Bitcoin (BTC) Mid-Day Update: Potential Breakout Target?

in #bitcoin7 years ago (edited)

SUMMARY

IF price breached the upper white line of the wedge pattern, it could do so within the current retracement. The below chart shows the last two boxes at which the breakout can happen. Note the MASSIVE volume spike which is indicative of an approaching bottom. IF wave 5 is complete; more serious upside actions can be expected.

The width of the wedge triangle is used to measure an approximate breakout price distance. IF the breakout occurred at current rise; the target would be $17,195. The green vertical line which equals the widthe of the wedge at the widest point is placed on the estimated point of top line breach. IF price decides to decline to gain greater proximity to the Apex; the blue vertical line would represent an approximate breakout target.

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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Thanks for the wedge measurement and target.

#Bitcoin Price Cycles

After a 1067-day bull market, a downdraft which is spot on previous bear markets in depth, retracement.

My old friends in the hedge fund space would love the Fibonacci 0.618 bounce.

If I were a betting man, I'd say we've seen the lows of this cycle

What a noble response to the downvote. You upvoted yourself just enough to cancel it out. This is (kinda) how the system should work. Thanks for being cool, betting dude!

Wahey I've had my first down votes for my previous comment even though it wasn't directly related to Haejins analysis, i feel honoured.

Moment of silence for the weak hands the sold the dip

Yes! Many people thought that btc will sink back to $1000 this sensitive time.
The weak hands will watch how btc and other altocoins fly to the moon.
The patient dog eats the fattest bone.

Many Thanks All The Time. ^^

I think my hart can’t take a lower low anymore. I do still have cash to buy the lower low, but I have too much friends feeding me FUD. Even staying away from the news doesn’t work anymore. I senserely hope I’m not a fool hanging on, to a dream that won’t come true. Not even because of money, but because I don’t want to hear them say ‘I told you so ‘. I’m listening to your calm voice instead. I will withstand the pain of the correction. And I repeat your words as a mantra : Also this correction shall pass, also this correction shall pass.

Of course , you should! the more you study about this cryptocurrency space, the less you get afraid.
Go search more reports on this new tech and stay calm with full confidence.

Why do you say these condescending words?. I read it all, but the fundamentals are irrelevant at the moment, and only emotions are in play.

Dude, All i just wanna tell you is that everything will be okay in the long term way. So please don't be afraid and stay calm buddy.

Ok thanks, I took it the wrong way. I’m calm, ok maybe not all the time, but I will certainly hodl.
And thanks for reading by posts and replying, really appreciate it!

Lions don't listen to the opinions of sheep...understand why you have purchased and let it ride. When they tell you "told you so" just relax and when it goes back up don't ever say anything to them. Just know you are an early adopter of something that will change the world for the better and in the process maybe you will make a few dollars. If you believe you might be a fool for hanging on when it rises a little you might want to think about selling. For me, ill be hodling.

Don't say anything? I would take my Lambo to their front door and smoke them out!

Hurts more when you don't say anything...because they will be in a constant state of wondering when you are going to tell "told you so..."

Hurts more when you don't say anything...because they will be in a constant state of wondering when you are going to tell "told you so..."

BUY an HOLD to dieIMG_20180202_143615_250.jpg

You have a lot of posts and I haven't gone through it all, but do you do similar things with steemit currencies?

Yes, he covers many cryptocurrencies. He has posted about STEEM several times in the past.

Cool. Thanks. I'll just have to search and take a look.

I believe a second inverse head and shoulders is in the making. First one was from 6k to 7.5..now we are heading to 9k,when reach there after the current retracement, it will complete the second one. Hope it will be confirmed with price and off we go to 12 to 14k which fits to master @haejin's target.

i see it too. i hope it does that

Its a very informative post sir.I always follow you since i joined steemit.I like your analysis method.It is quite helpful for the crypto related people.I can say to all of your follower that they can rely on your analysis.@upvoted