Hey everyone, I hope you are doing well. This is just quick update on what I see is happening in the crypto markets. We have extended quite far, quite quickly in bitcoin, and I believe we are going to start seeing the correction soon, meaning that the other altcoins are going to start to fall.
Elliott Wave analysis. It appears to me that we have just finished an impulsive wave up and are on our way back down. On the 2 hours and 1 hour, we can see some large bearish divergence occurring on the macd and histogram.
Something that is concerning me, is that I am unsure if the drop will occur right now, or we will see another leg up a bit higher.
Looking at the long-term Elliot wave, I can see that we are finished the wave 1 to the upside. If this is the case, the top of what we are seeing could bring us down to the 0.095 levels. I would proceed with caution over these next couple of days. If you do plan to trade now, I would get out if we see a break above the previous high. If you are waiting to see if there is a leg higher, I would target the 1:1 of the wave A of the greater wave one, and I would go short on a break of the previous wave 4.
It is incredibly important that all of you don't jump in too hard, too quickly. Stick to your entry and exit points, and best of luck trading!
Elliott Wave analysis. It appears to me that we have just finished an impulsive wave up and are on our way back down. On the 2 hours and 1 hour, we can see some large bearish divergence occurring on the macd and histogram.
Something that is concerning me, is that I am unsure if the drop will occur right now, or we will see another leg up a bit higher.
Looking at the long-term Elliot wave, I can see that we are finished the wave 1 to the upside. If this is the case, the top of what we are seeing could bring us down to the 0.095 levels. I would proceed with caution over these next couple of days. If you do plan to trade now, I would get out if we see a break above the previous high. If you are waiting to see if there is a leg higher, I would target the 1:1 of the wave A of the greater wave one, and I would go short on a break of the previous wave 4.
It is incredibly important that all of you don't jump in too hard, too quickly. Stick to your entry and exit points, and best of luck trading!