Bitcoin (BTC) Morning Update: Triangle of Bear Flag?

in #bitcoin4 years ago


I'm hearing more and more clamors about Head & Shoulders Top. I've drawn out the below traces of shoulders and heads per fractals. Patterns require a completion and a confirmation. One key aspect of H&S pattern is that the volume has to confirm. Below chart shows that volume does not trace out the needed confirmations for any of the H&S fractals.

The triangle pattern is shown below and the the bottom line has been updated to make the overnight price action inclusive. The volume is declining and it should continue declining to a trickle. This is the volume confirmation of a triangle which was missing for the H&S patterns.

Here is VERGE showing very nicely how volume trickles to near nothing as price appraoches the apex, the point at which the two lines of the triangle intersect.

Here is a combined, a bit messy looking, chart showing both the triangle (blue) and the bear flag scenario. IF price bounces and breaches the upper blue line but bounces down from the upper white line, we could have the bear flag play. IF price bounces from the upper blue line and goes down, then wave e could be completing for the triangle pattern. Technical Analysis is a process of probabilities and not certainty; and so, let's see how this gets resolved.

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Btc price support failing




?? do you even use the charts? nothing changed and we are still on track

Check out the Bitcoin price and other coin price few years ago. SO sad, that I didn't start then:

Not failing. There is enough support between 12000 and 11000. No spikes for now - just calm movements near the support zone. I guess that BTC will start moving up in few days. Please see my idea:

Thanks I hope btc holds here, overnight action was wild here in Romania

yes it was. it droped at 4am. like a stone. after i got into cryptos i wake up at 5 am. i was late :(

It's wild everywhere. FUD and all. I hope that everything gets back on an uptrend. I miss my gains.

why not to get some extra gains by buying these delicious dips? you shouldn't be sad but rather appreciate the opportunity, heads up! ;-) Best of luck to you!

6700 to 9700 BTS in 2 days!
Lovely dips 8)

I ran out of buying power that's why. :))

I know that feeling, I'm setting myself up for a little negotiation with my wife at dinner today, need to increase our invest limit a little :D

Good luck! I just got the okay from mine. Time to go shopping, lol.

I'm getting calls daily from different people wanting to get in on the action. Everyone wants some $BTC :-)

What is the exchange? I did not noticed any wild action on bitstamp

I watch binance, it seems to be more volatile

Great explanation. Technical Analysis is a process of probabilities and not certainty. This is what most fail to realize.

In my opinion the price will fall to about $10 000

Agree. Will are going a bit more down. Here are my thoughts about the current situation:

thanks for the update and taking the FUD away :-) no matter how great my profits have been since I follow you, the best thing I've earned is the calm state of mind, thank you very much!

Good morning

seem I've always been using coffee the wrong way, no wonder it never made me more awake :-)

hahhaa... next time use coffee like this:P

hahahaha haejinfans crappy day?

so big picture...wait for a rebound to sell SBD, don't sell at the current low rates?

Could you please do an update on district0x?

Interesting, always look forward to new posts.

Please look at ICX @haejin .

I look at his blog every hour minute second i get .

you should get this sms service that has been promoted by another user out here, might be a true timesaver for people like you :-)

I use ifttt to send an email to my phone when he posts on twitter. I have one email address that blasts my phone when emails are received.

wow thank you very much for bringing ifttt up, had to first check what it is and I'm definetly going to use it as well, thanks!

I do the same thing with gmail since it allows you set up filters. You just need to know what your sms number is for your mobile phone service provider. I found all the info I needed by googling it.

thanks guys :-)

I dont know sometimes like this post Haejin does not post on twitter. So the twitter alert never goes off. The SMS service however went through.

For one most exchanges havent been allowing new users! Plenty of new money wanting in and as of yet cannot. Just on the news side of things. Thnx @haejin

My cat seen wall this lines in triangle pattern...

@haejin can you explain further what that actually means for verge??

I second that. It would be great to hear the opinion of our teacher what way Verge will go since it didn't play out the way it was supposed to.

Stellar (XLM) just broke out of its triangle first, half an hour ago, Ripple is still inside, like Verge.
Sign of life.

