off their BTG as soon as they are able, putting most of their coins back into BTC and into alts. The re-buying of BTC would then drive the price to that range. During this time, as you mentioned, it will give time for Alts to go phasic to Bitcoin. Is that a sound summary of the logic?

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haejin (88) · 7 years ago

Elliott Waves states that a news or an event shall arrive to justify the forecast, and never the reverse. This means Technical Analysis begets fundamentals and not the reverse. For this reason, I almost never try to jive upcoming events with my analysis.

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unaveragejoe (25) · 7 years ago

Loud and clear, thanks Haejin!

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palog (42) · 7 years ago

2 upcoming forks rock with altcoin crypto world, I hope some correction afte 25th will happen and money flow back to alts, e.g. devcon 3 on 1st Novemeber, ETC conference on 18th November,..), it will be up and down between btc and other coins, I expect

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haejin (88) · 7 years ago

I don't know how my analysis will jive with fundamentals, but Elliott Waves states that a news or an event shall arrive to justify the forecast, and never the reverse. For this, I rarely venture into fundamental analysis as TA begets it.

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2 votes

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haejin (88) · 7 years ago

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mdc96 (25) · 7 years ago

I found what I think is a great summary for newbies regarding Elliot Waves and I though it would be good to share with others. https://bullwaves.org/traders-guide-elliott-wave/ Hope this helps some folks!

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1 vote

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samstickkz (65) · 7 years ago

Please let it hit $7000 I had to sell my land to buy bitcoin early this year

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jbbasics (49) · 7 years ago

Wow. Why did you do that?

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samstickkz (65) · 7 years ago

Sometimes u just need to take a daring step

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jbbasics (49) · 7 years ago

Wow this is bold! I agree you must risk some to gain some. I hope this plays well for you ten-fold!

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samstickkz (65) · 7 years ago

Yes, exactly

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shawnster (47) · 7 years ago

Hope this treats you well Sam.sounds risky especially at the end of an impulse, but I wish you the best of luck friend

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haejin (88) · 7 years ago

If I bought early in the year, now is the time I'd consider taking profits.

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samstickkz (65) · 7 years ago

Yes, exactly

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mys (62) · 7 years ago

Serious investment :)

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samstickkz (65) · 7 years ago

Yes

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bitcointv (40) · 7 years ago

Hi Haejin, i have a question for you. Will you also sell all of your Bitshares when Bitcoin crashes to sub $500?

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minnowpond (62) · 7 years ago

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sanj (33) · 7 years ago (edited)

Hi @haejin, we know you're traveling, if you get a chance, could you do a quick update on: Vertcoin (VTC) & Zencash (ZEN) especially for some us newbies! No need for a video, just a quick update would be great!

Shame you're not in London, you're just a short flight away!
Beers on me if you ever come to London!

Many thanks,
Sanj :)

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alpakal (25) · 7 years ago

Haejin, first of all; I benefit a lot from your analysis in learning EW. Thank you all for your great TA's!

I have a question though. I see you are bullish on XVG, XLM, STEEM, DNT, etc.

But you are also expecting a larger ABC correction on BTC. But doesn't such a sharp decline in BTC would kill all those altcoins, thus contadicting with your potential profit expectations?

I would be glad if you could clear this up. Thanks again for the great work, really appreciate it!

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batfinkler (40) · 7 years ago

Could it be that the news or event that brings Haejins prediction of sub $500 BTC to fruition is the dethroning of BTC by (let's say segwit2x) ? Meaning that indeed BTC drops to that price but would be a bad investment because it never recovers and dethroned by a new coin ?

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beiker (64) · 7 years ago

Thanks for sharing!

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BTC Morniing Update: Will Bitcoin see $7,000? Check out my Analysis!