TenX Ripe for Bullish Movement: Possible Breakout
Updated
It appears we are at or near the end of a completed Elliott correction wave. This correction appears to be quite mature, and we are ripe for the start of the upward movement of the next Elliott Wave.
In addition, a very large descending wedge has formed, which is also quite bullish for TenX. Especially given that we have just begun what appears to be a breakout of the descending wedge.
One word of caution, we may not be completely finished with the corrective wave, and there is the possibility for further correction down to the Wave 4 retracement area (65), which is also key support.
However, I believe attempting to catch the bottom of this correction is a high-risk endeavour, likely to result in missing a good portion of the upward movement.
In addition, a very large descending wedge has formed, which is also quite bullish for TenX. Especially given that we have just begun what appears to be a breakout of the descending wedge.
One word of caution, we may not be completely finished with the corrective wave, and there is the possibility for further correction down to the Wave 4 retracement area (65), which is also key support.
However, I believe attempting to catch the bottom of this correction is a high-risk endeavour, likely to result in missing a good portion of the upward movement.
Note
This chart is relative to ETH and since both are falling, it shows price movement relatively stable. I will instead do another chart relative to USD soon.Note
It appears we may be in a market-wide correction, with Bitcoin leading the way, as a bearish pennant has appeared in many major crypto markets, including, BTC, ETH, LTC, and others. Prepare stops if price drops below your supports, and be ready to liquidate a portion of your holdings, and buy back cheaper when things stabilize. Checkout my other posts on the Bitcoin corrective Tsunami that may be underway.
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