Bitcoin (BTC) Mid-Day Update: Scotty! We Need an Impulse!!
SUMMARY
Ok, so price has returned INSIDE the triangle space. The below chart shows that after a brief foray piercing of the lower blue line of the wedge pattern, price made a V turn and came back inside! Does this mean the bottom is in? Well, we need to see the evidence of a true turn.
The first evidence would be the very first set of impulse waves as drawn out in below chart. Thus far, waves 1 and 2 are complete and 3 is in progress. Once 4 and 5 are done; a requisite retracement would be next step. For me, the onset of the second impulse set (subwaves of a higher degree of trend wave 3) would signal the next higher high. That would be the next key signal to a trend reversal. Let's see how price action wiggles across time for the rest of day.
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MAKE YOUR COMMENTS AS REPLY TO THIS TO AVOID THE AUTO DOWNVOTE from -18 BS!
I tell you what @haejin, I don't know if you have been looking at the historic charts for like the last 5 or 6 years on Bitcoin but I have been saying this for months now and it's finally starting to make sense to people because the historic trends show what will happen and what is happening to Bitcoin, any crypto or for that matter any stock, we can look at the historic trends of what happened on this day in this week in the last year to 6 years to get an idea of what's going to happen with Bitcoin just on a macro scale, not including micro economic trends causing this or that shift to happen. Yes there are a lot of laws and negative attention being garnered for Bitcoin right now, but no worse negativity then the most infamous drug site in the world known for human trafficking, copious amounts of any drug available to even children, Etc transacting solely in Bitcoin... The Silk Road brought far more negative attention than anything the media could publicize today and guess what, Bitcoin survived through it all and it will continue to survive!
What I'm getting at though is people are obsessing and getting upset with you because they are either losing money or whatever and they are taking their anger out on you, when in reality every year around January 15th the market for whatever reason, whether it be people realizing their gains from Q4 of the previous year, the Chinese New Year, for all we know it could be aetheric energy pulsing from the center of the universe on a 365-day clock that is affecting our markets... As outlandish as that seems, it is just as outlandish to assume that not only will someone be able to make a call on the possible projected price of Bitcoin, but equally that it will defy the yearly historic trends that are being established. I know we can't rely solely on the data from the last six February's showing a pullback in every February in Bitcoins history, but we can definitely use that data as a valuation tool to assume what will happen this February and next February.. You know what I mean?
What I'm getting at is basically this, every year around January 15th, the markets pull back and liquidity either moves or dissolves temporarily until around April 15th to the beginning of May... At the start of the second month in Q2, things get wild until about the end of June, usually within the 80% margin of the highest high from the previous year Q4... What I've noticed is if the high price achieved in June @ the end of Q2 hits the 80% threshold high of the previous year's Q4 high price, typically the UPCOMING Q4 - starting in mid-october and running all the way until the end of December, sometimes until the 15th of January - will not only achieve the highs of the previous year, they will typically follow the Fibonacci ladder, in my experience minimally at the 161% marker, but remember this comment man! If we see $16,000 to $18,000 Bitcoin in June of this year, I would bet my entire year's salary that we will see $51,500 to $54,000 bitcoin before 2018 is out...! Mark my words brother!
By the way you are more than welcome to use any of my data from my comments or the blogs on my page in your videos or your articles. I would be more than happy to supply you with data and my experiences anytime as you have provided me priceless information teaching me how to day trade... I have a lot of respect for you @haejin and I am totally at your disposal brother. Rock on!
By the way, sorry for the long comment, kind of got carried away but I really want people to know about the historic trends of the last 6 years so that at least on steemit, we can all have consensus of what's going to happen moving forward... BY THE WAY STEEMIANS!!! for anyone reading this, we really need to pull together and all invest AT LEAST A PORTION of our day trading positions in to Steem or SBD... Especially during pullbacks like this. We want to show the strength of our Market so that when things are good, analysts and the media alike can look back on Steaem and say, "well they did good all year long, they were unaffected by the pullback!"
RAWR STEEMIT FTW!!! <3 Cryptozzz!!
Stick a fork in BTC. It cooked. Excessive fees and Tx backlogs have turned me off the coin for good.
The cycles doe exist and yes, BTC cycle can be plotted. I appreciate your sharing and will consider for future analysis.
