Decred/BTC ratio, ready for decent spike
Updated
This was request from a friend, so decided to update here
Overall we appear to be posed for a decent hike, the correction has reached bottom of channel which also happened to be 0.618Fib of overall correction, a usual turning point for correction
Bullish Bias: A large ABC correction is already done where A:C = 1:1 (Note the C?), ending near 0.618 and channel bottom. We are the beginning of new impulsive wave. We need to reach the channel top (T2) and breakout eventually to confirm that
Bearish Bias: We have another downward leg (5th wave) to playout for the (c) wave. The current move is part of the 4th wave, which is expected o go to 05Fib or 0.618Fib because wave2 was shallow. This is also the median line of the red channel
Either Bull or Bear LT, I expect a move up to the median line/0.618 - T1
Overall we appear to be posed for a decent hike, the correction has reached bottom of channel which also happened to be 0.618Fib of overall correction, a usual turning point for correction
Bullish Bias: A large ABC correction is already done where A:C = 1:1 (Note the C?), ending near 0.618 and channel bottom. We are the beginning of new impulsive wave. We need to reach the channel top (T2) and breakout eventually to confirm that
Bearish Bias: We have another downward leg (5th wave) to playout for the (c) wave. The current move is part of the 4th wave, which is expected o go to 05Fib or 0.618Fib because wave2 was shallow. This is also the median line of the red channel
Either Bull or Bear LT, I expect a move up to the median line/0.618 - T1
Note
We are still on track for the mid-term target (T1). I expected the move to be in 3-waves1st legup - 5 waves
2nd legdown - 3 wave
3rd legup - 5 waves
The initial 5 move in blue is done and now the ABC correction (red) for that move appears to be done (or almost). Note that correction is confined within the red channel and almost at the 0.5Fib of the overall move up.
Now we appear to be in the final stages of the red C wave and the ending diagonal is an indicator that we are done or almost done
We will see resistance at the red channel top once we start bouncing.
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