Downward Wedge Breakout and Elliot Wave 5
Updated
We have a few things going on which seems very bullish for TenX.
First we have the Elliot Wave count where it appears we are in the early stages of Elliot Wave 5 after an extended Wave 4 correction. This alone could take us to previous ATH and perhaps beyond.
Second, there is a downward wedge pattern with breakout pattern that seems to have formed. If this is the case, this chart pattern suggests upward movement to at least the Wedge Breakout Target.
Third, there seems to be strong support at the 0.0102 ETH level with multiple touch-and-bounce points.
Fourth, announcements expected on release of iOS app.
Fifth, Monaco (MCO) the main competitor to TenX has already seen it’s breakout to 20US+ levels from $2-$3 levels. TenX is further along in terms of MVP than Monaco. So we should see either a breakout of TenX to Monaco levels, or a return of Monaco to TenX levels. This could be a second chance for those of us that missed the 10x Monaco surge.
Could this be a fake breakout? Yes, possibly, in which case we may see a return to support for a further extended Elliot Wave 4. But eventual breakout seems likely.
All this suggests very bullish sentiment for TenX.
First we have the Elliot Wave count where it appears we are in the early stages of Elliot Wave 5 after an extended Wave 4 correction. This alone could take us to previous ATH and perhaps beyond.
Second, there is a downward wedge pattern with breakout pattern that seems to have formed. If this is the case, this chart pattern suggests upward movement to at least the Wedge Breakout Target.
Third, there seems to be strong support at the 0.0102 ETH level with multiple touch-and-bounce points.
Fourth, announcements expected on release of iOS app.
Fifth, Monaco (MCO) the main competitor to TenX has already seen it’s breakout to 20US+ levels from $2-$3 levels. TenX is further along in terms of MVP than Monaco. So we should see either a breakout of TenX to Monaco levels, or a return of Monaco to TenX levels. This could be a second chance for those of us that missed the 10x Monaco surge.
Could this be a fake breakout? Yes, possibly, in which case we may see a return to support for a further extended Elliot Wave 4. But eventual breakout seems likely.
All this suggests very bullish sentiment for TenX.
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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