BITCOIN (BTC) Update: The Jaws of WEALTH!!! BIG Picture Analysis!
SUMMARY
Yeeehah! Bitcoin (BTC) has surged and put the projected new All Tim High during overnight price actions! I disucss the Jaws of Wealth impact in that there are multiple price pathways for Bitcoin to take but all lead to the same destinatino of a mid term target to $9,000. The chart below shows that Bitcoin is traversing within the expanding triangle pattern. It shows that the purple pathway which most Ellioticians were projecting, is now invalidated. The red pathway which I have as my current primary count, is the Expanded Flat A,B,C (red) correction pathway and it too leads to the same $9,000 destination. This means that prices could be repelled by the 1.236 Fibonacci area of around $5,500 or so. We shall see. The Blue pathway allows Bitcoin to touch the upper line of the expanding triangle at around $6,050 before it corrects hard. Price might even do a bearish pierce of the upper resistance white line and fall quickly back inside. These are exciting times so let's watch and see how it all transpires!
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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:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: 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.**
I like the sounds of a $9,000 Bitcoin
Bring it!
Nice analysis buddy and hope it will get an uptrend & reach higher destinations.
thanks for sharing.
Following & Upvoted comment!
Thanks for the read! Please feel free to make an analysis request.
yes bro @haejin.. I followed you and upvoted ..please you follow me... I wait for next post.
@haejin Good Analysis! ;)
Just throw insight on Btc hard fork(BTG) coming up around Oct 25th.
As per your analysis BTC will reach ath around mid October I.e , now (around 6000$) and ll dip from then on..
So considering Hard fork will this dip now?
Is it still a right time to invest as hard fork drawing people?
Where are the naysayers today?
Good analysis is very useful
Is there anyone who is both miner and investor in cryptocurrencies? What would be your advice to someone who is thinking about trying mining instead of investing? Is it even worth it at the moment? (After doing research I made a conclusion that it's better to invest but I still, want to hear from the people who are experienced in both fields. )
Move to where electricity is almost free. The GPU or ASICs inhale electricity and if your electricity is not below 5 cents per KWh, no profit.
Hi @haejin, do you think now is a good time for buying some BTC or it will drop from the current price to 1 week before BTC price?
Thanks in advance for your reply
Yes, but I would ladder in my entry. Scale in or dollar cost average it.
HELP ...So, within 24-36 hours, it. Is now a time to BUY? No crash imminent now? Altcoins will go up to? No downward correction? I am going crazy, every hour is a 360 degree change in direction. HELP
Rather than say “should I buy” perhaps you might ask what type of investor you want to be? If you’re a long term investor, it’s always best to simply dollar cost average in and HODL LONG. If you’re looking to play swings, now is a decent entry based on both fundamentals and technical analysis (Haejin has become my go-to data / TA man!). If you’re day trading, it can be quite lucrative but if you’re asking questions like these, DON’T DAY TRADE. I’d say your best bet is to just dollar cost average in or wait for the pause / drawback around 5400, but if you really want to be patient, it may retrace a long way back.. however this market is bonkers! One never knows when 10-30 billion will pour in or out of market and change every prognostication! That’s why Haejin is changing / updating analysis daily!
hi RJH, sentiment is very fickle and following it requires one to be nimble. There is often no such thin as one projection and stay that projection for too long.
if the overall trend is up ,then what happens in between doesn't matter
buy and hold.
@haejin, Can you please discuss your thoughts on ETH? Especially after the announcement of this Byzantium Hard Fork (https://blog.ethereum.org/2017/10/12/byzantium-hf-announcement/) to come in a few days.
As always, thank you for your insight!
Here is the ETH analysis, please use only to augment your due diligence.
https://steemit.com/ethereum/@haejin/ethereum-eth-target-usd695-by-mid-december-here-is-the-analysis
Thank you!
I enjoyed reading your post. There is a lot of good stuff.
Thanks! If you'd like an analysis of a crypto, please make request in the comments and I'll post a detailed analysis.
Hi Haejin, thank you for the great post. Could you please do TA for Verge and Stratis?