Emotionally and offcourse financially not a nice scenario. But technically not so special, a 0.618 retracement is very common. And an ABC after a 12345 also.
We skipped the recovery run, and are now upwards broken out of the parabolic upwards channel, from now on it will be 80% degrees or more up, to probably 20K or more. Elliot tells us that we have a couple possibilities. See the chart.
Let's forget about Elliot and his stupid 12345ABC, forget about heikin Ashi that shows clear trends, forget about the long term trend who's your friend, forget about the mean (the real support of 2011 and 2015), forget about the repeating cycles and their ratio, we are going to the moooooooooooon!
Binance outbreak volume OKE but divergence on the way
Where is our volume? It ain't picking up compared to the bottom.
Increasing momentum and break out Soon 1,5 dollar or 0,382 fib retrace?
A lot of good things seem to be present in XRP land. All the corrective elliot waves of the previous bull market look completed, double bottom, 2nd breakout with volume, golden cross on daily chart. Bullish ascending wedge below the 0.382 from previous high. Momentum picking up. XRP/BTC is still not broken out, but with the very steep rise of BTC this doesn't...
Reaccumulation for BTC, the great absence of (expected) sell volume in the last 10 days, looks bullish. All btc is doing is making higher highs and higher lows. Looks a lot like the 5000-6000 range we recently were going thru. RSI broke upwards, sell volumes low.
A drop to 6 K looks normal, especially in a bull rally. We will see if it pops back the next day and forms a new rising wedge. If this happens there's chance that we head back to 10K again.
If the channel holds, the bulls have some hope. As you may know i am sceptical about this bull rally. I believe we are in dept and we are going to pay hard in bear time. But who knows, this is crypto.
When taking a good look at bear and bull markets, rising wedges are common. What happens next is the crucial difference.
Making a comparison between rising wedges. For 2019 the 7000 level will be very important.
BTC 2014 vs 2019 part 2 fibronacci
Herewith a chart with earlier rising wedges in bitcoin and the outcome...
The decreasing volume clearly validates this pattern.