Bitcoin (BTC) Morning Update: Don't Confuse the Trees for the Forest by haejin

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· @haejin · (edited)
$203.91
Bitcoin (BTC) Morning Update: Don't Confuse the Trees for the Forest
<center>![](https://steemitimages.com/DQmVRmBpJR6tJhqrfmyGhDrVMnzfTBGR1u52FSa6pgwe6AQ/image.png)</center>
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**SUMMARY**

Bitcoin (BTC) overnight price action shows it to be below the Neck Line. IF this count continues, a brief rise for white wave 2 of C is expected. This pathway is not calling for a lower low but a wave an ABC retracement.
![](https://steemitimages.com/DQmfMBUpMNN4U2dPfRURjNnjA67sSTSA6FnprXiFQGq4Ebs/image.png)

The target is set to the 0.786 Fib zone as the minimum travel for the H&S shows $7,670; beyond the 0.618 Fib level.
![](https://steemitimages.com/DQmdPunFajxSSTzoU3MwFoVLbxKYbWsLfDomsHTqjrS163P/image.png)

I'm keeping an eye on this wedge pattern as well; given how BTC has the trait to form these repeatedly. IF a breakout occurs, then the wedge could serve as the wave 2 and no travel towards the 0.786 Fib level would be required.
![](https://steemitimages.com/DQmWQRXoZoU28AjW73Sj2hrEcNeD2kQQ721VYTwuWqb5Jzk/image.png)

The wedge would still deliver a 0.5 Fib level retracement which is a common retracement zone.
![](https://steemitimages.com/DQmWqf7AdL8u3X7AUqoQgYGZc3WW83ZmebWmdnejd32LWt5/image.png)


Meanwhile, teh larger Inverted Head & Shoulders pattern is still in play and has not been invalidated. I've angled the Neck Line to reflect the fractal with the smaller inverted H&S that was completed.
![](https://steemitimages.com/DQmR43UKfioJCowXEvHBLyimqm38iQsPEsJQY4igJmb55rr/image.png)

The video has more details on this; but here is the Cycle degree of trend for Bitcoin showing that from the genesis to about $20k; it was wave 1 and the current correction is fulfilling the role of the wave 2 correction. What comes after wave 2? Wave 3 and the distance it can travel will be jaw dropping and the speed at which it can deliver such 5x, 10x, 20x; 30x; 40x rates of rise will be a sight to behold. So, what matter does it make if Bitcoin makes a lower low? Of Bitcoin, at such levels I would be an aggressive buyer!
![](https://steemitimages.com/DQmSgvgfZZkchkUBKFBeSRGn3vHzM58ySShrPnPzMT7K41s/image.png)


https://youtu.be/bgLFPdwWdf4

**Legal Disclaimer**: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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. </center>

Please consider reviewing these Tutorials on:
[Elliott Wave Counting Tutorial #1](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-1-by-haejin)
[Elliott Wave Counting Tutorial #2](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-video-2-zig-zag-and-flat-corrections-how-to-recognize-and-label-corrective-waves)
[Elliott Wave Counting Tutorial #3](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-iii-how-to-label-and-apply-triangle-price-corrections)
[Laddering](https://steemit.com/bitcoin/@haejin/an-effective-buying-and-selling-strategy-laddering-a-tutorial-on-to-cast-a-ladder) and [Buy/Sell Setups](https://steemit.com/bitcoin/@haejin/when-to-buy-and-sell-using-elliott-waves-a-tutorial). 
[Laddering Example with EOS](https://steemit.com/bitcoin/@haejin/eos-target-usd3-22-analysis-update-live-real-time-laddering-example-you-don-t-want-to-miss-this)
[Tutorial on the use of Fibonacci & Elliott Waves](https://steemit.com/bitcoin/@haejin/tutorial-on-the-use-of-fibonacci-ratio-and-elliott-waves)
[@haejin's Trading Nuggets](https://steemit.com/bitcoin/@haejin/haejin-s-trading-nuggets-all-learned-through-tonnages-of-failure-experiences)
[Essay: Is Technical Analysis a Quantum Event?](https://steemit.com/bitcoin/@haejin/essay-is-technical-analysis-a-quantum-event)

Follow me on [Twitter](https://twitter.com/Haejin_Crypto) for Real Time Alerts!!
Follow me on [StockTwits](https://stocktwits.com/HaejinCrypto) for UpDates!!
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<center>https://steemitimages.com/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif



