Chart Legend:
A,B,C,D,E = Elliot correction wave
Horizontal Black line = Support/Resistance
Blue Trendline = Current/Major Trendline
Yellow Trendline = Possible Trendline if this occurs
Analysis:
Major trendline= Up
As we can see in this chart, I measured the patterns and they have a deviation of ~5%, in all ups and downs, so I projected the next move.
In the first Elliot wave, point (E) to $0.637 resistance line, it's ~45 %, and in the second Elliot wave, according to the deviation, it will be ~40%, which by coincidence, it's also the 38.2 retracement line. Quick Profit here of 40%.
If we look at the date, in the second point (E), it's 12/02/2018, and the move is until 17/02/2018, which is also according to bitcoin charts, the same time period that starts to recover.
After this move, you may take the profit, or go for Target 2 = $0.63
The Yellow prediction Trendline will only be up for a short time period, and the market will soon return to the major trendline!
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser, I'm not responsible for any losses due to following my chart analysis!
A,B,C,D,E = Elliot correction wave
Horizontal Black line = Support/Resistance
Blue Trendline = Current/Major Trendline
Yellow Trendline = Possible Trendline if this occurs
Analysis:
Major trendline= Up
As we can see in this chart, I measured the patterns and they have a deviation of ~5%, in all ups and downs, so I projected the next move.
In the first Elliot wave, point (E) to $0.637 resistance line, it's ~45 %, and in the second Elliot wave, according to the deviation, it will be ~40%, which by coincidence, it's also the 38.2 retracement line. Quick Profit here of 40%.
If we look at the date, in the second point (E), it's 12/02/2018, and the move is until 17/02/2018, which is also according to bitcoin charts, the same time period that starts to recover.
After this move, you may take the profit, or go for Target 2 = $0.63
The Yellow prediction Trendline will only be up for a short time period, and the market will soon return to the major trendline!
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser, I'm not responsible for any losses due to following my chart analysis!