Previous resistance may provide support here, and we have multiple previous lows forming a support zone. This is a good time to go long with a stop loss not far below support. Risk-reward is extremely good, especially if we see a break out of the channel to a new ATH.
Divergence pattern on the daily suggests we are ready for another 62% wave correction; this would take us to 5000 USD. Target from there would be around 11650.
I think power still wants its bigger retracement. I have been bullish on this coin and still am, but we may see it retrace to lower support as indicated by the yellow ellipse on chart. If it breaks to the upside of the triangle i will be long again. If it gets down to support first i will be long as well with a tight stop below support.
Thoughts?
We saw gold more than double in the 3 years following the global financial crisis, and after a sizeable retracement over the last 5 years we have broken a resistance level and are looking at another sizeable move upwards. If we see another stock market correction in the coming month(s), we may have solid gold growth inverse to that correction.
Having previously based my BTC Elliot waves based on price movement, I now notice a time correlation that seems to be repeating. Almost to the day we have seen 3 consecutive Elliot waves play out and I'm now expecting a long awaited correction to the 0.618 retracement . I would hazard a guess that the 'B' wave peak will happen just prior to segwit2x planned for...
