(This analysis is the same for LItecoin!)
3 waves have been completed since the high of 1400.
I think we might be in an impulsive wave down noted by the Alt : X count. (yellow boxes)
Or in a (ABC) move (pink)
In both cases, price is (close) to a bottom therefore should startht to find it's way a bit higher.
The question is, how high will it go ??
My prefered thought is, it will try and test the upper channel line, probably break a bit outside of it but still fall lower after.
I don't think we have seen the end of this bear market because majority of retail traders are still mostly long positioned on all cryptos and unless there is a shift in sentiment and traders start going mostly short by the time we touch the upper channel, I don't think price will go any higher.
Once we reach a higher price, we also need to look at the subwaves to figure out if we are in a correction or starting a new rally higher.
**Conclusion**
We will see price go higher but it's going to be another bull trap, so, don't buy into it !
3 waves have been completed since the high of 1400.
I think we might be in an impulsive wave down noted by the Alt : X count. (yellow boxes)
Or in a (ABC) move (pink)
In both cases, price is (close) to a bottom therefore should startht to find it's way a bit higher.
The question is, how high will it go ??
My prefered thought is, it will try and test the upper channel line, probably break a bit outside of it but still fall lower after.
I don't think we have seen the end of this bear market because majority of retail traders are still mostly long positioned on all cryptos and unless there is a shift in sentiment and traders start going mostly short by the time we touch the upper channel, I don't think price will go any higher.
Once we reach a higher price, we also need to look at the subwaves to figure out if we are in a correction or starting a new rally higher.
**Conclusion**
We will see price go higher but it's going to be another bull trap, so, don't buy into it !
Note
Is the correction coming now ?Note
Notice the bullish divergence. Price should stop going much lower for now.Note
Target 2 reached.Note
I will post my ideas here for easier access t.me/em16public
Note
Price finally started to go higher.5 waves up indicate more upside movement to come.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.