Bitcoin (BTC) Morning Update: A Small Correction to Complete Head & Shoulders..And an Intro to New Technique! Find out more in this Analysis!

in #bitcoin4 years ago (edited)

SUMMARY

Bitcoin overnight action adhered to projection. The below chart now provides a forward discernment for the price pathway. The Yellow line is the Neck Line of the Head & Shoulders Bottom pattern. The Left Shoulder and Head formations are complete and so a small correction now will complete not only the Right Shoulder but also the Elliott Wave blue circled 4. This will most likely be a three wave type of correction but it could also be a bit more lateral and complex w,x,y type.

The volume also confirms the Head & Shoulders pattern. This is bullish. This pattern must accomplish two stages: Completion of Pattern and Confirmation. The completion will be when the Right Shoulder completes and Confirmation will be when the Neck Line is breached decisively.

One aspect to consistently consider is on the buyer/seller perspectives at each price stage. Note the yellow Neck Line from the leftmost side. This was a resistance that had repelled the price now about four times. This means there were a goodly number of sellers at this price level and hence a formidable resistance such that it repelled prices back down to $5,500. Now look to the rightmost side. Just recently, the Neck Line was touched by the price and most likely it'll repel it to complete the Right Shoulder. However, note that each time a resistance is hit, it weakens. This means the number of sellers dwindle with each hit and repel. Therefore, I believe this Neck Line resistance, once formidable last week; it's now very weakened and so expected to be breached this week. So, consider trying to position the buyer/seller perspective for each chart pattern and Elliott Waves. I will be including this perspective going forward.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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
Follow me on Twitter for Real Time Alerts!!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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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.**

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I am praying for a correction.
Any idea if this will happen and what amount?

Steemit - thankyou U5dtq1a8QL4tDnQqpXQ7CXBYXRz46tm.gif

Could you do one for GRS, i think it is in an ascending triangle now

Thanks Haejin i did x2 trading with your charts and advices in last 5 days. Keep up the good work!

Good morning , your getting big. Your name came up in a the chat for a data dash video on you tube. They pointed out your BCash price prediction. Maybe you will be the biggest thing on steem. I hear other people complain about steem not having enough viewers to justify posting on steemit. You seem to be doing well.

His organic push up on google searches is surging as well. We've trafficked thousands to twitter youtube and here through google.....proof is in the pudding....people are taking notice. Keep spreading the word. Just about everyday I go to hitbtc in the troll box and convert several people. They call bullshit on me, and I say, just take a look, what will it hurt...if I'm wrong I'm wrong.....no joke, once they come take a look, I always get a thank you, and that's from the trollbox!

That's some really great news. Maybe eventually we could push @haejin to be a witness.

Haha....we're gonna run this man ragged! He's got an amazing amount of energy and focus for someone who doesn't even have to be doing this for the money.

So now ($7750) that we have crossed the yellow neck line without realy forming the RS before, are we supposed to be on the way to (3) or maybe iii directly?
I am lost

Expect the correction to take place through tonight and likely through tomorrow. You can see the speculative time frame more easily in the pictures rather than the video. Hope that helps clear things up!

Thanks Haejin, you are awesome TA teacher, thanx for all the advise and training!

thank you Haejin! You are a solid foundation to this crypto community. Keep it up! More blessing to you my friend.

Hello sir thanks for your description of Bitcoin moment from the chart and you as well explain it and this will really help many investors to find the correct move appreciate your post sir.

Thanks Haejin, your charts have been incredibly interesting! I just started reading Elliot Wave Principle and it is all so fascinating. Could you do a STEEM update? Seems like its but having trouble breaking the upper $1 support

Master haijin sorry but we can not see the timeline at the bottom of the screen on the right side because of your header being placed there. It prevents seeing how far into the future your waves go. Could you maybe place it in the center top away from important information? Thanks

The time line is often somewhat speculative, as these things tend to stretch out. For instance....I'm short on BTC right now (not recommended by the way) and expected a drop last night....but it's going to stretch the drop all through the day. I only mention this because very often traders try to nail the timing to the tee, and that's not a very prudent strategy. Thus laddering in allow for the wave to develop on it's own time, and allows some flexibility in your buys. I know this doesn't solve the issue you brought up, just a note from someone who has learned this many many times the hard way planning on my counts to work to my timeline. The counts may be correct, but it's very tough to judge the real amount of time it will take to form the wave. Happy Trading Dale!

Time to bitcoin. Great post bro thank you for sharing.

Thanks Haejin, I bought in LISK per your suggestion, and now it KABOOMED as well, could you do a follow up analysis on LISK?

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I am consistently amazed at how much detail you can grab from a chart. I look at it and see a few things, but you look at it and see 10 times the information. I guess that is what happens when you compare 15+ years of experience against a beginner!
Thanks for the education though.
Almost finished the Elliott Wave Principle book. Should have it finished by next week. A lot of good information in there. I think I will have to read it a few times though. So much info in there, I am sure I didn't soak it all up the first time.

It really does blow my mind sometimes when I see some of his charts....especially for bitcoin, because it tends to put in some very complex smaller patterns within the larger scale. Congrats on the book read, don't forget the Chart Pattern Recognition book. IMO it is 50/50 in importance to seeing those details.

Bithumb shuts down, again.

Really? What's the deal? That's worse than Kraken....and that's saying something!

you are amazing Haejin! trying to learn from you! Thank you! PS there is a Haejin_CryptoAnalyst (BLUE) banner on right bottom of your screen recording making it difficult to read dates and figures. if possible can you maybe move to he bottom left corner because "time past" is not so crucial . Thank you again.

Thats a good idea, if not implemented, make reference to the still frame shots for the future time frames. Happy Trading!

Thanks Haejin. Glad your travels went well and am looking forward to learning more today regarding investment management. Did eth breakdown and reverse. Looks like it maybe broke a a h&s pattern but I am a novice.

What do you think about Coinvest? "The world’s first decentralized stock market for cryptocurrencies". https://coinve.st/

hey @haejin, are we still on for 11?

It is with much gratitude I bid you good day! Analysis of XEM would be interesting when you have time. Thank you.

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