TenX Catching the Bitcoin Corrective Tsunami
There is a bearish pennant chart pattern across most cryptos that began on Sept. 8, and has now broken out. What’s remarkable is that it occurred across many cryptos at the same time. This suggests to me that there is a move underway, which will affect all cryptos. Specifically, I’ve already written about the Bitcoin tsunami, where I am expecting a correction down to the $3000-$3500 range, and possibly deeper if the conditions are right.
However, for TenX, the pattern is not quite as clear as for the other cryptos, as the penant appears to be drifting upwards slightly with each bounce. Nonetheless, the breakout has occured even for TenX. In addition, TenX appears to have some noise that manifests as a hyper-extended wave 5. I believe this is due to pump and dump groups, who artificially, albeit temporarily, manipulate the price of a low-cap market. The reason I think this, is because the overall price structure seems to be out-of-whack compared to the other markets. As such, I've compensated with a purple wave in an attempt to filter out some of the noise.
Bitcoin dictates the broad bearish or bullish trend of the entire crypto market. Within that broad structure, all other cryptos can have their own unique bearish or bullish trends or counter-trends. But they are comparatively much smaller movements within the broader picture. When there are large movements in Bitcoin, it brings everything with it.
Add to this the bearish pennant across all cryptos, the steep loss of momentum and volume, and we have a recipe for a deep market-wide correction. The targets I’m providing are for the various Fibonacci retracement and extension levels of corrective ABC Elliott Wave for TenX, or Wave II. The deeper the Bticoin correction, the deeper these levels get activated.
Target I: Wave II ≈ Fib. 0.618 x Wave I ($2.14)
Target II: Wave C ≈ Fib. 0.618 x Wave A ($1.95)*
Target III: Wave II ≈ Fib. 0.764 x Wave I ($1.51)
Target IV: Wave II ≈ Fib. 0.854 x Wave I ($1.13)
Target V: Wave C ≈ Fib. 1.0 x Wave A ($1.04)
Target Range: $1.51-$2.14
However, for TenX, the pattern is not quite as clear as for the other cryptos, as the penant appears to be drifting upwards slightly with each bounce. Nonetheless, the breakout has occured even for TenX. In addition, TenX appears to have some noise that manifests as a hyper-extended wave 5. I believe this is due to pump and dump groups, who artificially, albeit temporarily, manipulate the price of a low-cap market. The reason I think this, is because the overall price structure seems to be out-of-whack compared to the other markets. As such, I've compensated with a purple wave in an attempt to filter out some of the noise.
Bitcoin dictates the broad bearish or bullish trend of the entire crypto market. Within that broad structure, all other cryptos can have their own unique bearish or bullish trends or counter-trends. But they are comparatively much smaller movements within the broader picture. When there are large movements in Bitcoin, it brings everything with it.
Add to this the bearish pennant across all cryptos, the steep loss of momentum and volume, and we have a recipe for a deep market-wide correction. The targets I’m providing are for the various Fibonacci retracement and extension levels of corrective ABC Elliott Wave for TenX, or Wave II. The deeper the Bticoin correction, the deeper these levels get activated.
Target I: Wave II ≈ Fib. 0.618 x Wave I ($2.14)
Target II: Wave C ≈ Fib. 0.618 x Wave A ($1.95)*
Target III: Wave II ≈ Fib. 0.764 x Wave I ($1.51)
Target IV: Wave II ≈ Fib. 0.854 x Wave I ($1.13)
Target V: Wave C ≈ Fib. 1.0 x Wave A ($1.04)
Target Range: $1.51-$2.14
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