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👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 407 others
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@johannesburghart · (edited)
Thank you so much for Everydays Updates <3
https://media1.tenor.com/images/fe9bfc854d5beb97e8591fc3e066b896/tenor.gif?itemid=9856642
👍  
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@steemitjean ·
Thank you my friend for the update.
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@susanadlvfl ·
ese va a subir en estos dias  :)
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@trincowski ·
Interesting analysis. Many thanks! :-)
I guess I'll just wait for the moon.
👍  
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@flojo99 ·
$0.21
Hey guys i would be really interested on what the community overall thinks of the market right now ! Does it look like it will go up or do you think it will go down? Would love to know what you think just comment with down or up please! :)
👍  
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@icomment ·
I think it will take a while before bitcion stabilizes on double figures. I am not good at crypto prediction, but it is my honest opinion that it may take us to around July this years to hit above 15K.  I like to be optmistic, and to tell myself that the value will rise sooner than later, but i am also not blind to the fact that the current drop is the second in just about two months. So it is a really unpredictable time.
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@winnieoriana ·
" I am not good at crypto prediction"..............join the club, nobody is!
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@e5000 ·
$0.03
Both!
👍  
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@epppodcast ·
Ask yourself how likely it is that new demand will enter the picture - whether that be from individuals in developing nations as is often possited as a growth driver, or the potential for 'institutional money'. If you think there will be buyers to outstrip suppy then the price will increase. If not.....
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@waygreenergrass ·
Don't forget that available supply also matters. The vast majority of supply is held by just a few individuals, and the way they decide to sell or hold effectively determines the available supply. If they hoard, prices rise. If they dump, prices fall. 

Until they have unloaded a lot more of their stakes, we would need to see orders of magnitude of shifts in demand to offset the whales' potential for supply manipulation.
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@jojof ·
$0.19
Institutions, regulations and the right mix between FUD and measured encouragement have hypnotized the sheeple (you, me) into a sedate investment pattern. Price these days isn't really that volatile anymore, the rises and falls get determined by bots.
There will be regular-surprising dips to make the chickens panic and take their money, but on the whole we will be watching a slow ascent towards 20k in late May/early June and about 30 in October, maybe 35 at Christmas. If you want to earn money fast, try alts or day-trade. otherwise hodl.

Business insiders have opined that in their opinion, the crypto market has been successfully defused. Dumb money (millions of inexperienced little investors, most smartphone users from third world countries) have learned that it's not them who are making the market, it's them who pay.
With charts going down or sideways very frequently, that is two thirds of the time, little investors are bound to lose, so their interest is waning.

They are now mass-withdrawing from the market, understanding that "get rich quick" is no longer an option.
Skyrocketing cryptos will be a rare high-risk exception, and only insiders to a pump can profit from them.
Therefore, little investors will be either sending their money back to their bank accounts, where it can have real-life use, or trying to play the forex markets.

Crypto, from now on, will be in the hands of the very people it was designed to ward off : the money industry.
If you watch the crypto charts with hindsight these days, you cannot overlook that the regular, mechanical action there is mostly being caused by the market makers' trading bots, with occasional pumps and dumps to shoot off stop losses and sell orders of the remaining, clueless human operators.

Deal with it or keep listening to the massive steemit prophets, and quit your job as it will be a 24/7 affair.
👍  , ,
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@waygreenergrass ·
What does it matter whether it's bots operated by humans or humans themselves? As long as they keep buying higher than I did, I'll be very happy.
👍  
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vote details (1)
@flojo99 ·
$0.19
Firstly you have a point there but i doubt that all the bots in the world are linked together and move money the same way to manipulate the prie in a way that is somehow relevant i think that the wales are moving the price more than the bots.
👍  ,
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@waygreenergrass ·
Down, here's why:

https://steemit.com/bitcoin/@waygreenergrass/bitcoin-price-trend-analysis-possible-support-targets
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@e5000 ·
$0.03
Thanks for the analysis - great to hear you back.
👍  
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@criptotrader ·
I love you. Kisses!
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@hackerzizon ·
Thank you
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@martinf ·
$0.09
Haejin i seen this today from another technical analysist in the game as long as you. Its hard to accept but it makes a lot of sense. When  i first seen it i was thinking no way but the more i studied it the more it made sense.

That this correction could take months if not years to calm down. 

On the positive side, it does mean that we can fill our bags so in the coming years when bitcoin rises again the next waves of multi millionaires will be us your followers, as you are clearly rich already...lol

Would like your professional opinion, please. Thank you. 