Tyvm for your consideration man, you are fighting the good fight and anything I can do to help quell the disgruntled masses, I'm at your service! The data I present literally helps me sleep at night, before I found the information that I've just been talking about, I would be so Restless even in my sleep. I would wake up at all hours of the night rushing to check the markets! When I didn't have enough information to make sound logical decisions based on as much data as I could gather, I was more or less just shooting from the hip and just so happened to get it right. That's the beautiful thing about Bitcoin, at least so far, any investment into Bitcoin is a win as long as you wait it out, so thankfully during my learning years I didn't suffer any major losses because that would probably have been pretty devastating to my ability to learn and desire to move forward. But cryptos have proven to me time and time again that not only are they not going anywhere, any investment into cryptos is not just supporting our future in the technology sector, it's a win financial aid as well! Ty for you response & time reading my post, sorry it was so long! :)
Thank You for this interesting information! Now i'm curious, and want to go look at the historical prices of bitcoin. A lot of people have said it always dips in Jan, but your the first I've seen actually talk about the numbers and how they correlate. Thank you, I will be following your blog. Im new, so im still trying to figure out the whole steam power stuff.
Thank you so much for following me! I really appreciate that. I try to be as numbers driven as possible so I don't have to assume or make a surgeon's that aren't backed up by at least some type of data you know. That's honestly how I trade as well, purely driven by the data because that's all that matters to me whereas other Traders are more intuitive. Maybe one day I'll learn intuition these are the things that give me Comfort and help me sleep better at night. I'm glad I could help you understand a little better and I'm super happy you're following my blog! This steem power stuff still confuses me too, I couldn't respond to any comments because I was out of steam power since last night so I'm still in the dark about it. I think once I figure it out I'm going to write a blog about it. Because I'm starting to notice as well!
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Replying just to have this comment saved
Haha that's so uplifting :), Tyvm! If you follow me, check out my blog from time to time, I don't always post about cryptos but I usually do about 75% of the time. You will never hear me harping or regurgitating, and you will always hear me giving you my clear and concise opinions without the influence of the media or even the masses. I want my blog to be of substance and value to the people that read it so please follow me and hopefully I'll keep producing content you enjoy :-)
By the way I hope you guys don't think I'm advertising, I'm really not, it just so happens that @haejin and I are on the same pulse and he posts so much of the same content that I would post that I really have to get creative so that I'm not overlapping the content on his blog. I'm thankful for him regardless :-), he keeps me on my toes and forces me to be more creative than I otherwise would be!
Wow, I like that big comment ... Yes, it could be a cycle. I think that too.
LOL thank you very much :-), I'm a terrible texter and Twitter user, my girlfriend gets on me all the time for writing a story in every text message haha. At least I can be appreciated somewhere!
But I really do think it's a big cycle, at least the trends look like that and we can make trades based on those trends even if they take years to play out!
Slow clap.
Hope you are right, but everyone is still recuperating mentally from this years horrible start, so the dreaded FUD is ruling steemians minds.
I know exactly what you mean! Back in 2013 when Bitcoin hit $30 and fell back to $1, we were all devastated and we didn't know how things were going to look moving forward... It was scary, heart-wrenching, stressful, emotional... It was so many things and it almost broke us but we persevered and kept moving forward and I'm so glad we did! I'm not discounting that what's going on now is still very emotional and worth getting upset about, I just feel like once you have been traumatized one good time, each time it happens afterward becomes less and less severe on your psyche...
People sometimes look at me like I'm so cool headed and so knowledgeable about Bitcoin but in all reality being 100% truthful, I'm no more intelligent than the next guy I've just been around long enough to get my feelings hurt 10 or 15 times so its just easier to keep your wits :P... It like getting in a really bad relationship that ends on a very bad note because it was a toxic trajedy on your emotions the entire time... if you don't hang yourself after that relationship is over and you decide to get back out in the world again and start dating... Getting dropped by Bitcoin 15 times is like making 15 bad choices to date the same type of girl over and over again... Eventually the cheating, the beatings, all the bad things that come with a toxic relationship, it all gets easier and it's easier to see the Silver Lining and how to persevere without letting yourself get hurt in the process. The only difference in my analogy with Bitcoin compared to a toxic relationship is that with a toxic relationship you usually break up with the person and if you haven't learned anything you move on and find a very similar girl and go through it all again until you learn your lesson... The difference with Bitcoin is that this wench can stab you, gouge your eyes out, suffocate you, cheat on you, steal from you, murder your parents, Etc... But you just stay with her because you love her that much! THAT'S LOVE :) <3!
I love to love and I love Bitcoin! <3
I tell myself it is just another hedge against fiat/banking holiday shtf scenario collapse.. btc will never go to zero.. it works like commodities in this way. always worth something like wheat... (unlike common stocks).
bitcoin are corrections are like enduring 6 weeks of bootcamp.
