People are blinded by the Bear but Elliot tell a different story
The past few months have been very tough for the crypto market when the price is entirely dominant by the Bear.
However, Elliot is here to bring good news, at least in a larger timeframe.
Looking at the bigger picture, we can observe that the basic Elliot wave is complete which include wave 1-5 and ABC in a smaller timeframe, and that completes the picture of wave 3 and 4 in the monthly timeframe.
So what do we do here?
Personally, I choose to take a risk by opening a long position after the price break the trendline as shown in the picture and tp at least 50% in the ATH area as we want to be cautious since the is a wave 5 in the Monthly timeframe and wave 3 have already increased a lot.
That's all bout the technical perspective. In terms of macro activities, I found that there's some news that could validate the fact that wave 4 just ended
Yesterday, the GDP of Americans have been announced to be negative 2 times in a row. This is very bad news for the USA that strongly affect DXY. So FED might want to stop increasing the interest rate sooner or later and start to print money to support the economy. and Crypto will be affected by that news in a good way
However, Elliot is here to bring good news, at least in a larger timeframe.
Looking at the bigger picture, we can observe that the basic Elliot wave is complete which include wave 1-5 and ABC in a smaller timeframe, and that completes the picture of wave 3 and 4 in the monthly timeframe.
So what do we do here?
Personally, I choose to take a risk by opening a long position after the price break the trendline as shown in the picture and tp at least 50% in the ATH area as we want to be cautious since the is a wave 5 in the Monthly timeframe and wave 3 have already increased a lot.
That's all bout the technical perspective. In terms of macro activities, I found that there's some news that could validate the fact that wave 4 just ended
Yesterday, the GDP of Americans have been announced to be negative 2 times in a row. This is very bad news for the USA that strongly affect DXY. So FED might want to stop increasing the interest rate sooner or later and start to print money to support the economy. and Crypto will be affected by that news in a good way