USDGBP Elliot wave analysis and trend line
It`s a possible move to complete the Y leg of the WXY correction wave (2nd wave of its cycle)!
Let`s see what will happen in the next move ...
Elliotttwave
Cardano, 19 Dec. Support on the Volume Profile PoC.ADA has lost 61% since September in an endless waterfall to the downside. Price has arrived on the PoC (Point of Control) when we take the volume profile from the beginning of the year until today. The PoC simply means that the most trading volume has occurred at this price. Usually price is drawn to these high volume nodes, but once arrived, it doesn’t stay and moves away to the next node, which is why we can take it as a significant support (or resistance).
Elliott:
We can, theoretically, count a complete ABC correction (in blue). Price has retraced 78.6% of the previous wave.
Geometry:
Price reacts well to the current pitchfork. A break above the median can be taken as a first buy signal.
MACD:
We have bullish divergence and a crossover on the daily TF.
How I trade it:
While below the 20 week MA (in orange), Cardano is officially in bear territory. An idea could be to build long exposure when ADA breaks the pitchfork median, because BTC and major alts have bullish setups as well. The intention is to speculate on a completed correction and that ADA correlates with the rest of crypto. The idea is invalidated if ADA fails to receive buying volume. Significant volume is necessary to absorb sellers and jumpstart an active sequence to the upside.
MRVL Update, MRVL goes higer but how far?MRVL made a new ATH today. It certainly goes higher but how far? We need to wait for the pattern to form in order to make a precise analysis.
Since some followers and readers just pay attention to the title of an idea and do not follow the updates ,I decided to publish this idea to emphasize that the market showed the condition which made my previous idea invalid. I had written this condition in my previous idea chart. I kindly ask you to follow the updates of my ideas as well.
I do not like anyone to loose anything based on my publications so I am dedicated to update my ideas and inform my followers when a trade does not go well and market chooses another path in contrary to our predictions.
I stopped out from my trade with small profit and immediately informed my followers.
Wish you huge profit and small loss in your trades.
Will this be the last time we see Bitcoin in the $8k level?This might be it! The final diagonal before the great bullrun!
