SUMMARY
This correction has been grueling for many. As I said, these types of corrections bring out the true colors of a person. It also teaches you much about yourself as a person and your limits. Discipline must be coupled with experiences like these downturns. The comments section of my blogs is well displaying the tendency of human nature to project one's guilt and blame another. Emotional maturity carries a person very far towards profitablity not only measured in currency but also in relationships and leadership by influence. The lack of emotional maturity results in loss in every ways.
The below chart shows three consecutive repeats of fractals. The Head & Shoulders pattern in the first green box is very visibile and a smaller on in the white box. The second green box repeats this fractal. The yellow box of current price move also shows the H&S pattern. I believe the bottom of this correction is near.
A closer look shows not only the H&S but the near competion of the final E wave. IF this is correct, the one more lower low as the prospective bottom is near. The E wave is expected to complete an abc (red) format. The final red c wave subdivides into five waves (white) and they are near completion. I believe the bottom of this correction could be in sight!
Elliott Waves can be applied to anything! Even to the MACD indicator. Below chart shows the five Elliott Waves of the downward decline of the MACD (blue waves). The final fifth wave is in progress and the level of MACD could reach -1,221. Wave 1 is the extended wave and in such conditions, the remaining waves 3,4,5 often equal 0.78 of wave 1 and that relationship is shown using the yellow vertical line. The bottom of this correction close.
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
I hope so. It will be great for us all!
BTC seems to have fallen and it can't get up.
You won the internet. 😂
Is the spambot still downvoting all your comments?
A New Good Day with a new Good Analysis
I just can't wait to see what will happen next month..ah yeaa
cyrtocurrencies are unpredictable
Yes that’s true , unpredictable, on the short run , but on the long run is kinda predictable ( not 100%, but to a great extent) .. I think 🤔
Abit of an understatement. I started in November and am still no better off. When your up 400% take all your profits cause the Bitcoin whales take profits every 4-6 weeks, resulting in a mini crash of the alts.
Have yet to try it but i have a feeling i will make more money.
Of course keep the main players, Bitcoin, Ether, Dash, Ltc. Apart from that not much else keeps its value.
Check out this post for more info related to bitcoin and stripe. upvote, resteem and comment your thoughts.
https://steemit.com/cryptocurrency/@pratyush149/stripe-is-now-ditching-the-idea-of-having-bitcoin-as-one-of-its-payment-method
Guys open your eyes. I am not promoting anyone. But @salahuddin2004 deserve respect for his TA. Look at haejin new drama
@zamara. You have free will. If you think haejin is not good enough for you, don't follow him. Just promise me you never come back and check Haejin's posts. You go follow @salahaddin2004, or simply follow your own prediction since you are that good. I have been trading for sometime, I can relate to what Haejin is saying. For my own risk management, I will not follow salahaddin. That's what trading is about, isn't it? Risk management.
You argue the same fucking ignore the reality nonsence.
Dont you get it. Random arrow up dont deserve all this reward.
At least not 10 times a day!
And i can downvote whatever i want.
You hit the stupid upvotefeedbackloopslave-button and i hit this other button because i got free will!
salahuddin doesnt do any analysis, he a graphic designer, who likes to draw nice picture. STOP using Haejin site as PROMO FOR YOUR OWN. Its sad and makes you look like a clown.
Stop spamming everypost with advertisements. flagged that shit.
salahuddin hasn't made any bitcoin predictions in weeks except this one 2 weeks ago where he says BTC will hit 20k by a week from now: https://steemit.com/bitcoin/@salahuddin2004/btc-will-hit-20k-in-next-3-weeks
get real. @haejin has been calling this (E) wave since before the (C) wave dropped.
Could it be that this author himself is some kind of spam? His EW counts were incorrect, too.
Yeah and he seems to have been wrong.
dont waste your time he's just a cheap imposer trying to cash in on peoples naivety and wishful thinking in time of despair
yes like bcn to 1$ shortly get a grip on reality
Hey, if so, go to @salahuddin2004.
People like you makes me NOT want to visit this Saladaladdin2000 guy's page.
'This correction has been grueling for many. As I said, these types of corrections bring out the true colors of a person. It also teaches you much about yourself as a person and your limits. Discipline must be coupled with experiences like these downturns. The comments section of my blogs is well displaying the tendency of human nature to project one's guilt and blame another. Emotional maturity carries a person very far towards profitablity not only measured in currency but also in relationships and leadership by influence. The lack of emotional maturity results in loss in every ways.'
I would have never thought that by learning some trading skills I would confront with such personal evolutive patterns.
As a fractal, we find in trading what we find in any human interactions, with highs and lows, etc. Just accelerated. With a good dose of adrenaline.
Fascinating!
And thanks again for sharing Mr @haejin !!
ahh i think trading makes a person find its suitability, are you a swing trader or a scalper, do you feel safer on putting your money for gains or somewhere safer where you do not lose so much... it is a matter of preference and you have a responsibility, because that is your money... not haejins not mine, not the haters, not the spammers. so it is a journey, it is of maturity, it is an experience.
