Good evening my fellow Cryptocurrency trader, I hope you are having a wonderful day.
Correction potential for Tellor (TRBUSDT) remains intact.
The current rise is low volume and still trades below 143 or the 9-November peak price.
If you look at the trading volume it is exceedingly low compared to previous price action.
Looking from the Elliot Wave theory perspective, we know that the highest volume happens on Wave 3 of any impulsive move.
Looking at the bullish impulse, we can see high volume on Wave 3 while volume is low on Wave 5.
The perfect 5 wave count also points towards a correction next.
Now, the correction can be irregular as we are seeing with Chainlink or with Bitcoin's peak in 2021, meaning a higher high on Wave B. Or it can be a classic one where Wave B ends in a lower high.
Make sure to allow room to adapt for variations.
Bearish potential is high after a strong 1,830% rise.
Namaste.