Bitcoin (BTC) Morning Update: H&S Patterns Alert
I know I've drawn out the Inverted Head & Shoulders but this post is alerting potential effects of Head & Shoulders top. The below shows the Left Shoulder (LS), Head (H) and Right Shoulder (RS) with the horizontal white Neck Line. The minimum price run on this is a decline to $8,690 or so.
A larger Head & Shoulders top can be drawn. Note how the smaller one is embedded within the larger. The decline target is $7,670 as shown by the blue vertical lines.
IF this becomes the primary where price breaches the blue horizontal Neck Line, then Elliott Waves would show that the first round of five waves up from he prior low of $5,900 is likely complete and the H&S pattern is carving out the requisie ABC retracement.
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As Bitcoin goes, do goes the price of the alts. Alts are tied to BTC and BTC is tied to news. Good news, BTC goes up. Bad news, all cryptos plunge.
Here we go... it's not good news... maybe for those who want to buy more =)
Upvote https://steemit.com/hanya/@bram17/the-miracle-of-allah-swt-in-the-land-of-rencong-aceh
Looks like the neckline broke...7700 here we come!
$8,700 first.
Buy the DIP!!!
epic!
So funny lol
Bitcoin will trade like this until it breaks 12.5k. At that point we will see a decent move to hopefully 15k. The guy with cash in hand is not too concerned....he just keeps buying dips!
Great time to buy right now!!
No it isn't, it's a great time when it reaches the bottom of the correction (8.7k or 7.7k). It's not there yet...
@haejin I've noticed you didn't mention volume confirmation on either of these small head & shoulders patterns as you normally do. I don't see any volume whatsoever in the key areas that would confirm the pattern. How much do you think this affects the probability of it playing out? And this is still your alternate count, correct?
Haejin please could you do an update on OMG. It's one of the only major alt coins that has not had a completed 5 wave impulse, if I'm not mistaken it looks like it's on wave 3 of its impulse with a perfect inverse h&s on the usd. Btc/omg and eth/omg also look set. Market news would seem further justify this and its relative market cap seems very low. Is it possible that it could break step with bitcoin if bitcoin drops further? I know the alt tide rises and falls with the big daddy but surely there are sometimes exceptions if the fundamentals back the ta? So your wave counting would really be appreciated.
Thanks again for your TA and I am happy to see you are getting well rewarded for it.
Ps. For some reason I seem to have lost my voting power but I look forward to sending some coin to your wallet in gratitude once the swing has swung!
You are pendulum Haeijin !!
Pendulum Haejin lmfao. Cause he's the king of flip-flopping views....."Technical analysis is a quantum event" - rightttttttt. I almost believed this at first until I realized he was making calls in a straight bull market. Now that we're bearish and in no-man's land, he is missing pretty much every call by the day, but occasionally gives alternate counts to try make his misses seem well justified. Quantum event my ass, brother. Salute to you for raking it in with this community though, you're a lucky dude.
He is highly confused guy & I never follow him. He gives everyday three updates morning, mid-day & evening and all are contradictory :)
Wow, how astute of you to be the only one of 20,000 followers to notice that his daily updates do not agree with each other.
Or maybe, just maybe, it's that you are misinterpreting the videos. There is no certainty in TA so often he will show various potential price pathways, but he always chooses a primary count, and generally that primary count is correct. If it ends up not being correct, he almost always has publicly changed his primary count many days or weeks in advance. This isn't that hard to understand.
How come i got a down vote?? my comment was fine and had everything to do with the post :(
Don't worry. Just ignore and mute whoever. Don't let it put you off you have done nothing wrong. We all stick together here.