![Screen Shot 2018-02-25 at 14.51.57.png](https://steemitimages.com/DQmcCiPVLLzwaj1cf1aB5wWKwDVEvnusoDsv66r9uKzhxqk/Screen%20Shot%202018-02-25%20at%2014.51.57.png)
👍  
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@digitalisbetter ·
Hiya, can you share a link to that technician please? Ta!
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@jojof ·
We had that scenario several times already, weeks ago - you can find it among the posts at my profile
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@winnieoriana ·
Finaly someone who is thinking my thoughts.
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@scorer ·
Interesting chart. Unfortunately meaningless to me.

I liked the part about millionaires. 🙌
👍  
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@safiuddin.zami · (edited)
# Thanks for sharing this post.keep posting
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@yonny ·
$0.73
Bitcoin is up n down with big swings lately, it defies all ta lately. Lol
👍  , ,
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@martinf ·
$0.07
Bitcoin is a beast, the more studying i do the more i realise that after each of Bitcoins corrections it took a years to sort out, of course there is lighting etc on the horizon but this could last another few months.
👍  
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@waygreenergrass ·
Could be. Also could be that we're entering a new phase for the young asset, as black market investors are chased out by the IRS taking notice of bitcoin and being replaced by institutional investors.

The level of corporate interest in these coins has increased dramatically over the last six months. Big corporations take at least a few months to make big plans. Maybe it'll be a long wait, but maybe they will be racing each other to get integrated with the blockchain.
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@vonbuelo ·
$0.02
![Haejin.png](https://steemitimages.com/DQmQaDxrBMyfrtEAQDzmPnPafJ91uR4we1NvQ3QJ3Z7axTF/Haejin.png)
👍  , ,
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@waygreenergrass ·
https://steemit.com/bitcoin/@waygreenergrass/bitcoin-price-trend-analysis-possible-support-targets

I don't think it's that unpredictable on the big scale.
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@arturomdg ·
$0.13
Hahaha awesome!
👍  
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@nordin ·
### The real gateway drug!

![DQmeU14pSq2ZCwkFCLHh24hBfwR9moyHgvQX6WxsMW7ekCz.jpg](https://steemitimages.com/DQmPqaGGhihPNDMMDvSSDwdsgNvZW8mk47DXZaDtiLyjTmw/DQmeU14pSq2ZCwkFCLHh24hBfwR9moyHgvQX6WxsMW7ekCz.jpg)
👍  , ,
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@tufi ·
20000Ş. will rise
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@cyberblock ·
$0.69
Ive made some good profits on trading bitcoin lately. Thanks for your charts!
👍  , ,
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@icomment · (edited)
We all owe @haejin a lot  for his clues and guides. You are only among the few who openly acknowledge such immense gratitude. Thanks, and Cheers! I am following you.
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@loa1975 ·
Good morning Haejin!  Thank you for the awesome chart and insight of what's to come.  Have a great day good sir!
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@indoanonym ·
probably $ 9000 it's support area
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@wanasoloben ·
BTC is the way to go. Thanks for sharing this educative content
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@sangdiyus ·
You are not a financial advisor but you've got the fluctuation pattern of the market. :D
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@chrone ·
$0.14
Hard for many to see the forests when they want that release of dopamine from price rising so bad
👍  , ,
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@nasirsyarwan ·
Thank you
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@iraniran ·
What is your idea about other cryptocurrency?
👍  
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@monisnasir · (edited)
$0.80
@haejin ...i think this is not the right time to make profit with bitcoin.... As it is evident from past months the value of bitcoin is fluctuating rapidly...  Lets wait till the value stablizes a bit to make the actual profit... 
Kindly give some suggestions regarding same...
👍  , , ,
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@talesfrmthecrypt ·
$0.16
Price fluctuations are precisely why you can make money from Bitcoin. What you need is to keep a chunk of your portfolio  liquid. That way you will be in a position to buy the lows and sell when btc is up.
👍  
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@waygreenergrass ·
I personally hate trading bear markets, sometimes you wipe out a week's worth of trading gains with a single jaw-dropping fall at the wrong time. I much prefer trading on the fluctuations of a sideways or uptrend market.
👍  
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@waygreenergrass ·
I'm with you on this, I don't like trading highly volatile bear markets; sudden drops can cause head-spinning losses. I prefer to wait.

