My analysis approach involves applying the Fibonacci function. I use the trend-based Fib extension to determine the target level, and the Fib retracement to determine the correction level. I also utilize the Elliott wave principle. Both produce the result shown. For clarity, I'm representing the A-C wave in turquoise, drawn from the (0) point to the (A) point to the (B) point to the (C) point. Beforehand, I drew the trend-based Fib from the (0) point to the (A) point to the (B) point, which then represents the area (target level) in green, yellow, and red. When the price reaches the target level (ZL), the Fib retracement is drawn from the (0) point to the (C) point, which then represents the potential correction level. The result shows that the price reached the 1.618 Fibonacci level (green line) at 65.30%, followed immediately by a countermovement to the south, which likely caused the altcoins to pump. However, I believe that the altcoin season only started when the (0) point was broken. Before that, I expect a reaction to the north when the (0) point is reached, eventually reaching the 0.783 Fibonacci level (purple line). After that, it's off to the south. I would describe the end of the altcoin season in a separate idea.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.