Verge is in a triangle. It will break out soonishly, but it's very hard to say when exactly. It might tomorrow, or in another week, or where the white dot is. Time to invest in something that's closer to breakout until that happens ;)

It all depends when btc settles. When btc stops being crazy in 2 days we will have breakout...

Yep, my opinion is also that we need a bit more time for verge to explode - I'd say about a week from now, may be 10 days. Just my opinion, not a recommendation to buy, or sell Verge:)

Patience is a virtue, and from waiting in line inside triangles a lot lately, I'd guess your estimate is correct. I decided to get into Lumens yesterday morning, and I had to wait for more than a day ! But that triangle was already much progressed...
So far, hardly anybody noticed...
XML is totally oversold and a clean buy.
And of course were all just humble students here, who would not dare give advice - we only share opinons ;)


How much did the volume of xvg grow, indicating that it is going to go down?

Very useful information Maestro! Thank you.

@haejin, have a look at HUSH please!!

Regarding the drop in market cap, the trend says to HODL!

"Last two local bottoms of the overall crypto market cap caught support at previous tops [...] We are currently at the previous top level, expecting a large bounce here."
Found at @

always thanks

Hey @haejin , I've been reading your posts and watching your videos. Really great stuff you put out there!
I found a scheme you often recognize on the TenX (PAY) chart and I was wondering it it's all in the right place for a handle to form.

335 million dollars market cap.

Only issue with PAY atm, it's got a failing product. Wavecrest their issuer suspending payments through their card.

Even though it might be forming a cup, the actual product is no longer working.

Good to know.

yes I found the same yesterday as I was managing my portfolio, seems soon it is time for PAY to pay off!

I was scrambling for cheaper coins with good potential and found this one too. However, I have not bought a single coin of TenX as of this moment. I think I will get into Reddcoin and add more Bitshares to my portfolio once I have more cash from selling other coins. However, I may miss the opportunities as I am not selling at a loss and most of my coins have been hit pretty hard during the last 2 days. Next time I will definitely leave some cash to buy the dips, lesson learned :)

2 days?
Let's make that a week XD
Same lesson here.

love them phallic patterns

A fitting name for someone replying to a phallic comment. :)

to me it looks like our beautiful swiss alps, no idea whats wrong with your mind :P

I think that's a nice idea, thank you so much @haejin

I think it will start to go up in the last week of the month. Than new fiat money will be in for people to invest in crypto.

I would bet the correction is finished sooner then that, I'm betting on the triangle pattern and it seems soon this sh** is finally over :-)

Do not worry . In a year time you would had forgotten this period.

I do not worry at all, since I follow @haejin I've grown so much confidence that the only thing that botters me is that I don't have enaugh cash ready to buy those delicious dips.. :-) Best of luck to you and a succesful year!

Bitcoin is down, Ether is up - this much is known to all. But what of ETHEREUM's [distant] FUTURE? Rally to the words of COINSTRADAMUS in this post, and be amazed!

a high share of fluctuations in Technical Analysis a lot of deceiving us now

I have noticed the Fibonacci numbers in the development of the recent waves in BTCUSD on the time axis. I guess we will get to the bull market in few days. The price can bounce from the 12000 zone. Please see my recent post to see the chart with details:

I've got a reward for you

it expired by now, seems you are not always that fast


Thank you for sharing 💪

Thank you very much @Haejin, do you mind looking at ARN, seems to be ready for another gigantic jump.

Pleae coul dyou do an update on 1stblood, thank you!

you always keep me at ease. love u

Great entry point to buy bitcoin this morning people. Buy 'em up! You won't be sorry!

Thanks for the contribution :)

Hello @haejin. I've redone my STORM correction chart. I think it did flat into abcde triangles the first time. This time it is not over yet... but it looks very similar to the first one. (I've marked abcde triangles with I, II,II,IV,V.)

Your comments and advice would be much appreciated.


We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?

With South Korea one of the biggest markets for cryptocurrencies, such a ban by the nation would definitely weaken the demand side pressure. As a result, markets reacted negatively to the news.

However, the initial knee-jerk drop in prices came to a halt seemingly due to later reports clarifying that South Korea may not be able to implement the new legislation anytime soon.