Everybody is euphoric when in the green. You are right, you are really tested when you are in the red! This is where your faith is tested. Did you do your homework before investing?
I am on the same page as you with regards to trading and personal development. I never would have guessed that I would have learned so much about myself by trading.
New information almost everday, never seen them fractuals. You bring so much value to the community Haejin.
Thank You.
Nice post!
I hope we see recovery happening soon :)
HODL ftw!
Cheers
F yeah...
Yeah some coins like Verge and Ripple could easy dobble your investment if you buy now.
@cocacho. I don't buy Ripple in case it disappear on me one day.
This move to 11k you didnt see with your random arrows right?
I also follow a Trader. But he is saying that he is drawing RANDOM arrows, which point into the future. (edit)
So thats why...
But okay i am also looking for 7k5...
"But he is saying that he is drawing RANDOM arrows which have to do with the future." what are you brabbeling?
;-) read again. Its a normal sentence...
well not normal to me, glad we have different standards
A arrow that points into the future in a graph is random.
Its simple.
I changed my sentence a little bit maybe now you understand...
thanks for your efforts.
Elliot Waves on the MACD...brilliant...
So for all the haters, we can now see haejin was right all along.
I don't know how long you've been in this game, but after a few of these corrections you understand that it's just not worth the risk trying to time the market, whether or not you're following anyone's TA or not. You might get it right, and make a bit of money buying back on the dip, but more often than not you'll get it wrong, and eventually you realise the pain of missing out on the bull runs is much worse than the pain of seeing your portfolio temporarily down 50%.
I only follow @haejin's blog for buying points only, and to get a feel for where the market is going. Not to trade. Buy and hold is the winning strategy, and only selling when you've reached your moon.
Taxes also come into play, and the hassle of trading and reporting that, and paying the capital gains each time is not worth it.
@h00pla85. TA has changed serval times. Of cause. What do you expect? Not to change at all. Trading is fluid. You have to change with it. News always comes after the fact. How does it help you trade? Your opportunity is gone, done with.
@h00pla85. Your only good advice would have been to sell to fiat awhile ago. Could have, would have, should have done it. What good would that do?
I think you sound like a smart person. I followed you.
But yeah trying to tell people the sky is falling....It's a hard pill to swallow.
You can understand why people wanted to bury their heads in the sand during the downturn (which isn't quite over (and yet people will probably take this as a signal to buy now)).
During a bull market analysts like haejin are invaluable. But they can't be expected to let you know when to cash out.
When it starts to get frothy, you can save yourself from a lot of pain by listening to contrarians.
Dear Master @Haejin,
How about this possibility? same destination, different route to raise cash. so far it fits perfectly. It also fits to your fractals and H&S observation.
https://www.tradingview.com/x/R5num7xS/
I like it, too.
maybe...
It looks like it's part of a down trending channel.
Excellent possible scenario.
i favour this and more likely to happen
This is good because I really can't wait until the consolidation is over. Then we can finally see another high in the crypto space. I think in about three days we should see some green percentages in the market again.
People are itching to BUY. People want to see prices rocket again, but a correction builds up this pressure.
When it is released. Well you will see what happens. alot of coins will boom. Those that have been keep down for weeks could be released, as 100s of Bitcoin crush them sale walls.
Because of your current analysis.
I can endure this painful situation.
I am deeply grateful to you.
I believe that after such a hard time, there will surely be a future to express your appreciation for you.
God also thinks you'll admit it.
Thank you for all my heart.
tip! 1.0
i feel the same way
Hi Haejin, Thank you for the updates. I think your line is off on the first chart. The starting point of the line coming in is showing a bear market triangle. Your second graph is correct as it shows that we are heading into the D and from here we will be going up. Also the fractals and triangles inside the larger triangle reflect NOT hitting an E wave. From here we should be going up. I have also confirmed this in XVG and a few others that have very similar charting patterns. I believe we will NOT hit the E wave and will be heading up soon.
I think you're spot on here mate. As much as i respect Haejins analysis - its great to see varying constructive thoughts posted in his comments. I'm with you on your analysis here!
I think this article sums up what is really going on. Too much of a coincidence that BTC futures line up almost exactly with the last 2 months price movements. Jan 26th is the CME $9k expiration so you can bet that this is where we are headed.
https://www.tradingview.com/chart/BTCUSD/E25dvVua-BTCUSD-Potential-new-low-on-26th-of-January/
bitcoin is a rebellious crypto, even defies waves, i cant put logic into counting it anymore lolz...
Hi @haejin! You have received 1.0 SBD tip + 0.02 SBD @tipU
from @sochul :)
Check out new tipuvote! feature :)
This TA I made appears to be on track right now. We are still on wave B of the correction.
Here is a breakdown of the sub waves for the correction.
Please upvote so people can see.
Great analysis! Good time to go shopping.
The key to a good investment is to treat it like play money.
Only invest an amount that is insignificant in terms of your overall financial situation. If your investment is significant to you, a sudden downturn can be stressful and leads to negative emotional reactions that may bring on impulsive buying and/or selling.
