This a-b-c off the fifth Elliott wave gives us price target of just under 42k, but this is the bear case. Realistically I think we will see 75k before we go anywhere near 42k.
XRP is getting ready to make a big move, the breakout seems to have a slight bullish bias. Even if we break out downwards we have strong support at the 1.20 level but I don't see us breaking the 1.16 local lows. A breakout upwards would start the journey to $3.60, one of my key price targets for XRP during this cycle.
These are my Elliott waves for Bitcoin. The dip over the weekend was exactly what we needed to confirm a wave c at 50k, and this setup tells me that Bitcoin is done correcting. The white line at 55.5k is the 50 day average for Bitcoin, and in order to confirm the end of this correction we need the next few days to close above it. If we close below that level that...
VET made its way to my take profit #2 level, which perfectly lines up with that 3 standard deviation line (red line). This is a perfect place to take some profits. It's also at $.10 which is a key psychological level.
Cardano broke through some key levels and is now testing a strong supply zone. A strong break of this would lead it up to $1.45. I expect it to continue following my trajectory as seen by the purple line, followed by a bullish breakout of this large wedge.
After an initial breakout from the white wedge, XRP fell and continued moving in sympathy with the crypto sector. But now we're finally seeing it regain some of that momentum, and it looks like it'll finally make it to the .63 supply zone.
NIO ended wave 2 and started wave 3 in the beginning of March with the @32 low, but now NIO has broken out of the 3rd wave. Arguable the 3rd wave is still in progress, but unless Nio bounces at the previous $32 level (resulting in a bullish double bottom), any new lows made would make this a continuation of wave 2 with no clear end in sight. Long term I am bullish...
BTC is currently right around 50k, if we do not hold this support we'll likely see free fall to 47k I do not see bitcoin going lower than this but regardless it's important to have a plan for either scenario. I will also add that this is the first major bitcoin correction of this cycle, 30-40% corrections for bitcoin are completely normal!
385 support is not too strong, we can easily crack that with this momentum. A double bottom at $371 would be a bull case or sorts, but I'd be VERY careful if we took out that bottom. In that scenario $365 could come easy.
DXY gapped above the fib resistance as expected, expect it to ride in this channel for a while. We can see it test the next resistance at around 93.5, but if we saw a break of that level I would turn bearish on the markets as a whole.
IOT has been trending in this parabolic wedge for over a month, and a retest of support seems imminent. Not only would it fill the gap created overnight, but it would also create a hard floor, something we very much need. RIOT will break out of this wedge by the end of the month and I am expecting this to result in a retest of the $80 highs set in February.
WTI Crude Oil is currently at a critical support level. The red line signifies the broadening formation that Crude is moving in. If we see a proper bounce here, the volatility in the markets as a whole will cool off too, because oil heavily influences the industrial and financials sectors.
SPY has been in a bit of a tricky situation lately, stuck between the debt expansion of the fed which is bullish, and the yield curve and DXY going up which is bearish for SPY. Until the Fed implements Yield Curve Control (which I believe they will do in the near future) SPY could keep correcting and this volatility will remain. The market wants more debt...
Some key levels for RCON. Overall there is a slight parabolic trend as it begins its next leg up but watch out for a retracement short term.
The DXY, or the dollar index, is inversely correlated with the markets (in this case). Overnight we saw a break of a critical Fib resistance level, so unless the Fed steps in and implements Yield Curve Control or a similar market positive policy, expect the dollar to move up to the next resistance level.
MARA broke and retested the resistance level for an intra-month rising wedge which is a bearish signal. Unless we see Bitcoin bounce at these levels (which is unlikely) MARA can easily head down to $35, a previously strong level. At that point we can expect to see a bounce with buyers taking control again. Long term I can see both MARA and RIOT breaking $100 this...
XRP as respected my thesis thus far, with a break and retest of the 0.493 support level followed by a 12% explosion upwards. We're now seeing some consolidation with a symmetrical triangle forming on the 1 hour chart. This bull flag will bring XRP up to my next target, and possibly have enough momentum to blow past it. The next target is the bottom of the supply...