Long
SALT of The Earth
SALT is a project I have been excited to cover. Although I won't dip into much more than the technical aspect, SALT certainly has an interesting group behind it coupled with huge potential for growth if traditional markets begin to shift toward using blockchain technology, alongside the expansion of the crypto market as a whole. If you want to find out more about the project itself, I suggest reading their whitepaper which can be found here: here.
Moving on to the technical aspect:
As far as wave count, it seems quite straight-forward. The price action appears to be following a key Elliott Wave tenet: the 4th waves are not dipping past the top of the 1 waves and in fact seem to be finding strong support, enforcing the notion that it is exhibiting EW behaviour.
One aspect that I'd like to point out is what appears to be a nice repeat fractal of the downtrending ABC wave. Denoted by the areas contained within the vertical dotted lines, we can see nearly identical moves. The first fractal is several orders of magnitude smaller than the second because it is in a lower cycle, contained within the larger 1-2-3-4-5. I have also pointed out what appears to be an expanding flat correction. These can be tricky to play due to the higher high made, and can fool some traders. For a clearer visual on what the 'textbook expanding flat' looks like, go here: https://ewmizone-kivv0apgntrwrwvhv.netdna-ssl.com/wp-content/uploads/2014/06/expanding-flat-primer.png
The RSI also gives us some nice confirmation:
Overall, I believe SALT will be a good altcoin to watch over the next few weeks/months. Remember to DYOR, and good luck trading!
Moving on to the technical aspect:
As far as wave count, it seems quite straight-forward. The price action appears to be following a key Elliott Wave tenet: the 4th waves are not dipping past the top of the 1 waves and in fact seem to be finding strong support, enforcing the notion that it is exhibiting EW behaviour.
One aspect that I'd like to point out is what appears to be a nice repeat fractal of the downtrending ABC wave. Denoted by the areas contained within the vertical dotted lines, we can see nearly identical moves. The first fractal is several orders of magnitude smaller than the second because it is in a lower cycle, contained within the larger 1-2-3-4-5. I have also pointed out what appears to be an expanding flat correction. These can be tricky to play due to the higher high made, and can fool some traders. For a clearer visual on what the 'textbook expanding flat' looks like, go here: https://ewmizone-kivv0apgntrwrwvhv.netdna-ssl.com/wp-content/uploads/2014/06/expanding-flat-primer.png
The RSI also gives us some nice confirmation:
- The peak RSI generally occurs during the 3rd wave on larger timeframes. On lower time frames, the RSI throughout the 5th wave makes a new high confirming the idea that the move is the 5th wave, and on the higher timeframes it confirms truncation.
- The RSI experienced a hard bounce, creating a nice double bottom at all time low.
- The present RSI movement, highlighted in pink, indicates bullish hidden divergence.
Overall, I believe SALT will be a good altcoin to watch over the next few weeks/months. Remember to DYOR, and good luck trading!
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