Bitcoin (BTC) Morning Update: There are 36 Possible Corrective Combinations!! What does this mean? Check out this analysis!
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SUMMARY
Bitcoin (BTC) overnight price action was very euphoric until a little while ago when there was a $1,000 point drop! Panic by many. However, those who are panicked are the ones unaware of the price pathway possibilities and probables and they think the two are the same! Possible is NOT the same as Probable and the video explains in more detail.
The below chart has updated the Elliott Waves. If the blue wave 5 is complete, then Elliott Waves states that after five waves, there is a requisite a,b,c correction. There are 36 possible combination of correction patterns so that gives 1/36 or about 2.7% chance to get it right. So, the below shows one probable corrective pattern, an a,b,c,d,e triangle.
Another could be a simple a,b,c correction as either a zig zag or a flat. Prices often become attracted to a recent significant resistance and now support. Price might gravitate to the upper trend line...however, this is my alternate count. Let's see how the day time price action turns out.
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 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 think this thing is moving much more quickly than expected.....I think we are close to being done with 2...but different markets have increasingly different price reports. Kraken shows a high of 15200 and is about to break that number as well....while Bitfinex as you show hit 14702, and Bittrex shows 14798. Bitfinex and Bittrex not too different, but that's a $500 difference with Kraken. Perhaps it is an expanded flat, but I think we may be headed up again already....that would be quite fast if so. Just my two cents.
Man you're good! Almost too good...like ahead of time. Here comes the ABDCE..... Thanks for all your work, as usual!
You rock scarlet !!!!!
And I eat my words already.....and now I spit them back out...
BOOM goes the Dynamite !!
This is literally the best blog ever. I'm so happy to be alive during these exciting times and backed by this community. Unlike other blogs or groups...Master Haejin just wants to help all of us and do no harm. Can you feel it!
I wish you MASSIVE profits!
Haejin u should use the Jackson's song "Can you feel it" as your theme music.
656 Views in 38 minutes.....This is Crazy! I mean seriously. Holy Shit.
No wait, 700 Views in 40 Minutes!!!!
ZEC and BCH is killing me.
Could you have a look at them please?
Thank you.
Bitcoin is killing them...
Bitcoin cannot kill even a fly.
Says increasingly nervous man who wishes he had more Bitcoin :)
Maybe you know maybe you don't hut this period is only due to the flooding of the newcomers. Not because BTC is a big deal. But they just know the name BTC.
EXACTLY! They know the name, because it is the original. It will ALWAYS be known as the original and it will always be around REGARDLESS of it's network functionality. Not sure why you spend so much ti e hating it and spreading the hate......oh, wait I think I know why...
I don't hate BTC.
It is only stupid to accept a marketplace that is tied to one commodity only and I simply refuse to do that unlike you.
Why do you love it so much abd defend it as hard as you do? It just made this run due to the infinite forks and made you money you have not seen in your life before.
Nice assumptions. Wrong, but nice.
So how do you feel now about your big freakin deal BTC?
patience... BCH is likely to be having a bearish wick right now.
Ripple is bleeding too.
Ripple bout to pop like a pop-corn.
Your post has been resteemed to my 2500 followers
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I wonder if LTC is done correcting or is it going to mid 80's?
https://steemit.com/bitcoin/@haejin/lite-coin-ltc-update-a-minor-wave-4-correction-to-preceded-a-b-line-to-usd168-or-higher
I think this won't go well. A 30% rise... At these levels? Are the whales getting ready to make minced meat out of us?
190720 transactions unconfirmed: https://blockchain.info/unconfirmed-transactions
Probably one should set a higher transaction fee when sending bitcoins. Otherwise, it might take even days before your bitcoins reach their destination, especially in days like these.
Hmm, seems correction not started yet.. End of wave iii.. ABC retrace to 12.8k after 15.8k?
its going parabolic as fxxk and i cant even figure out when to get in. truly annoying. kicking myself for missing triangle breakouts
A good trader is a bad trader who forgives himself for the mistakes made and learns his lessons and then tries again.
I hear ya brother. I managed to get some at 12400 but missed the previous bigger corrections.