Text describes my view on the current situation,
TLDR $35 coming by march with TP targets shown on blue elliot wave
The triangle breakout and retest shows that new momentum could be returning if we can confirm the lower high structure
The move to $44 resembles a leverage liquidation event and for the time being I believe we will start clawing back the gains from that huge move, using Fib retraces and targeting the .702 area
This gives us our shorter term targets (timeframe approximately 6weeks give or take until end of march)
TLDR $35 coming by march with TP targets shown on blue elliot wave
The triangle breakout and retest shows that new momentum could be returning if we can confirm the lower high structure
The move to $44 resembles a leverage liquidation event and for the time being I believe we will start clawing back the gains from that huge move, using Fib retraces and targeting the .702 area
This gives us our shorter term targets (timeframe approximately 6weeks give or take until end of march)
Note
Zooming out slightly on this idea one can see I posted some confluence on 2 fibs drawn separately at $53 to $541.618 and 1.272 respectively
This gives us an outlook of where to look to base next before penultimately moving to 72-94 range
Note
Price targets still in play$61
$88
$165
Note
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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.
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.