STEEM Update: Zig Zag (5,3,5) & MACD Approaching Oversold
SUMMARY
After a vertical move up from $2.17 to $8.95; a correction is taking place. A Zig Zag correction in the form of 5,3,5 waves could be playing out. It wasn't more than a few weeks ago when STEEM was sub $1 when I had recommended it. This is a healthy correction; deeper than expected as it might be. This is when that 10% to 15% of portfolio held as cash comes into play. It allows one to go out an bargain basement shop!
The Zig Zag correction has completed the a and b waves and is in the latter end of the c wave correction. The MACD is also indicating that oversold territory is being approached. Since c waves always have five subwaves, I've labeled the likely zones. Wave 3 could be in progress with wave 4 and 5 still to be.
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!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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.**
Allright BTFD !
Waw
😬
Steem for Steemians ! Next meeting at $ 10.70
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!)
Which means a move to $3.43 is on the way?
HODL
Set buy ladder! Best time to ladder in is at the end of a terminal C!
Taught by the best, missed your analysis but here's mine... Pretty similar lol
STEEM - Analysis (123% POTENTIAL PROFIT) — Steemit https://steemit.com/bitcoin/@benkalashnikov/steem-analysis-123-potential-profit
Thank you Haejin for auch precision. You are truly a master of the art! I have made it my ritual to "check what Haejin says " before buying and sellinh anything. Ypu have seen me with only profits by following your posts and i hope you dont ever stop! 😁 I was wondering if you will be posting an update to XVG anytime soon? Im half hearted about hodling as we seem to always resort to the point we are at now, or are we sitting on a actual time bomb? Looking forwards to upcomming posts esp xvg at this stage. Thanks fpr all the hard work 🍷🍻
Im not sure about XVG anymore aswell
Ff
Yes please if u can do an update on xvg that would be great.
Since Steem has tanked, BTC has fallen...what do you expect XVG do? Can't go up on its own.
Could you please do an update on 0x?
Jhh
If it dips to much i guess i will buy more.
Bitcoin price is near 12000USD. I think triangle pattern does not fit anymore. What is the altenative counts? My portfolio Fu*ki'n falling down horribly. damnTT
Be greedy when others are fearful, be fearful when other are greedy. It is about time to go all in with any spare cash you might have. Every altcoin will be rock bottom pricing. In a few weeks to months from now you'll wish you would have bought if you knew it was going to be that low... Here is your chance. I'm kind of glad everyone is selling, I have my check book open and getting ready to pull the trigger on many altcoins.
yes, its tanking hard right now. was there some bad news or something???
Yes it is more Korea FUD.. prob over hyped. Got stopped out of my Eth, which I was lucky enough to have on exchange due to being at near top of extended 5 of greater 3.
Seeing as this is Exchange regulation FUD, I guess it is only fitting I used the opportunity to BTFD on BTS and NXT...not gonna add to my ZRX which I just took profit on yesterday (for now). Goooooo decentralized exchanges!
Not necessarily FUD, but no need for panic selling. The market will bounce back...
https://steemit.com/crypto/@paladinav/bitcoin-skids-on-news-south-korea-prepares-to-ban-cryptocurrency-trade
I'm also waiting for China to enter.
Guys if youre online at night use that case for you.
Ive got 9600 BTS now from starting 7600 2 days ago.
Pretty predictable dip everyday.
Kkkk
One thought on the BTS correction. The volume is a little iffy, but I have bought plenty of the dip since it began myself. Think I am done buying on the particular dip.. hopefully this triangle rings true. Not that confident. Bottom could very well be in though.
I've got another count!
Price is constantly bouncing off the 50% Fib Line of the gains since 0.13$, even at those hard dips at night.
I'll have a close look at MACD today and if it turns badly at one point ill sell to get another bunch of BTS later.
Enjoy your day
You found the very same piece of irresponsible journalism that I was referencing... how unfortunate. Linking to a place that links garbage like that is bad for everyone. As someone who is in the media industry I am embarrassed.
HODL
South Korea is banning exchanges and trading of currency.
They are not banning yet. Claiming it’s gambling and raiding exchanges for details of clients for tax investigations! People who have t declared gains should start to worry as this will become more common!!
That not true yet. It could be banned some day, but It will take so much time. Banning free trades? That is bullshit.
Iiuy
Hello @haejin, does this mean that the price of steem will continue to go down? How about steem dollars?
This could be the route that bitcoin is taking.
. See this post Four-possible-scenarios-for-bitcoin for other alternatives
Look at my blog, I made an Apocalyptic TA :-). Just HODL, stop watching balance and wait a week or two, you will be happy.
Here the link : https://steemit.com/btc/@adri1202/new-apocalyptic-alternate-for-btc-correction
Maestro! In steem it looks great. Thank you!