Breaking below that support was not great for the bulls...either is the current rejection ATM of this. If this level stays flipped this retest could be a throw back to test for interest at this area. If rejected, could see a 1$ retest minimum im thinking so it can test the low of the range. Bulls want to reclaim this level as support and move away ASAP. MO. This could be just a sweep of the low before moving higher, so again it would start off by moving up and away from here. There are some bullish div on the 4 HR rsi and on the Elliott wave side a bit unclear for me but looks like the last move came down in a 3 wave so looking for clarity.
did you made a count that fits? I had (5) waves down for ((A)) from 3.10 $ (only the internal waves of 5 of (5) I had to force it. with the (4) at 27dec. now this from 1,06 up should be part of the ((B)) . I thought 5 waves up with 3 ending at 1. 60 . it goes to deep now for the 4 and internal that 4 has now already 5 waves. so should be a ABC as (A) and now the (B) down going. but should stop at the 0,618 to max 0,764 of that (A) 1.06-1.60. Do you have a bearish count left if the 1,20 breaks? What about an expanding triangle ABCDE for the (4) wave ? as here does it make any sense? its not 33333 its 35553 internal.
CryptoKnee
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@eenmakkie, Well hello there, bigger picture these are the 3 possibilities I am seeing, momentum fits the Green, and i do agree, from this vantage point it does look like an impulse coming down. But for me there is no super clear count, and because the Elliott wave is confusing if I play ADA its trades off of the support resistances because those are clear and concise and reliable for me ATM. Maybe it sweeps below the dollar marks and bounces but im watching 1.00 if it hold could be a bounce there, if it breaks below, it could either be a wick and a bounce up, but if it breaks below 1$ and comes back for a retest, a short may be in order. Cheers
now this from 1,06 up should be part of the ((B)) . I thought 5 waves up with 3 ending at 1. 60 . it goes to deep now for the 4 and internal that 4 has now already 5 waves.
so should be a ABC as (A) and now the (B) down going. but should stop at the 0,618 to max 0,764 of that (A) 1.06-1.60.
Do you have a bearish count left if the 1,20 breaks?
What about an expanding triangle ABCDE for the (4) wave ? as here
its not 33333 its 35553 internal.