Hey Guys,
To be fair identifying Wave 1 of an impulse wave is not usually obvious at the onset. The ABC correction i feel has technically played out and rebounded off the 0.789 Fib level. However with that being said its quite early and Wave 5 of the C correction could still be in play, I would have more confidence once price breaks resistance at $0.94 cents and $1.00 - lets wait for a few more price bars to play out.
Other things I look for in identifying wave 1 -
1. Wave 1 of an impulse will start after the completion of of the previous 5 wave trend - Lets wait for price to break $0.94.
2. Crypto news is usually universally negative - Yes China Evergrande FUD.
3. Sentiment surveys are usually bearish - Yes ‘Fear & Greed’ is at Extreme Fear (21).
4. People are moving their assets to less riskier assets like options, gold ect - Yes Gold ends higher today as market tumbles .
I feel we are in good play for the next wave up, but It is a bit of a guessing game trying to predict where Wave 1 will end so this is just an idea. Wave 1 to target a range between $1.40 - $1.56 before retracing into wave 2. Let's see how this goes.
I regularly update these idea’s as price develops, if you want to be kept updated Follow and Like. Leave a comment if you have any questions.
Thanks
Hey Wippa
To be fair identifying Wave 1 of an impulse wave is not usually obvious at the onset. The ABC correction i feel has technically played out and rebounded off the 0.789 Fib level. However with that being said its quite early and Wave 5 of the C correction could still be in play, I would have more confidence once price breaks resistance at $0.94 cents and $1.00 - lets wait for a few more price bars to play out.
Other things I look for in identifying wave 1 -
1. Wave 1 of an impulse will start after the completion of of the previous 5 wave trend - Lets wait for price to break $0.94.
2. Crypto news is usually universally negative - Yes China Evergrande FUD.
3. Sentiment surveys are usually bearish - Yes ‘Fear & Greed’ is at Extreme Fear (21).
4. People are moving their assets to less riskier assets like options, gold ect - Yes Gold ends higher today as market tumbles .
I feel we are in good play for the next wave up, but It is a bit of a guessing game trying to predict where Wave 1 will end so this is just an idea. Wave 1 to target a range between $1.40 - $1.56 before retracing into wave 2. Let's see how this goes.
I regularly update these idea’s as price develops, if you want to be kept updated Follow and Like. Leave a comment if you have any questions.
Thanks
Hey Wippa
Note
Price has broken $0.94 which is great, would now like price to break the $1.00 mark which is also where the 20EMA, if it breaks this area it really adds to my confidence we are in the next wave up.
Note
Apologies got my EMA colours mixed up. price did actually go above the 20EMA. Very bullish here.Note
The daily will be closing in just over 3 hours from now and we have a bullish engulfing candle. If this closes as is, this will be enough confluence to suggest we are now in Wave 1 of next impulse up and I will start mapping out my next move.
Note
Ripple just dropped a tweet advising they are partnering with Bhutan to roll out their CBCD. So it will interesting to see what impact that has on price.Trade closed: target reached
I am confident we are now in Wave 1, price targets met.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.