The ride is over for darling of the cryptocurrencies as a terminating wedge formation has evolved on the daily chart. There has been warning signs in the both indicators of a correction with a divergence present since the end of February. With the conformation RSI unable to keep above 60 level indicating we are in bearish territory.
We should see a three wave move to the downside to the Lucas level (76 fib) which is below 20K USD. I'm a great fan of this financial product and will looking to buy in at this level. At the time of writing the analysis the move has already start.
Could you please elaborate on this quote: "We should see a three wave move to the downside to the Lucas level (76 fib) which is below 20K USD."?
What leads you to believe that?
Where have you put your beginning and end of your fibonacci fan?
Thank you in advance!
Very nice job on spotting the divergence, correction was more than overdue :)
TRADER-RI
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@Coinilicious44, There is usually a 3 wave move or zig zag pattern will occur after a 5 way move, which we have seen over the last month. This zigzag move is just a correction to the larger trend, as I believe the price will go much higher.
I use a combination of different fib levels in my trades. The 50 and 61.8 are common fibs to work off, but I believe price will run through this areas, hunting stops placed under $27500.
The next likely level is the Lucas level of 76.0, which is also a top of an old range. Price will want to test this area o below $19000, before continuing higher.
The start and end of the fib as drawn from the recent high to the low on the 13 of march 2020.
Exciting time for crypto as a this large move over the past month could possibility have been wave 1 of 5, with a wave 3(the strongest wave) to come.
With the amount of liquidity being pumped into the worlds financial system, this will be a wild ride.
Jad_B
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Great analysis work you've done, here's what my chart looks like its potential moves. would love some input from anybody aswell
Andrei1996
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100k is still in the cards
CryptoSignal2
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altcoins rebound is amazing ..omg
Tokademics
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If we close above 55k then BTC will continue to ride the wave my friend. Let's hope it won't be such doom and gloom.
thedarklord369
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@BarronTrump, there was over 200 billion bitcoin wiped out. doubt they would've done that if it was going to go up again.
What leads you to believe that?
Where have you put your beginning and end of your fibonacci fan?
Thank you in advance!
Very nice job on spotting the divergence, correction was more than overdue :)