OMG I can dream $$$ should/how/why take profits.. crash ... OMG I am stupid for not selling.. errgg bills.. could've paid them off... eeerrggg...
3 intermediate waves up a correction and then jaw dropping moves up again. big dreams require patience.
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Thanks for the insights!
I like your thoughts and comments. They would be even better if you used a period once in a while instead of all the commas. It's difficult to catch my breath:)
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I like your horizon, thanks a lot for sharing.
I guess many people here would have love to have read your comments from the beginning of January of course.
I mean just knowing that the worse could come, changes everything. If there is a good chance the bottom could hit 2000, that would change dramatically the laddering techniques proposed by @haejin.
Every time @haejin call to buy the dip, he calls to keep cash also. And the difference is huge if you ladder from 2000 to 6000 or if you ladder from 5000 to 6000. You could be hurt badly if your perspectives are not opened to the 1st scenario. You could run out of cash pretty quick, and panic sell etc..
And when you miss perspective in those few very important laddering steps, well it results in some proportionally important amounts lost on the way....
Micro-trades during a bearish trend is a tough exercice.
So thank you again for the perspective, and yes let's support SBD/STEEM/EOS for a generous and solid bounce to come.
Ps. here is my graphical memo of the situation, with 36 possibilities @haejin, but frankly keeping an eye at the bottom. Of course the deeper we go, the higher we'll rise !
I really liked this comment and think more people should read it. Would you mind if I share your perspective?
I agree with martinf, it doesn't feel like the end of the correction atm.
Unfortunately I agree...I hope the end is near though!
ZEN was my best catch during this correction, bought at $22, right at the bottom!
Just praying this is over and everything starts going up now.
zen cash looks cool coin. Will check out on next dip...lol
It's been my favourite coin to accumulate at the moment, one of the strongest teams out there, full spectrum privacy platform, IOHK partnership and a $100MM market cap.
Some of the gains today are insane though, look at ICX up 58%! That one's next on my list, missed out this time but if there's another dip I'm buying!
Its doesnt feel like the end, i want it to be, but that gut feeling is hard to shake.
Nice call on the bull wick! Looks like it went to 8150 then back down to 7500.
Thank you as always, the legendary Haejin!
Why this happens?
From my little knowledge of EW, I can see that we went down from $19500 to $6900 that is nearly 65% down. (still can go down to 68% i.e. $6240)
However, Is that what is called wave 2 from an anual prespective?
if so, it will be followed by wave 3 to take the price to 1.62 times 20k or 2.62 times 20k or 4.25 times 20k ? i.e. $32 or $52 or $84
Did I get it right?
Hahahahaha
Have you considered drawing the wedge support like this?
Haejin님 감사합니다^^
is the dow jones in a abc correction?
thank you for your update
Thanks Haejin
I used this dip to buy up tons of ETH, LTC and other coins! Hoping to see my money shoot up in 4 months or so!
It's still kind of nerve wrecking to see the market tanking like this. Like you, I have been buying heck out of the dips. Oddly, i wish everything goes down a little more.
-18 BS. Perfect name lol!
I'm about to start buying in averages.
you create a great post....i impressed to see it...Lot of thanks for Sharing this informative and valuable post....
Second
I need an Impulse! 3rd track of my new album Bitcoin Boogie.
FIRST!!!!
Almost beat cha
close!
Oh no. That means you're about to be auto down voted lol :D Good to see people not scare away.
lmao I fear no man!
Bernie cant fight me.
@cryptosuf. Like your attitude!
@ropaar lol thanks! check out my analysis channel 🤑
https://steemit.com/btc/@crypto-outlet/btc-short-term-bullish-pathway-breaking-down-a-possible-ew-count
Yiiippppppeeeeee
@haejin, I had it similia on a 3 minute chart
I also pointed out a few Fractal Head and Shoulders in blue!
each following a nice impulse!
Lastly, it maybe wrong because wave 4 joined the territory of wave 1...
So you win again lol.
Yeah, we count waves and think that they are complete at the time we count them. 😀
check it out on my 2nd channel, what do you think?
I broke my view down, but while doing so I have seen a bout 3 more possibilities lol. This is just one possibility of course :)
@haejin , @scorer , @adri1202
https://steemit.com/btc/@crypto-outlet/btc-short-term-bullish-pathway-breaking-down-a-possible-ew-count
Can be the leading diagonal of a bigger impulse ;-)
Raise three higher to next up.
Upvoted. The bottom is near or approaching. That fact that there is good fundamentals from the SEC news is a bullish sign, and technicals have been following.