CONDENSATE (RAIN): Bullish in the Midst of a Correction
SUMMARY
Can a coin rise in the midst of a correction? Yes, because each coin stands on its own with regards to drivers of sentiment. Yes, there is a uniformity of sentiment and the fact that Bitcoin is also the moon that moves the tides of the Cryptosphere. But, given how price is a reflection of sentiment, IF pattern and Elliott Waves display a bullish scenario, then such call is made.
Here is an example, RAIN/BTC. The corrective a,b,c waves are complete given how five subwaves of the red c wave can be identified. Recall that Technical Analysis does not output certainty but rather probability. Given how RAIN/BTC is beginning to rise; Elliott Waves and pattern show a target of 2,400 Satoshi. Should there be a lower low, then that would reset the impulse; but not necessarily the target as then it would be a different pathway but same destination.
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
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Thanks, can you make an update on Bitcoin? I posted my thoughts on it in my recent post about Augur (REP):
https://steemit.com/bitcoin/@benkalashnikov/ardor-rep-analysis-update-70-potential-profit
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
What’s up with the poo emoji lols
haejin can you know any other ideas about charting?
i see only waves charts
i follow you and other guy @salahuddin2004
you are both good for me
@salahuddin2004 have different ideas of charting , but you are master i know, but please different charting idea?
now i am also follow one more guy matts he also have different charting.
3
7
All you say is just #buythefuckingdip.
Why talk too much and all this random lines???
This guy is talking about Bitcoin.
A lot of altcoins will meet 0 in 2018 like bitconnect.
No developers (only nice website!?!?!)--> no value --> shitcoin --> exitscam --> 0
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
Yeah shit worth $0.46....
Make it rain blockchain
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
CND is a good example of a coin that was moving against the overall market trend during the last pull back.
I will probably sing this song if your analysis goes spot on """Let it RAIN over me"" 😀
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
Is that a Chuck Berry song?
I prefer Love Reign Over Me.
Purple, green or red rain?
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
Would love to get people’s civilised opinion about this viewpoint. I especially beseech @haejin to please indicate what you feel as I believe there is a point which at least deserves the courtesy of being addressed.
The thing with elliot wave is that it’s correct as long as it’s correct. However, according to elliot wave everything will just keep going up because a correction is just a wave 2 or 4 of a larger trend.
You can keep on projecting larger and larger trends with no end. Any drops will just fall under a larger trend and will be projected to go up further after that.
However, this doesn’t reflect the real world unfortunately, as it ignores the reality that projects, stocks and assets can fail outright. If elliot wave was used on all Dotcom stock companies they should all be huge right now. The reality is things fail in the real world and this is fundamental. Elliot wave would have projected Bitconnect to keep rising and rising, and Haejin recently posted a projection that bitconnect was in wave 1 of a higher degree trend which would see it hitting all time highs. However, the fundamentals blew through that as bitconnect is now defunct and has been uncovered as a ponzi. It seems that sole reliance on elliott without fundamentals can blind people to reality.
In the long run what affects price is the fundamentals. Whether the project will stay afloat or not. And whether it will actually be something people want to use or not. The longer the timeframe, the more elliott waves are likely to fail as no one can predict events which would seriously fundamentally hurt any investment. For example, if there was a 3rd world war. The longer you project out, the more fundamental variables potentially affect price. Who’s to say there won’t be a catastrophe which destroys the internet or some fundamental change in the world order in the future? Im just using these as extreme examples obviously and not saying they’re likely in the near future but just illustrating that the further out we go, the less we are able to predict what will happen.
Elliott may be good for predicting price pathways in the short term, especially in a speculative market such as crypto, which is fuelled largely by sentiment. However, I feel it may be slightly irresponsible when Haejin makes extremely long term projections like the projection of Bitshares to hit $352 on a logarithmic scale and pushing it to his followers. It seems very clickbaity to give out such long term projections because it’s clear they have extremely reduced accuracy for the long term and I think most people can understand that in the long term fundamentals do in fact matter.
For further clarity let me use the example of a theoretical ball being throw which never stops rolling. I can predict with almost certainty what will happen to the ball’s pathway as it leaves my hand and in the first 1m of it’s travel. I can predict with good likelihood even what will happen to it 20m down the track. But as it travels further, I become less and less able to predict it’s pathway. The higher the likelihood of something coming along unexpectedly to change it’s course. What if a strong breeze suddenly starts and blows it off course or a dog comes over and takes it away.
These are just my musings and logical reasonings. Also note I’ve used neutral language such as “it seems” and “may”. Im not absolutely asserting or accusing anyone of anything. Please dont come with comments like if you don’t like it then just leave which add nothing to a discussion. Because i can equally say the same to you. If you dont like my comment you have the choice to ignore it. But that doesnt mean i should not be able to express a certain viewpoint does it? This is after all not a dictatorship, I hope.
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
Is a problem of high and low conflict between the two extremes in both cases we are with them, the love of adventure thanks
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
Haejin fans, please see my elliot wave analysis of Tron TRX. I have high accuracy rate and perform free educational TA.
https://steemit.com/tron/@philakonecrypto/tron-trx-jan-18-afternoon-update-consolidation-after-massive-uptrend
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
I believe this chart looks bullish because of a possible cup and handle pattern being formed. This is great to see that cryptos are taking a jump in price despite the early correction phase this month.
@kimjongpoo is so sorry! I did not mean to offend poo! Doo doo forgive me??
