Long

The Start Of A 5-3 Wave Pattern?

Updated

I'm new to Elliot Wave analysis so bare with me if you notice anything is incorrect, and take this idea with a grain of salt. I believe it's pretty spot on and you should watch to see how it plays out. Growing bull volume on the way up, and a break through $1.40 are strong signals for further upward movement.

I'm not sure about the 3 wave correction yet, but I will update this post if we do fulfill what looks like 5 waves up.

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(Coinbase chart) Just barely held our hourly trend, at least for now. Looking for a significant break of this channel.

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Range is tightening. Breaks with volume will get us moving.

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Looks like I was early on the correction being over. We bounced off of 0.786 fib but we're still inside the channel. I'd be surprised if we pushed straight to $1.50-1.60 from here. The chart linked shows some big short term resistances before the hurdle of $1.40. We could bounce from/between these on the way up. I'd expect a shot to $1.35-$1.40 and then short term consolidation to cool off short term RSI levels before breaking it. FIRST, WE HAVE TO BREAK THE CHANNEL AND $1.24.

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Here is a fib extension of the current trend if we start moving upward. It's a good tool to determine profit targets. Keep in mind this target changes if we break the low again.

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(coinbase) small cup and handle could be forming on the 15min. We're still on track to go higher, but its been more of a grind on the way up this time. We held our hourly trend which is good. Bunch of big 50k-100k sell walls have been in the way. Particularly at $1.25, $1.27-8, and $1.30. It looks like some of them are still there but its mostly right where we are now, $1.26/$1.27. It's going to be hard to get bull momentum going with them there. The biggest on switch will be whales buying through them or BTC driving further up and gaining better buying pressure.

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(coinbase) We started with some buying pressure right as BTC started to move, and we got through one of the big sell walls. The daily chart I'm linking gives me a little confidence in this move up. We held/bounced off of the 26day MA, and the stoch rsi is turning up. How today ends will be important.

Dtradess

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