CrptTeddyBear

CrptTeddyBear

Very hard though to get high probability count on sideways price action like this

CrptTeddyBear

Primary remains unchanged for now on #LTC. Unlike on other majors this move to the downside can count fairly well as an impulse because there's less overlaps. Invalidation at $47.56. A bit concerned bit this morning's pump ofc, but no invalidation yet.

CrptTeddyBear

Fancy #technicalanalysis techniques such as #Elliottwave are certainly very nice and helpful in some circumstances. However, one should never neglect the power of something as basic as #trendlines. Here on XRP, trendlines were giving us 3 big warnings: 1) Rising wedge = bearish pattern 2) Horizontal resistance at $0.202, giving confluence with the wedge to find...

CrptTeddyBear

Doesn't look too good for bulls 🐮

CrptTeddyBear

But it's hard to not see this.

CrptTeddyBear

Small TF stuff so could be wrong, but this looks more corrective to me

CrptTeddyBear

Small TF stuff. Could be wrong but looks more corrective to me

CrptTeddyBear

Nice confluence incoming on the SP500 (log scale): 1) 0.618 of the entire dump (log scale) 2) Horizontal resistance 3) Channel midline Wave C Slope < Wave A

CrptTeddyBear

Looks like a cool zigzag in preparation Resistance above : 1) 0.618 - 0.707 fib retracement 2) 1-1 extension A/C 3) Lower trendline of the rising wedge 4) upper boundary of the zigzag channel Let's see how this will play out

CrptTeddyBear

We are losing the trendline (we already lost it on BTC atm)

CrptTeddyBear

They say it's a "buy the dip" opportunity (for a change) Why not sell the bounce ? The break of this trendline is significant

CrptTeddyBear

Let's see how it will play

CrptTeddyBear

Meaning one last push hihger on the table, as long as we don't break below invalidation level

CrptTeddyBear

Not calling a top or anything, but the RR on a short seems pretty good to me here

CrptTeddyBear

Regardless is this is true or note, the move down from the top looks very much like an impulse to the downside. Which means that we should currently be in a wave 2 or B, with potential wave 3 or C coming behind.

CrptTeddyBear

ugly count. Don't forget this looks like a giant rising wedge with declining volume

CrptTeddyBear

And similar to BTC. One last push up it seems

CrptTeddyBear

This 1 hour chart completes the 15 min TF chart posted yesterday.