Bitcoin (BTC) Mid-Day Update: H&S Neck Line Breached
SUMMARY
At today's low of $9,397; price has breached the Neck Line of the Head & Shoulders Top pattern. The ABC correction is in progress and the subwaves of A are all in place with B as well (white abc). This means that the 1,2,3,4,5 subwaves of the C wave are next (white).
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I"ve also outlined the abcde waves of a declining wedge. This pattern has viability and is competing with the above abc zigzag corrective count. IF a,b,c waves are done then e and d could help resolve as to which pattern Bitcoin will select. More to come in tonight's evening update.
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KEEP CALM AND #HODL
Having perspective is always good.
411 days is the longest correction? Man..
411 days correction from ath back in 2014
As per analysis, another bull trap ahead! Be wise to take advantage when btc drops again to less than 6k dollars. ☺
I don't think the right shoulder was high enough to make a proper head and shoulder. The chances of a real head and shoulder working for bitcoin is highly unlikely it never pans out lol
Your thoughts on bitcoin's bottom? 8 k?
Hi,
A noob question: The blue EW count in the second picture has wave 3 as the shortest, How is that possible ?
would appreciate an answer <3
Good question whaaatoh..and good eye...it is possible only in a leading or ending diagonal where wave 4 also moves into wave 1 territory..in my experience leading diagonals are more common in crypto which haejin brought to my attention long ago...hope this helps friend
Thanks <3
Read my response below whaaatoh...don't listen to anyone ...read for yourself..do your own research friend
You are wrong! There cannot be a leading diagonal in an abc! This count is incorrect
I feel bad for your readers
Elliott Wave Principle figure 1-20 page 40 taken from Ralph Elliotts's writings ..go back to school friend
5>3>1 by my reading. Agree 3 and 1 are close.
How I Measured.
My guess is that his count is correct only he "missed" to place the numbers in the correct places. 3rd wave is the longest if you put it almost at the end of the chart, then the 4th one is the shortest.
The previous forecast, 12 hours ago from Haejin, was fractals prove BTC was going to the moon.
Oooooops. Fucked that one up. BTC heading down.
Now Haejin is forecasting BTC will go lower.
I love when that happens.
Counter cyclical indicator. Bet against Haejin to make biggest returns.
Haejin says BTC is going down.
Better than 50/50 it will go up
He was pretty clear that this was a possibility, even to the point of giving us a hard line at $9060 that would indicate another low. I've had stop losses set around that level for a few days now
Haejin predicts BTC is moving, going to go up or down. Guaranteed it will be going sideways.
He is awesome, as a source of counter-cyclical investment clues.
Everybody seems to be counting the triangle/wedge different. For me the first touch is on the bottom with A starting at the top. If this goes ABCDE then the breakout would be to the downside which supports your other downside targets. Thoughts? Is this a valid approach?
I don't think it's correct to start with A at the top. Your ABC correction tool should start at 0. A would be where you currently have B. I think all letters should be shifted right one place setting.
I've always heard that the first touch is where you start your count. In my chart you will see the first touch, zero, is at the bottom of the triangle with A at the top. Otherwise zero is where A is and B become A with the inevitable breakout NORTH. I don't see a northern breakout at this point.
I guess we will have to just wait and see which is the correct way to count it but for the time being I have to stick with what I posted.
In the book an ABC begins with 0. You should shift all your letters. In that case it means your e is a d and the e is on the bottom blue line of your wedge. Just saying, that's what is described in the book (Elliot wave theory, see haejin's link ;-)). It's just because after a correction price should go up, so after a 'c' or a 'e'.
I agree. If you get a definitive answer to your question, please let me know what it is. And I'll do likewise. Thank you.
@kwaman, check out this video:
https://steemit.com/btc/@sudipto.dalal/bitcoin-morning-update-feb-24
It confirms that an ABC correction begins at the top with a 0.
I agree with this
Your Wave 3 in the zig zag is the shortest wave
yep, and it drives me crazy) can't count it
Thanks @haejin ! Any chance there is still the bull trap scenario where it reaches down to the $3-$4k area?
I think we will see this very soon. Look at the global economy, its all shite.
Nobody is buying bitcoin anymore, i work in a big firm where all people talked about was BTC in november/december. Now everybody are "waiting", stupid of me saying this but this was bull trap and now we are going even lower than 6k. Good luck, Haejin sorry to say but you are allways to positive.
Last time BTC dropped i lost lots of money because of your optimism.
you only lose money if you sell!!!
Hodl!!! its not hard...
I had the same mentality and it did me more bad than good. There are times when selling is the best way to go. Be open to all possibilities is all what I am saying :)
I'm very sorry to hear this but when you put the blame on others for the trades you make it comes off as kind of childish. Hopefully you didn't sell.
Markets move on sentiment. We've all seen a huge amount of people calling for this lower low for at least a few weeks now. Many people are looking forward to it at this point. It could very well become a self-fulfilling prophecy, especially if the institutional money is holding out for that lower low as I expect. At this point I hope we see a huge panic sell followed by a very quick rebound. I raised some cash last week just in case, glad I did.
I think this is the last time it gets below 10K $, last chance of buying low after the first chance of 6K$
Agree, this next bounce from ~8000 - 8500 needed to confirm trend change. Without it, too precipitous.
Is it possible for blue wave (3) to be the shortest of 12345?
No, it is not! The count is wrong!