Thanks @haejin :)

I've noticed a lot of people around me wanting to get into crypto and they simply can't because lots of exchanges don't accept new registrations..

This has obviously nothing to do with charts but i believe that because of this demand is a lot higher than the cryptomarket can make up for at this moment. Therefore i also believe prices will explode in 2018.

Do you look at market sentiment in any way like this or is it best to just look at the charts when trying to see the way the market is going?

Thanks for all you're video's really appreciate it!

If you have the time could you possibly give us an update on siacoin? (edit: To me this looks like a giant bull flag, am I correct?) if so siacoin accepted on the moon?

Schermafbeelding 2018-01-11 om 16.03.23.png

I totally agree, I hope that bittrex etc will finally get their shit together and dont slow down this movement any further. They made a ton of money due to fees and I can't believe that they wouldn't upgrade their infrastructure asap.

i was surprisingly un phased by today drama.

You have to think of the blockchain as a new utility. It is a new utility network for moving value, moving assets.

I agree, Good point.
The paradigm is changing and you must see beyond (wonderful) short term gains due to early days volatility.

I got stuck just looking at Crypto/USD charts, then I started looking at the Crypto/BTC charts. I suggest looking at both if the USD chart makes no sense.

hope it will not turn bearish!

a lower low means a larger discount, think positiv ;-)

haejin,why you dont tweet every post from steemit anymore ? :S

thanks! lots of shitcoins are also rising lately, i think bitdeal will rise allot soon. looks like a chalice of wealth

Thanks Haejin, can you elaborate a bit more about Verge, would love to learn more what you think!

bitcoin is scary these swings

Guys check my channel Bitcoin price projection and Targets for short-term and long-term:

I've noticed volume being really low on GDAX.

Tried so hard to BTFD last night... maybe I get another chance.

Thanks again! Also, the way CVC is playing out, which was also recommended by Haejin, seems to be following the same pattern as Verge with diminished volume as it approaches the apex of its triangle.

Anxiously paying attention to your analysis. I'm trying to learn Elliot waves from your tutorials and I've noticed something, is it even possible?

I entered bitcoin at 14400, I'm a bit worried. Thinking about ending at 12000 @ about 10% loss and come back when it goes down.

Yeah, I'm back here. Since I plot my ideas first in the morning and after that I search for news to justify the price, as Haejin always advise. I just heard that the Korean ban on cryptos is NOT true, that justify the sudden big fear dips caused by mass spread of the ban news.

of course this is possible, just check @haejin's latest videos, it is exactly one of his alternate counts ;-)

Will check it now, I only do it after I try on my own. for the porpouse of learning

thats a great strategie which I'm actually applying by myself, I read the titles first and then check the solution ;-) Wishing you best of luck for your studies, hopefully you got the books, they are great!

Ah I'll sure check the books, I just needed some more hours in a day hahahah. I don't even have much time to update my steemit posts =s

I know that feeling.. the time I got into cryptos was when I was badly sick at home and finally at some spare time.. :-) hopefully learning this new skill will help me to get a little more independent from my regular job

As always Great Analysis Haejin Please help me build my blog too
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Thanks for sharing

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:

  1. AirSwap AST (Binance)
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  3. Loopring LPC (Binance)
  4. aelf ELF (Binance)
  5. Luxcoin LUX (Cryptopia)

(Follow me on my new Steemit for daily picks, and have an excellent day!)

Thanks haejin for such a thorough post on the setup for a potential H&S pattern for Bitcoin.

I notice your comments on low volume in this post which I though was interesting. My prior mentors in trading used to tell me that for long set ups increasing volume is absolutely essential however for short set up not necessary to confirm the trade. I personally are watching the price action and looking for confirmation of this H&S pattern. It will be interesting to see how it pans out with low volume as well and whether its similar to the other chart you highlighted. Thanks again

Always be alert!

Thank you for your informative post.

Always upvoted and spot on Haejin. Much respect. Gentleman, I do the same type of work as Haejin with Elliot Wave. Please see my 100% gain scenario for Litecoin. See you all there.

LTC undergoing the triangle with volume decrease as we speak

Thanks for TA.
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