If your investment is small enough that it's not going to significantly damage your financial situation, it's much easier to let it go when these downturns happen and wait for the markets to improve.
HODL isn't a strategy that will work forever. Eventually the bull crypto markets will dry up and we'll see a gradual downturn in value. But in the current environment, being steadfast and not selling on impulse seems to be a very profitable way of approaching downturns in the market while we wait for the next upswing.
Thanks for the update. Your analysis might fit with the futures contracts expiring on Friday 4pm UK time. Big actors cashing in on their shorts, then starting to buy again after that to get the next cycle started.
I still think the correction is already finished, and now price just finished subwaves 1 and 2 in a greater wave 1.
Just like this chart I did a couple days ago:
https://steemit.com/bitcoin/@thedolphin/will-bitcoin-continue-the-parabolic-trend-up-up-and
Trend hasn’t changed yet.
But the waves are bullish imo, referring to
https://steemit.com/bitcoin/@thedolphin/bitcoin-will-continue-the-parabolic-trend-up-up-and
Expecting the trend to change...
usually volume indicates the bottom, you might want to look our for it as well, especially at the turning point of a major correction like this one
I see no confirmation of a trend change anytime soon. I don’t even see it happening in a couple of days but there’s always a possibility, although unlikely.
Amazing technical analysis!!
I don't much understand technical trading analysis, however I see your statement ahead of it shows quite understanding of human nature.
Fibonnacci proportion is strong with this one.
I have some bad news.. The only thing that will stop this correction is me deciding im going to sell so i can buy back in low. And if i were to decide to do that bitcoin would skyrocket. i promise. but this time Im not going to let that happen!!! sooooooo that means everybody is just going to have ride this down with me all the way to the bottom.
sorry for the inconvenience.
Thanks for the update! I'm a total noob compared to you haejin. But i'm running a portfolio experiment that could be interesting to you. The experiment is based around the question: What will happen if I invest a 1000$ in each top 100 coins based on market cap.
I've build 7 portfolios a top 100,50,25,10, 5 and 2 others to compare with each other.
anyway the full explanation and updates are here: https://steemit.com/cryptocurrency/@armtrack/the-experiment-explained
Don't get too excited to jump back in as 20% is a long way down.
I agree with you master haejin. And also agree with the fact that this is not the first major correction going on. But it has been first for many of the new ones who got involved in December/Jan so yes I can understand they may not be able to realize that the financial investment decision has to be taken by one himself and the reaponsibility of its consequences as well.
Thank you for your great work!
We keep marching down, so we can turn around and march right back up!
Yeah baby!
Thank you for the good information as always @haejin.
How sure are you?
All I know the people who post here on Steemit are amazing and this post is no different!
Great fractals !!!
Time to BTFD ???
I'll do it IF it drops below 10k$ and stays there at least 2 hours ...
BTFD! Thanks for the analysis.. Upvoted and Resteemed!!
Thanks Haejin... It is pain painful ride :-(
keep up the good work dont worry about idiots
Great Summary of the long stubborn correction. Thanks for you insight and advice so that I may see clearly.
This dip is going to make SO MANY PEOPLE RICH!!! Oh, if only i had some extra fiat!
I cast buy ladder at around 10.3k for 1/10 my fund.
https://steemit.com/haejin/@differentlooks/haejin-flagged-me-without-reason read this post pls
I am really glad to have stumbled onto your channel. You are a great teacher. The voice of reason. Best regards Heajin.
Do you think you can take a jab at the timeline we are looking at here for the correction to complete? How do we see the signs of a bottom. Also please follow me as well.
I`m not upvoting any of his posts until I see an update on $BTG @haejin
You could just consider this BTC review as BTG since BTG will follow BTC.
Excellent post, as usual. I've been sitting on dry powder for a month looking for the e wave. Nice to see you bringing it up. Deploying funds in 5,4,3,2....
Haejin's analysis methodology: Find as many ways to draw lines on a chart that confirm bullishness as possible. Break every rule of Technical Analysis.
The followers are too dumb to know the difference anyways and will buy it hook, line, and sinker because all they want is confirmation of their bullish bias. This is fun to watch. :)
Yet he's correct over 90% and was the first I saw to call this down trend aka correction. Haejin is the man!!
Pick up a fresh pair of glasses. He said buy before the crash, buy all the way down the crash, and keep buying. He's a perma-bull masquerading as an analyst. Half the patterns he shows either don't follow the rules of TA, or don't even exist. Keep the blinders on though.
Effectiveness is the measure of truth and Haejin has an incredible track record. almost every primary pattern plays. It's about awareness not a crystal ball, I use it as a case study. But hey if you have a better way feel free to share.
People like you who consider this a crash are noobs at best. Time to get your head out of clouds and touch the earth for the next big blast off. Wishing you blessings.
Goodbye zamara!
lol
You are my best teacher haejin!
this is really nice to see that BTC will get drop i know it will happens soon thanks for your work on it buddy