Here is my take on where I will be buying in, please let me know what you think!

https://steemit.com/bitcoin/@waygreenergrass/bitcoin-price-trend-analysis-possible-support-targets
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@monisnasir ·
Yeahhhh ...@waygreenergrass ... Atleast someone is with me...thankyou sir for your opinion...kindly stay in touch in future too...
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@flagawhale · (edited)
Flagged for disagreement on rewards and NOT revenge. Thanks for your feedback on my posts. I'll try harder next time. Maybe I should take you example and post at a higher frequency. Have a great day!
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@danpaulson ·
$5.06
After 2 hours there are nearly 6k views and 300 votes. Low quality spam posts do not receive that level of support. You disagree with one of the greatest success stories thus far on steemit. Your petty group of degenerates are what is wrong with this platform.
👍  , ,
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@icomment ·
$0.04
I take my hat off for you @danpaulson. You say it all to well. There is an organized brigade that thinks the right to earn from steemit is only their.  You can imagine they go as far as paying whoever is willing to spam @haejin's blog. 

What is very disappointing is that they do it by conning some ignorant members of their SBD and steempower. 

But at any rate, they are failing. And will fail still.
👍  
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@flagawhale ·
![](https://steemitimages.com/DQmXKDJ7PqRWRceS9ZLbhtBHdHnG5rCfyCApCw18Ktfjq5s/image.png)
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@cryptorandy ·
When bitcoin start the upward trend , it will be something to see!!
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@salamo1990 ·
$0.09
According to the analysis I have done. Configuration will face a strong support area that reflects the uptrend. Within the limits of : 8600$ -- 8800$
This is just my opinion. Thank!![bitcoin.png](https://steemitimages.com/DQmQ4SYDtEBaMqGovdsR4Bxa5PD4jQzSTxKtFHB3toUmFne/bitcoin.png)
👍  
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@antobrampu ·
You made an amazing post ! Upvoted ffollowed you.rom @antobrampu. I
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@aman2017 ·
$0.05
Bitcoin will go to 100000 $.
👍  ,
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@winnieoriana ·
Sorry, but you did put one zero to much in that
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@shawonpalash ·
![images-14.jpg](https://steemitimages.com/DQmbkrPNQ6eemn8sjgn6X6YV68wmxPYoNcKWfMXYV7dcm13/images-14.jpg)
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@talesfrmthecrypt ·
Do you know that Jesus has been decentralised too? 
https://jesuscoin.network
Please do not take this as financial or religious advice!
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@ilcapo1 ·
$0.84
Take a look to the bearish count: 

![](https://steemitimages.com/DQmYPbhFXd4HR79qNqYY6j3EcDZUnzeUNqB1B3yys4w6BXV/image.png)
It seems like a falling wedge with an ABCDE correction
👍  , , , ,
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@waygreenergrass ·
Image is too small, what's that price target you've got there at the bottom?
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@ilcapo1 ·
$0.76
$4300-4500. Right click and open image in a new tab to see the fullscreen image.
👍  ,
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@nhd44 ·
http://t.me/BitcoinMining_Bot?start=399044302
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@dee13 ·
Let's hope this is true. I'm so tired and don't know what to expect of the market right now.
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@vanessagmiller ·
The best that that happened to Bitcoin the lowering of Fees.  It is also faster. I moved some coins to get the Bitcoin Private and it went well. Bitcoin is in a stronger position now.
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@fbs ·
send me your whats app number or facebook id please
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@bransby ·
what it means is,.... sell now to buy at a better price later.....
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@eugeniuz ·
Guys, if you check the sub-wabes of wave A (1st picture), you will find 3rd wave is actually the shotest. 1st - $1089, 3rd - $933 and 5th - $ 1337. 
check it!
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@sirstacksalot ·
$2.78
BTC is floundering.  Perhaps the novelty is wearing off.
👍  ,
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@maestroq · (edited)
$0.92
The three, forest, triangles, lines, legal mumbo jumbo, wave 1,2,3,4,5, lower lows, head & shoulders, dandruff...

