LBRYBTC - Elliott Wave Analysis - Wave 5 Begins
Updated
An interesting long term hold in the AltCoin space in LBRY, Library Credits. As you can see from the charts below, LBRY launched at a very high ICO point and immediately collapsed. After basing for a long time, it had a small pop, Wave 1, and corrected. More recently, Wave 3 took it to heights not seen since the initial collapse. It has since completed its correction, a simple A-B-C retracement, marking Wave 4. It's now time to begin Wave 5.
RSI is rising and MACD will soon cross up to confirm the trend.
Based on a Fibonacci Extension, after clearing the Wave 3 high, it has lots of room to run. Overhead resistance is quite a bit above even the 1.618 extension height, and while the moon is beyond it's current potential, there is orbit to be achieved first. As legendary trader Jesse Livermore once explained to reporters inquiring about his success, he explained, I made most of my holding, not trading. I think LBRY is just such a candidate.
RSI is rising and MACD will soon cross up to confirm the trend.
Based on a Fibonacci Extension, after clearing the Wave 3 high, it has lots of room to run. Overhead resistance is quite a bit above even the 1.618 extension height, and while the moon is beyond it's current potential, there is orbit to be achieved first. As legendary trader Jesse Livermore once explained to reporters inquiring about his success, he explained, I made most of my holding, not trading. I think LBRY is just such a candidate.
Note
Collapse, Overhead Resistance, and Orbit.Note
Here's one possible path toward orbit. I also added details to the just completed correction, including notation of the failed 5th in C of 4. This explains the price and volume action. A possibility exists that the correction is not over, and C is really A of a larger order. If motive or impulse waves develop on the wave to 1, added support for the arguement that Wave 5 has begun.Note
Update: On the way to (1). By this count, little 3 of (1) of 5 has completed and little 4 of (1) of 5 is in process, or completing.
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