Bitcoin (BTC) Morning Update: How to Remain Calm in a Correction
SUMMARY
NOTE: The Video has much more details, more than that can be covered in a summary.
Bitcoin (BTC) is likely starting what should be a final lower low towards the $8k or $7,500 or so regaion. IF the symmetrical pattern holds, as it has now since early January, then the final wave 5 of this diagonal should be reached soon. It will be in this region where the Fib 0.618 regiona lies. The chart below shows a fractal in play and how the first white support line in the blue box was broken and currently, the blue support line in the white box is expected to be breached. The purple lines are the tentative landing spots. I will be counting the subwaves of the final leg down as that will provide a good sense of the "geo" positioning.
This chart illustrates the diagonal wave count 1,2,3,4,5 and IF correct, we should be in the final wave 5 leg. The bottom of this wave 5 should be near the bottom line of the triangle. Given the contracting nature of this pattern, wave 5 is also the shortest!
How do I remain calm? Awareness! More specifically, awareness of the big picture. In light of the below, the current correction, with all the fears, panic selling, frustrations and blaming.....it's a correction and a healthy one for that matter! I believe we are in a wave 2 of a higher degree correction. What comes after wave 2? Wave 3 up! And wave 3s are not weaklings! They are the most vigorous, violent and extended amongst the five waves of an impulse. So, from this persepctive, I patiently await the bottoming of this correction, keep my powder dry and ready to deploy.
Legal Disclaimer: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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bitcoin soon wil be insane same for steem:D
Bwahhahahahahahahahah! Thats Funny right there. heh heh.
Anyone that has at least 2 Bitcoins is a rich man..... :0)
LOL!!!!
hypnotize you
Those are the real bitcoins
Rising tide floats all boats!
I agree, these are my thoughts
https://steemit.com/btc/@coinhelp/reasons-for-crypto-bear-market-jan-2018-why-bitcoin-is-down
My bitcoin was all mined so I'm not worried about any correction. I can afford to ride this out to the end.
"Good morning, good afternoon, good evening depending where you are in this world..." this is becoming like a daily melody to my ears :) Thank you @haejin for the updates and the helpful tutorials.
Bitcoin rocks!
Bitcoin has incomplete targets to the downside at $8800, based on ABCD pattern. If I was in a buying mood, that's where I would place my buy orders.
I would consider this not a correction but more like a redistribution happening in the crypto market, due to the massive amounts of altcoins out there now. We should not forget that bitcoin is oldest on the market, but new players appearing with an increasing rate, and the total amount of new money flowing into crypto is distributed over all the different crypto currencies. Some of them very promising other just junk, but still the money is spread over all these coins, instead of flowing into bitcoin alone.
Thanks Haejin!
@haejin to the haters in the morning report...
Hahahaha!! Very good!! @ruffrcrypto
I agree.
Hopefully this shuts up the "salahuddin2004" trolls since He said it wouldn't drop below $10,800. But then again, I've muted all of them, so oh well
¯_(ツ)_/¯
It won't. He's already saying that it hitting $9700 doesn't mean that it broke $10k support (which shouldn't even be an issue because his lowest buy recommendation was at $10350). I really wanted to see BTC at $8k for my own personal gain but now I want it even more just to rub his face in it.
good article.
I agree on your down part but the wave up seems a bit too much. Market is feeling really negative last weeks. It's less 'talk of town'.
But ok that's feeling not TA
Dont worry though man, just continue to hold