I really do miss your Chalice of Wealth and destination $23,000 titles! 😉
👍  ,
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@danpaulson ·
Yay, video updates are back! We hope you enjoyed your travels @haejin, thank you for continuing to update us whale you were gone.
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@ordosjc ·
Report very well explained, Bitcoin is in a stage of changes that good investors who apply good strategies can have good profits, since many people do not see the opportunity that others can see
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@winnieoriana ·
Maybe you're the one that sees opportunity's that aren't there. Maybe BTC is gonna stay on this level or even lower for a long, long time
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@dahlsom ·
Great post.
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@steamsteem ·
thank you. wondered how deep it will fall. great help.
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@maximzvonarev ·
https://steemit.com/bitcoin/@maximzvonarev/bitcoin-btc-usdt-vechernee-obnovlenie-moi-predydushii-prognoz-byl-100-rabochim-ozhidaetsya-spusk-eshe-glubzhe
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@laurenmichelles ·
Your insight on cycles towards the end of this video is so heartening, and reassures me that when I zoom out to look at the bigger picture, rather than worry about the dips, I'm doing it right. Thanks for your wisdom Haejin!
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@samuel-swinton ·
Comment your Bitcoin price prediction for tomorrow!
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@bitgeek ·
comment
Congratulations @haejin, this post is the third most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 52 and the total pending payments to posts in these categories was $4133.37. To see the full list of highest paid posts across all accounts categories, [click here](www.steemit.com/steemit/@bitgeek/payout-stats-report-for-25th-february-2018--part-i). 

If you do not wish to receive these messages in future, please reply stop to this comment.
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@statsmonkey ·
comment
Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 227.01 SBD, based on the pending payout at the time the data was extracted.

If you do not wish to receive these messages in future, reply with the word "stop".
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@shoreline ·
Thank you for the post Hajein this is my first post ever on steemit and i have been quietly following and reading every post from you like a ninja in the shadows and i finally had to courage to reply to you. I wanted to ask you about ICON and what your TA on them as I have put alot of my savings in it as I too am korean and believe in it as my heritage. Thank you!
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@leventuzun · (edited)
Consider this one..

![btc prediction.jpg](https://steemitimages.com/DQmZkkiFxfr5kbX7gWh31dzD3t5w4RdVApPP7pFC251QAMg/btc%20prediction.jpg)
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@winnieoriana ·
It might hit 2K, but then BTC will be between 4 and 6 K for a long, long time (as in 2 years or so)
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@megabig ·
Thank you for your charts. It is a big help.
👍  
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@cycole ·
The value of bitcoin is still fluctuating, it's not advisable to trade now. Just let it stabilize for now and then later you can trade.
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@winnieoriana ·
You need fluctuating to trade for profit. Your statement doesn't make any sence.
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@benkalashnikov ·
$0.55
Good analysis!

Mine is a little different. What do you think about that we're in the 4th subwave right now and preparing for the last 5th wave before a smaller correction? My take is that we're doing an 3-3-5 ABC, and currently in B wave.

https://steemit.com/bitcoin/@benkalashnikov/3qtcuo-bitcoin-btc-analysis-update

![Screen Shot 2018-02-25 at 15.28.11.png](https://steemitimages.com/DQmSGjjLgCE2EUeLePt2ZtovixLtpseCqD5KcUmcba6fjnU/Screen%20Shot%202018-02-25%20at%2015.28.11.png)
👍  ,
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@will1523 ·
It's hard to see your mouse movements btw
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@crypto-will ·
Your wave 3 appears to be the shortest...
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@nhd44 ·
http://t.me/BitcoinMining_Bot?start=399044302
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@coin.info ·
**Coins mentioned in post:**

Coin | | Price (USD) | 📉 24h | 📉 7d
- | - | - | - | -
**BTC** | Bitcoin | 9703.220$ | _-0.58%_ | _-9.42%_
**EOS** | EOS | 7.848$ | _-2.67%_ | _-17.7%_
**QAU** | Quantum | 0.218$ | _-1.92%_ | _-1.46%_
**WAVES** | Waves | 6.490$ | _-0.84%_ | _-16.88%_
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@nightwind ·
Top cryptocurrency bitcoin recovered to $11,000 on Monday, having almost doubled in value since hitting a low of $6,000 earlier this month.

On Sunday, its price rose to $11,328 following news that an unknown investor had bought $344 million worth of bitcoin between February 9 and February 12. The purchase was preceded by a huge sell-off that had erased more than 50 percent of the cryptocurrency market value amid speculation of growing regulation and security fears.

It has turned into a pump and dump, the ones that are pumping in this kind of money pull out on the high and rebuy on the low. They have so much invested if they pull out with a few of their friends down it all goes and then reinvest at the low. Welcome to a unregulated  stock market controlled by fiat currency from whatever gov you are in.
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@mehedi108 ·
Bitcoin is up & down with huge swings lately, it defies all  lately.Thanks for sharing.
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