Took a while to analyze this one, but it looking like a WXY pattern since ATH earlier this year. If this is correct, then we won't see the bottom for another month. Given Chinese New Year was late this year, it makes sense that the Alt Season is pushed out (usually starts in April with end of April highs). I'm keeping tabs on this one. I'll update as we move along. I recommend using this to plan your in and out points - whether you're a day trader or a longer term holder like myself.
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Wave 4 is looking VERY flat. If it's anything like wave 2, don't expect it to go up.
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Looking at this again, quite disappointing. Looks like Wave 4 topped at $580 and isn't trying again like I thought it would. We are in Wave 5 now.
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As described, we are in Wave 5 now. Let's see where the bottom is, I'm expecting somewhere between $450 and $400 (near the support), maybe a tad lower just for a brief moment...the previous low had quite the long wicks on the candles.
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Adjusted for the fact that we are in Wave 5. Added Fibonacci time zones to estimate when we reach the bottom of the trend. Still came up with Mid-April. We should visit the resistance line on one more up. Then down. Then up to new highs...sky is the limit at that point, it's anyone's guess how high. #DYOR.
Adjusted for the fact that we are in Wave 5. Added Fibonacci time zones to estimate when we reach the bottom of the trend. Still came up with Mid-April. We should visit the resistance line on one more up. Then down. Then up to new highs...sky is the limit at that point, it's anyone's guess how high. #DYOR.
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Short term bullish divergence on the RSI this morning. Good time to buy if you're a long-term holder. If not, be sure to set your stop loss in case we go lower.
Looks like this MAYBE the end of Wave 5. IF it is, then we have a double bottom. We'd be on to Wave B (we're looking for 3 smaller waves to get there). Let's see how today goes before we say that we're done with Wave 5. It's not over till it's over.
Short term bullish divergence on the RSI this morning. Good time to buy if you're a long-term holder. If not, be sure to set your stop loss in case we go lower.
Looks like this MAYBE the end of Wave 5. IF it is, then we have a double bottom. We'd be on to Wave B (we're looking for 3 smaller waves to get there). Let's see how today goes before we say that we're done with Wave 5. It's not over till it's over.
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In case you're wondering, I have Wave B marked with the highest the wave could go. Doen't mean it'll get there. There is strong resistance at $540.
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Nothing changed yet. Still waiting to see if this is the bottom of Wave 5. Waiting to see if $450 can hold as a support. If not, we're headed down to $400 as a bottom of Wave 5.
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Wow, I didn't think it would make it past $400, but it did. It's at $380. Any lower than this and I might just call off the whole pattern I've laid out in my analysis. Let's see if it bounces from here. $380 is the very bottom based on my support lines. Bulls had no fight in them at $400 it seems - so disappointing.
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Just measuring the current Wave 5. It's composed of 5 smaller waves. We only have 3...we r in #4, the consolidation. Which means we are headed to $300 now. This is what I see, this is not financial advice. #DYOR
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Got a nice bounce off the $380 zone. Though the dip to $360 got me a little nervous there. Hoping we're at the bottom. Waiting to confirm that we are starting Wave B (and that we're not dropping lower). Watching the Awesome Oscillator to cross to positive to confirm upwards movement.
I've adjusted the Fibonacci accordingly. Looking like we're going to break the downward trend, then come back down to retest that trendline. I think we might go past April to complete this WXY pattern. Hoping that's not the case, but we'll see.
Got a nice bounce off the $380 zone. Though the dip to $360 got me a little nervous there. Hoping we're at the bottom. Waiting to confirm that we are starting Wave B (and that we're not dropping lower). Watching the Awesome Oscillator to cross to positive to confirm upwards movement.
I've adjusted the Fibonacci accordingly. Looking like we're going to break the downward trend, then come back down to retest that trendline. I think we might go past April to complete this WXY pattern. Hoping that's not the case, but we'll see.
