Bitcoin (BTC) Morning Update: Another Flag Fractal + Expanded Flat Potential
SUMMARY
A Bit on @haejin's mind:
Plato once said "what are words, but symbols of symbols; hence, twice removed from reality." My Technical Analysis has had much meaningful impact from these very wise, mystic level words. Just as the Mona Lisa painting or any other master piece novel are mere symbols of the originators' sentiments which were also a reflection of their thoughts; such works were twice removed from reality. Having said that, I believe price is the purest and earliest reflection of sentiment. This makes price movement a far more accurate directional tool than any fundamental analysis. While fundamentals, news and events, are also reflections of sentiment; they are far more downstream in sequence, when compared to Price. In my view, this is why the two can't be mixed and soon as price and fundamental analysis are co-mingled; contamination occurs and accuracy of calls fall dramatically. The above is the basis as to why news and events actually DO NOT move the price....it just seems like it. PRICE moves the news and events and NEVER the reverse. The Central Banks around the world think they move and control the interest rates and I disagree. They FOLLOW the interest rates. This level of seeming upside down thought process behind my analytical methods is often much more readily grasped by those who are more amenable to conceptualizing abstract concepts; such as poker and chess players, musicians and theoretical physicists. But still, it can be a learned skill.
Bitcoin overnight price action shows yet another flag pattern (Fractal #4) and this is not at all surprising. I believe an a,b,c expanded flat is likely but primary pathway remains same. Sentiment that's behind the totality of buyers and sellers of Bitcoin seem to prefer flag patterns while that of Altcoins prefer triangles. Since price is a reflection of sentiment which itself is a reflection of the collective thoughts behind the population of BTC and Altcoin buyers and sellers; it simply is showing the differences in composition of the collectives. While the commonalty in pattern can suggest that many own both bitcoin and altcoins; the differences can be reflective of some owning only altcoins or only bitcoins. The rationalization can be lengthy, but the above provides a succinct explanation of pattern preference or the "personality" traits of the cryptos.
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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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.**
해진님, 제가 어려우실 때 도움을 드린 것도 없는데 큰 선물까지 주셔서 너무 감사합니다.
제가 받을 자격이 있는가 하고 고민도 했지만 해진님께서 보내 주신 선물이니 의미 있게 사용하도록 하겠습니다.
주노님 말씀을 들으니 고생 하신 것은 잘 마무리가 되신 것 같아서.. 그리고 해진님과 주노님을 이 곳에서 계속 만날뵐수 있다는 것이 또 하나의 선물을 받은 것 같습니다.
(제가 마음을 한글로 표현하는 것도 서투루지만 영어로는 더욱 힘들어서 한글로나마 남깁니다.)
I wish you MASSIVE profits!
Hi @haejin, I think its KABOOM time. Pillar as you said is almost at BTC 0.00006481. I have invested in this when you suggested and I am in almost 4x profit, but I want to know if I should sell it now or wait. Can you please post an update on this.
Haejin, thank you for everything you do, really helps. I ordered the two books you recommend and after I'm done studying those I'd definitely like to talk about doing a 1 to 1 session and pick your brain on questions I may have. How can I message you privately to get some details? Thank you. - David
Love your work!
I would like to ask you if you could do an analysis on Red Pulse (PRX) or Qlink (QLC). Both coins look interesting, promising in tech and could make big moves in the future.
And they're also quite new to the market, listed on Kucoin...if they move to Binance or other big exchanges they could go KABOOOM :)
Thank you!
I wish i could understand the language...too bad i can only read English..i guess it very a good comment to attract haejin upvote...well done
Thanks you for always sharing post on cryptocurrency..some of us really like it..and enjoys reading it. Always keeping us up-to-date
Indeed, perfect info..
Upvote me and I will upvote you :-)
Possible alternate...maybe it IS a triangle??
This example is one of the reasons technical analysis is difficult The scale of your charts can dictate how you perceive the relationships. I've heard some call Elliott waves pareidolia. Human minds seek patterns. The randomness of market data can lend itself to patterns real or phantom. Thus the difficulty in charting.
It's only difficult before learning it. It's very easy afterwards.
I had to google that one friend, up steemed just for that. Pretty sure I have watched a documentary about it too... thumbs down for me.
*just realized we were on the same time frame, different chart. I use Binance.
Same here :-) The word itself made me curious. It's great to learn something new each day, even small thing, like meaning of pareidolia :-)
Thumbs down for me then. I didn't look closely enough to see you were on the same scale. I can see you were zoomed out a bit more than Haejin was but not enough to change the results.
Every marketplace will have variations. That too is a factor in trying to suss out what all of the markets are going to do.
Lets give eachoter an upvote....Steem for life :-)
Well done!
I am interested in. you always make an amazing analysis. thanks for information sir.
dentacoin 100% up today joke of the day global dental industry
Lets upvote.... Steem for life
What do you guys think of this chart ???
First post, so be gentle ;-)
I like your style! That is how I trade breakouts as well.
Could you please do an update on DigiByte (DGB)?
I fell like bitcoin is getting ready for its next big move!
I am actually starting to believe that BTC will drop a bit far below 10k before flying up again, please don't hit me, it is just the rise of Altcoins is making people faster and fatter gains at the moment. Thank you for the Update :)
We will soon know, The price movement of today can be a correction of an impulse like described in this post, OR the first wave of a downtrend impulse. Who cares, will go up anyway after that.