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Solana is correcting a larger move Larger picture first. As you can see its a logarithmic chart but fibbs are on a regular scale. Because that's how its supposed to be what I have learnt and most notable CMT traders and even RN Elliot himself pointed that very clearly. So we have completed primary wave 1 and now primary 2 which is a corrective wave is in progress. For primary 2 a typical .618 retracement is best to go with but in crypto we see deeper retracements 80-90 % because it's a very new asset class and is in the early stages of price discovery. This primary wave 1 was 82 weeks long. Its very likely that wave 2 will at least be around 25 weeks longs or ⅓ of time taken in primary wave 1 as usually seen. But it could even last longer than wave 1 in time, the only rule is that it should not make a lower low. As of now we are in the 7th week of wave 2 formation which is a very early stage. So now i have to give evidence for what I claim. As you can see on RSI there are 3 secular tops. Wave 2 RSI lowest reading as usual. With Highest reading in wave 3 as usual. Divergence in 5 as usual and MACD bearish crossover. Wave 1 are related to wave 5. In this case of Solana timewise wave 1 and 5 were both 133 days. In term of price intermediate 1 was 4.48 and intermediate 5 was 247.49. Divide those numbers means wave 5 was 56x of wave 1. Number 56 is is next to 55 and 55 is a 10th fibonacci number. Check the Pic below- Subwave counts on Log scale Below - Focus on recent Corrective Price Action Alternate count Thanks for reading. What are your thoughts ? Happy holiday seasons.
FTX:SOLUSDShort
by UnknownUnicorn10209036
6
Bitcoin (BTC) In The Trough Zone Can we Hold $40,000?We've been through this rodeo with Bitcoin many times. On a downtrend for the past 2 months and a nice 42% dump from new all time highs set November 11th. Oversold on the daily timeframes on the Stochastic RSI, RSI, and MACD showing signs of confluence. We could bet getting close to bottom soon and another parabola on Bitcoin has formed. We're still in a downtrend though and need to hold above $40,000. If we can't hold $40,000 then $37,000 is next the next destination.
COINBASE:BTCUSDLong
by peacefuljustin
3
Two scenarios for BitcoinBitcoin reached the target we previously predicted (see idea below) But what are the scenarios facing Bitcoin at this stage? There are two scenarios for Bitcoin at this stage. 1-The first scenario is the respect of Bitcoin to the previous support area in the Point and Figure and RENKO charts. Bitcoin may have respect for this support range. The reasons for this can be seen in the candlestick chart. The dynamic RSI oscillator has entered the oversold area and the wave trend indicator is located on the middle support of the channel. 2-The second scenario is determined by the volume profile and momentum oscillators in the monthly time frame. Bitcoin's volume profile has a small trading volume in this area (40500) and will not be able to create the accumulation area needed to reverse the trend. In fact, the next POC area looks like $ 34,700, and Bitcoin is likely to create its next Lateral movement area around this price. (29700 - 40500) But the next important issue is that with the breaking down of support at 40,500 in the monthly time frame, the trend wave oscillator will leave the overbought area, which can be an important signal for the continuation of the downward trend in the future.
BITSTAMP:BTCUSD
by cryptoonchain
4
WAVE | Ascending Triangle Breakout | Elliott 3rd Wave ResistanceWAVE | Thailand SET Index | Media Sector | Chart Pattern Trading Let's challenge ourselves to catch it before breakout once forming a tight consolidation candlestick pattern below the key resistance of Elliott Wave 3. Chart Pattern: Ascending Triangle Price Action: Speculative buy before the breakout Indicator: RSI and MACD bullish golden cross above baseline. Trade with affordable risk ratio 3:1 Always respect your stop-loss Good Luck DP
SET:WAVELong
by dukeposh
1
SXP $89LONG-TERM TARGET! $20 SHORT-TERMIn the chart above we can see that sxp is currently testing support of its ascending trendline while also in an ascending triangle. Also worth noting, currently nearing the end of its wave II correction a breakout to the upside will give us a target of at least $19 to complete the wave III. After which a correction should see us find support either at Prev Ath at listing (RED LINE), or recent ath which coincides with top of the ascending triangle (black trend resistance) to complete the wave IV correction Once wave IV is done, potential price target is $89! Pls note: RED bottom trend support is a potential target for a wick in the case BTC sees a sell of, backed by volume as well. I am a firm believer of this project and do think it will pull similar price actions to that of BNB. Furtheremore the fundamentals of this coin is very solid and has widespread adoption itself already Below is a realated idea explaining the ACBDE wave structure.
Long
by RektMyMom
btc in an ABC correctionthe move down from the 69k top is a clear zigzag (purple circled abc) correction and the first part of an even bigger correction. this means that this abc is wave A of an ABC of a higher degree (red circled abc) my assumption is that the choppy move in the rectangle still belongs to the first part of the correction and will end at approx. 44.8k, before another move to 56k starts, which is B of the macro ABC From B we will see another leg down, equal to A in length, which will become the C wave and the end of the correction. note: it is possible that A is already done and wave B started at point B (lilac ABC) in the rectangle at 45390. i keep that in mind too. i hope you enjoy the content. pls feel free to like and comment below. best, waverunner
CME:BTC1!
by xwaverunnerx