Bitcoin (BTC) Morning Update: Confidence & Awareness are NOT same as Fear & GreedsteemCreated with Sketch.

in #bitcoin7 years ago (edited)

SUMMARY

Note: The Video Analysis has tons more details!

Overnight price action has been putting in lower lows and the chart below shows updated Elliott Waves to help define the pathway. If circled white waves 1 and 2 are complete; then the white waves 1,2,3,4,5 would be subwaves of the higher degree wave 3 and naturally, after an impulse of five waves, there is a requisite a,b,c correction as shown by the red a,b,c.

Another way of counting would be to define this minor correction as an expanded a,b,c. The blue waves 1,2,3,4,5 are positioned so that the purple b wave is higher than the start of purple wave a and so the purple c could be in progress. Many are panic selling. Many are scared. They don't understand that corrections are healthy but more importantly, they lack the awareness of price pathways.

As I had discussed two very long days ago; my alternate counts remain. The last alternate was shown as below and I know that many bears are screaming for that to happen....almost wishing for the $8,000 zone! However, that's my third alternate; not my top alternate.

My top alternate count was shared by a follower's comment (can't locate the commenter to give credit). The below chart shows what all cryptos love....TRIANGLE! IF this pattern plays out, the price could touch $12,834 or so. Let's see how the daily price action progress.

I have often stated that awareness keeps the panic away. Well, since the market is driven by a binary emotion: Fear & Greed; I've learned in over twenty years that it is most ideal to trade and invest from the position of Confidence & Awareness. Technical Analysis helps instill these. Bear in mind that Confidence is NOT related to greed nor is Awareness associated at all with Fear! Egotism is NOT confidence; though, it can often be masked as such but is really Greed in disguise. When one approaches trading and investing from the position of confidence and awareness supported by Technical Analysis driven distinction between the possibilities and probabilities; laddered buying; forward discernment and experience...you often get a confluence of MASSIVE profits! When there is a lack of confidence and awareness; then ignorance can set in and that's when you trade based on gut feeling or instincts and shoot from the hips while experiencing the horror of seeing your account go to zero. This is the tribe of the innocent and the idiots to which you do not want to belong!

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?

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Follow me on StockTwits for UpDates!!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf


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.**

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It was I ! :)) it has to be a triangle. Cryptos love triangles right? :))

in 2017 it had 3 cycles 3 big ones. and the 3rd was huge ... so if it reapeats... will rest until the end of february in a triangle and then will go up...

same thing happend to ETH in you Fib video. after a huge wave 5 (x6 ) triangle.

same with verge...

it was too soon to grow... just how i feel it

https://steemit.com/bitcoin/@haejin/bitcoin-btc-morning-update-fractal-3-is-spotted-check-out-the-his-chart

alternative count

Nice observation, I agree. Nice thing is that is doesn't matter much for your buying decisions as the direction is the same!

Thank you! I will give credit where credit is due and state your contribution. A 100% upvote also given!

i am thinking on february when btc goes up verge will as well. With verge also pairing with btc/eth/usd, when it meets the right time, even with so much sell walls it may be able to break all of them. Imagine btc up, with verge more profitable, usd coming in due to end of triangle, and more coming inflow from eth after the ATH.

I could write a book with the information given in the video. Great stuff!

Epic as always. My daily reminder of calm and awareness. Thanks.

Very informative. It's a great thing to learn & hope we can apply it in real application. Thanks for sharing

Thanks for the update! Confidence is key in life (and TA). I called for a channeled A,B,C,D,E correction but @dbrdbr made the call your referring to...Good job @dbrdbr !

Also I'd like to share a ground floor opportunity for another alt coin exchange called UpCoin. First 250k people to sign up get $500 free in their account:

http://www.upcoin.com/?ID=81ae7a89

Happy Trading!

Thank you ;).

Without confidence we are lost, and easy to sway.

The 500 dollars is to cover exchange fees.
Here's my referral link of you choose to use it.
upcoin.com/?ID=67632290

Btc price sounds like a new lower floor

Can you do an analysis for Kin ?

Is there a Bitcoin 101 or Cryptocurrency 101 for dummies anywhere on here? I'm trying to learn more about all of it :)

we love all the info and thank you for posting

Could you please do an update on Litecoin?