Long
Reef Finance (Reef)/ Bitcoin (BTC)
Updated
Reef Finance (Reef) is a great opportunity if you are looking to get a Defi token on the cheap. Check out my other USD chart for info on Reef.
Elliot wave analysis: Reef looks to have had its initial impulse wave 1, and is currently finishing out its corrective wave 2, these two waves are located within a large bull pennant. With another impulse and breakout to the upside, we can begin wave 3 of the 5 wave elliot structure.
Fib. Analysis: After initial impulse wave 1, Reef has found a strong support on the .618 Fib Level, a very bullish sign. Further impulse to the upside would confirm the beginning of elliot wave 3, which can find its top target at the 1.618 fib level. This would give us a new target of 162 sats or so.
Bullish Hidden Divergence: Reef is showing a bullish hidden divergence, as seen with the yellow trend lines. Higher price low, and lower RSI low confirm this hidden divergence.
You can take profits at previous high and the 1.618 fib level.
Elliot wave analysis: Reef looks to have had its initial impulse wave 1, and is currently finishing out its corrective wave 2, these two waves are located within a large bull pennant. With another impulse and breakout to the upside, we can begin wave 3 of the 5 wave elliot structure.
Fib. Analysis: After initial impulse wave 1, Reef has found a strong support on the .618 Fib Level, a very bullish sign. Further impulse to the upside would confirm the beginning of elliot wave 3, which can find its top target at the 1.618 fib level. This would give us a new target of 162 sats or so.
Bullish Hidden Divergence: Reef is showing a bullish hidden divergence, as seen with the yellow trend lines. Higher price low, and lower RSI low confirm this hidden divergence.
You can take profits at previous high and the 1.618 fib level.
Trade active
Waiting for pennant breakout and confirmation. Looking good so far.Note
We have breached the upper limit of the bullish pennant. Let's go ahead and wait for confirmation. I'd give it 36-48 hours. Then we should see if we are on our way to our next target!Note
We have our third breach of the upper pennant limit. Keep an eye on this one folks. Once the breakout flips for support I'm going long. Of course I hope you've been accumulating.Note
Breakout confirmed. I'm going long.Note
Nice looking impulse wave to the upside! Let's watch this wave 3 take place.Trade active
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