Long

Updated

Celer Network Is Getting Ready For A BULLISH WAVE 3! CELR/BTC

Hello Traders,

I am looking at Celer Network/Bitcoin pair on Binance.

Elliot Wave theory shows we have just had 5 impulse waves up followed by an ABCDE correction. This completes waves 1 and 2 of a much larger Elliot Wave structure.

I am now expecting a bullish 3rd impulse wave. Using the fib extension tool I have put the 1.618, 2.618 and 3.618 extensions on the chart. I have no idea which target will be hit but I am being conservative and using the 1.618 extension as the target in this example which is roughly 215% gain on a long position. Breaking above the 1.618 extension is even further bullish confirmation and we will look for the next fib extension targets.

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Here is a closer look at the first Elliot Wave Structure. 3rd wave looks a bit sloppy but you get the general idea. Price retraced to the 0.786 retrace. The RSI on the 1 hr printed bullish divergence and there was also further bullish divergence on the 30 minute RSI.

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Just reflecting on the 4 hr chart and you can see Celer dumped hard but then printed bullish divergence on the 4 hr RSI which has kick started this rally.

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Going right down to the 5 minute time frame we can see whats going on with the price even though the candles look ugly on this time frame. Looks to be printing impulse waves then normal abc correction. Looking good.

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1 hour later and the next wave has started right on q. 11% gains in 1 hour.

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It looks like i was a bit early thinking it was starting a wave 3 but it does look like its starting wave 3 now.

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Its found MA support on the 4hr.

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Some potential overhead resistance lines here.

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Symm Tri.

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Bullish

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I think this is wave 5 in the first wave 1.

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My target of 260 was just reached on Celer. I think this might be the top of this wave or it might continue to go up a bit. Either way I had a target and stuck to it.

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Overbought Bear div on the 4 hr. My wave 2 looks a bit shallow but there is that overhead trendline that might play a role.

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Celer is still on the move upwards and just broke past the 260 price and fib. I am assuming it wants to reach the next fib target. Ive taken my profit for now and will wait for the 4hr RSI to cool off a bit.

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Quite a nasty rising wedge is forming here.

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That rising wedge ended up breaking down as expected. Now I am looking at retrace targets and am expecting a standard ABC correction here. I've put the fib retrace tool on the chart and I am looking at the 0.5 retrace and 0.618 retrace. The 0.618 retrace is also where the daily 50 MA is sweeping through. That trend line is still having an interaction with the price so will see how this plays out.

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This still looks bullish. Maybe this retrace wont happen.

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Well Celer just made a new high. Price looks like it did a shallow C correction along my dotted line. Price has also been making a lot of wicks which looked like possible rejection to any more upside but the price has made a new high. Maybe that was it for this retrace?

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Another possible count here. That retrace did feel a bit shallow. Its under some moving averages now. Could want to do this. Time will tell.

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Quite a deep retrace here, around 27% from the top of my wave 5. There is some fib confluence where that wick is and the 4 HR 200MA is sweeping up here. There is also a lot of fear in the air.

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Bitcoin has been murdering alts. A wick came down to the 0.854 retrace.

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Dangerously close to total EW failure here.

cryptodisco

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