Bitcoin (BTC) Morning Update: Having Cash Allows BTFD Empowerment!!
SUMMARY
NOTE: Lots for details in the video analysis!
Overnight price action has bounced off the lower triangle line which is serving as support. Price has bounced off this support twice already and overnight was third. If the a,b,c,d,e triangle pattern is playing out as shown below, then waves a,b and now c could be complete. That means price should recover to complete wave d and e. The daily MACD is near the zero level and it hasn't decreased decisively below it for as long as I can see in this chart. So, from preponderance of evidence of historical levels, current MACD could equate to near oversold conditions. Unless we have a crash scenario, the MACD would have a challenge to decisively decline below the zero level.
Another alternate count is shown below as a bear flag type and also labeled as a,b,c,d,e. Once a recovery for e completes, then a decline would occur to a lower low. This is still more of the a,b,c decline alternate.
I sustain 10% of portfolio in USD cash. This allows BTFD actions to be taken. Having cash to buy these kinds of corrections provides significant empowerment which becomes additive to the levels of confidence and empowerment. If you have zero cash, then it's during these corrections when you will feel like you have to sell at these low levels to raise the cash when price was rising.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
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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.**
Hi @haejin Happy Holidays! You know I have been sending you several messages in past previous of your posts, because I envision truly that when cryptos get even more popular and Steemit (together with other SMTs that will be created and other front-ends of the steem blockchain) becomes one of the largest social networks, you will be interviewed by tradition main stream media, newspapers, and channels around the world, to let them know how you predicted this high growth of cryptos, and the downsides of others realtime. Hope you dont forget about as, when this happens! Sure not!
I am not sure if you checked any of my posts on the past, but I was here to watch you grow from less than 500 followers to the over 13,000 you are now, and I also experienced learning from your technical analysis (learned to fish a bit), and also took your information advise to buy some cryptos, and they were right with good accuracy. Sometimes time varies, but that is something very difficult to do, timing the market!
I first saw when you had few upvotes, to the many more upvotes lately, and that shows people are making better trading decisions with your posts. Also, when you got the backup of @ranchorelaxo you started to be paid for all the previous hard work you had been doing. He noticed same as other people on steemit that you were doing good for many people and making them improve their trading, and with his upvotes many more people started to see your posts and be benefited from them.
I am not sure if you saw any of the chapters from the 11 chapters full Steemit guide I have created to help new visitors, new users on steemit and minnows to understand as much and as fast as possible about steemit and the steem blockchain, and thus help them make their way on the platform.
Thanks to your huge support @blocktrades and the one of @lukestokes @steempower , @timcliff , @cryptographic , @starkerz @stephenkendal is that the full steemit guide is reaching many more people and hands, and that is great. Now 280+ comments questions from new visitors, new users on steemit and counting. Really glad this is helping many more people than I expected.
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Here is what Chapter 5 is about, and a link to it:
Chapter 5 of 11: Learning some of the many "Other ways to Earn Rewards on the Steemit Platform & Steem Blockchain" - This is part 5 of the 11 Chapters (Full Guide) to help new people make their way on Steemit
https://steemit.com/steem/@gold84/chapter-5-of-11-learning-some-of-the-many-other-ways-to-earn-rewards-on-the-steemit-platform-and-steem-blockchain-this-is-part-5
Looking forward to hear from you on this one in any comments section, of any Chapter! Your knowledge and experience together with @lukestokes @timcliff @starkerz @stephenkendal @steempower has been inspiring me to continue with the series, and even add more value and additions to it.
Regards, @gold84
TLDR?
well I would recommend you to give it a read
Like Hajin didn't either
I checked his guide and I must say specially newbies might profit from this since I was a little lost when I landed on steem and only had this very skinny FAQ to help me. No reason to be so critical :-)
@gold64. TLDR? GTTP(Get To The Point)?
Hey all!
I have put together some picks. They are low market cap coins that I believe have great potential for profit. Obviously there is risk and do your own diligence before buying. I am not a financial planner or advisor.
In no particular order:
(Follow me on my new Steemit for daily picks, and have an excellent day!)
Just tell briefly what to do instead of just posting a link, looks like a scam ...
he only promotes his guides which you find in his blog, the content is good as I can tell
Thank you !
Thanks for great update waiting for more data points ! Got dry powder ready ..10% cash and your portfolio overview is greAt thanks for all you do !!
@haejin, I would be interested in getting your thoughts on dcorp, if you are looking at new cryptos to chart.
Thanks for the solid analysis on this recent BTC correction. Fully agree that having % of cash ready to make a move on these opportunities is vital, especially when trying to grow your portfolio.
Looking forward to some buying opportunities.
Early Bitcoin developers have been warning about the present state of affairs (extremely high fees, overloaded network) for years.
no reason to spread FUD, BTC is still the crypto flagship and the entry gate into the alt-world.
He's a BCH propagator, what would you expect.
Problem is, they will make the entire market go down.
Could you please do an update on Ripple?
https://steemit.com/bitcoin/@haejin/ripple-xrp-is-becoming-a-profit-tsunami-target-usd4-11-200-profit-potential - I would say we are still on track
Yes, but what's haejin's analysis?
I've just linked it right above, that wasn't mine no worries :-) it is haejins analysis from a few days ago, compare it to the actual chart and there you have your answer, not much changed ;-)
Thanks, I know it is his. My point is that he might have a different vision, you never know for sure.
If it changes, he usually does updates, if not it's on track. We can't expec5 haejin to do updates on everything every day. He's got to get some trading done too.
well the version changed slightly since the triangle pattern broke, now it looks like a flat, but the desitnation remains the same an I wont be touching my ripples until 4$ :-) anyway I might enjoy an update as well to see which kind of pattern or correction he sees there :-)
It can be a bit scary when someone just looks at the dollar amount whether its up or down, looking at the charts is the only way to really see whats happening.
Good morning! Finally you bring some light into this dark day :-)
Your last point is what is happening. People have everything in the system and are selling as they think they are losing money.
You only lose money if you sell lower than you pay.
Bitshares is falling big time.... oooo its an amazing game when prices are going up but not that great when prices are going down.
All this panic selling that is going on is REALLY REALLY going to hurt people. If you dont know what you are doing....do nothing at all, is the best advice i can give you.
PANIC = PAIN
I totally agree and I'm so greatful to @haejin that I've grown the confidence to ignore any FUD and resist panic selling. The only mistake I made is that I have no fiat left on the exchanges, so maybe I will have to increase my invests a little since I just can't not to buy these delicious dips.. Good luck and a succesful year to you!
People are just herd animals, once one starts screaming hysterically and running, the rest follow.
If they just shrug and stay, massive gains follow... if they run, they lose a lot and after a while, whales gather up all the lost money. That's evolution, why should stupidity survive ?
That's what distinguishes the human primate from other animals : it's sober intelligence ;))
Not.
Discipline is the thing, so banks and whales have pundits here who try to write the market down.
There's at least one article on cointelegraphe every day, "Crypto Market In Red, Total Market Cap Down $100 Bln Since Monday" and so on. Scream, scream ! Run, run !
So they run.
Haejin is one of the herders, who calm them down, and thereby he's the archfiend of the powers that be...
Finally, good news of the day comes from you ... Thanks mate.. @haejin
yes I couldn't wait to get his update, I wish I was living in the same timezone with him so I wouldn't be alone with my bleeding portfolio for half of the day :-D
Hehehe... :P Your wish will come true someday :)
we will see, but hey @haejin can be my guest at any time :P