Link EW Projection
Updated
Very likely we'll see 4.27, as it is a measure move of the bull flag, and the 1.618.
4.20 is also resistance though- wick of day after ATH.
Eyes set on 3.79 for re-entry/ adding to position.
Little resistance on wave 5, likely to surpass ATH.
If it goes above the 1.618 without a retracement, could go straight to $4.50-$5.
Funding ends in 1h, could see some profit taking of longs and entry into shorts.
RSI daily resistance at 85 and 89, could see those levels before a retrace
Oh and a message to my followers, the moon phases indicator on tradingview is being weird lately, the full moon was on the 9th but it did not show this cycle until yesterday. If only tradingview had a way to create data feeds without a single point of failure...
Please don't forget to leave a like!
Love,
-Etch
4.20 is also resistance though- wick of day after ATH.
Eyes set on 3.79 for re-entry/ adding to position.
Little resistance on wave 5, likely to surpass ATH.
If it goes above the 1.618 without a retracement, could go straight to $4.50-$5.
Funding ends in 1h, could see some profit taking of longs and entry into shorts.
RSI daily resistance at 85 and 89, could see those levels before a retrace
Oh and a message to my followers, the moon phases indicator on tradingview is being weird lately, the full moon was on the 9th but it did not show this cycle until yesterday. If only tradingview had a way to create data feeds without a single point of failure...
Please don't forget to leave a like!
Love,
-Etch
Note
made it to 4.20, but it is having some difficulty breakingNote
Note
Thanks for the likes so far.We broke down from the wedge but that was way too fast in my opinion. No show of strength from bears yet. I will wait patiently for hourly close to confirm this hammer candle. That being said, I'm not entirely convinced that this was THE retrace. It could be the case that bulls are still looking for that 4.27 target before starting the real wave 4.
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finally seeing some bearish momentum for wave 4. Next goal would be breaking this upwards sloping white dotted trendline.
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Glad this post is getting some attention. I am quite proud of this chart so far, however I took a break for the first half of today because I was so burned out from the past week (although I know it doesn't show from my TV account.) Came back with fresh eyes and I realized some mistakes I made so I apologize about that. I need to spend some more time on this chart and I'll show you my thoughts. Anyway I don't want to reveal everything too quickly so we'll see how this pump plays out first. All I can say is the original EW count is not what I thought. This was due to me being completely sleep deprived and honestly this chart is too messy. Stay tuned.Note
Here it is. I realized I drew the fib extensions incorrectly and I'm very sorry about that. The 1.618 extension was at 4.20 all along and not 4.27 which makes soooooo much more sense and would have avoided so much initial confusion about this trade! Furthermore, the wave 4 that we just had lines up perfectly with a 1.618 downwards retracement from 3-2, AND the macro fib trend which was also drawn inaccurately. My apologies. I personally missed out on some profits there too, because of poorly calculations. So what this means is that the count we have is fundamentally far more bullish than I would have expected. Forget about 4.27, it's not valid. The target of the flag could also be 4.20 if it's drawn from the break of the flag rather than a pennant.
I have 2 counts for what could be happening next, but I'll also wait a little to post that, so as not to give anything away to market makers...
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As promised, fewer lines and less shit to look at in this graph!
We broke this nice symmetrical triangle with eye-watering volume and all indicators are looking bullish. The target for the triangle for now is 4.77 (golden pocket fib). That could be our wave 3 already, or it could go higher to around 4.93 (target of the bull flag). Drop below 3.90 would invalidate this count.
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on the LTF, we are looking at EITHER a bull flag OR another symmetrical triangle OR a bullish wedge OR an ugly descending triangle. The latter of these is the only bearish one. Bulls will have to just pick one and try to paint in that direction. I've noticed this a lot with LINK lately, and more often than not, it becomes the symm triangle and breaks up.
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All clear on the daily!
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Yet another triangle broke, with a target of 4.98. Same as my original target.
We could however reach as high as 5.30 (top of pitchfork/ trendline).
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Sorry, diamond, not triangle. Ultra-bullish rare chart pattern.
Note
Closed a portion of my position in profit. Count is looking like it's been invalidated.
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