Hello Crypto investors!!
Trying to get this off my chest. As much as I want to be a bull in this wildly exciting crypto market, these fibo retracements have been bugging me and preventing me from really trading. For now, I am sitting by the sidelines and watching the development. But at the same time, I thought why not share my views. Well, it is just my views, that is it!
Ok! As a EW trader, after reviewing the charts almost a million times, well maybe about 100 times, I came to conclude that the correction from the ATH has not been concluded. Either a major zig-zag or flat correction is still in play. I am saying that due to the fact that I could not locate a proper wave 2 retracement which actually crosses the 50% mark. All those major retracement all ended at around the 38.2% level.
So, that makes me conclude we are still probably in a big zig-zag or a or flat correction. If it is a zig-zag correction, we are looking to head down soon from around 11200 levels towards new lows, which is soon! If it is to be a flat correction, we are looking to clear above 11200 levels convincingly and will likely head towards to the range of 13000 to 16500 levels before we correct heavily back down to new lows.
Also the volume is not very encouraging, which makes it feels like a sucker's rally. But who knows right??
Whichever the case, trade safely and good luck. :)
Trying to get this off my chest. As much as I want to be a bull in this wildly exciting crypto market, these fibo retracements have been bugging me and preventing me from really trading. For now, I am sitting by the sidelines and watching the development. But at the same time, I thought why not share my views. Well, it is just my views, that is it!
Ok! As a EW trader, after reviewing the charts almost a million times, well maybe about 100 times, I came to conclude that the correction from the ATH has not been concluded. Either a major zig-zag or flat correction is still in play. I am saying that due to the fact that I could not locate a proper wave 2 retracement which actually crosses the 50% mark. All those major retracement all ended at around the 38.2% level.
So, that makes me conclude we are still probably in a big zig-zag or a or flat correction. If it is a zig-zag correction, we are looking to head down soon from around 11200 levels towards new lows, which is soon! If it is to be a flat correction, we are looking to clear above 11200 levels convincingly and will likely head towards to the range of 13000 to 16500 levels before we correct heavily back down to new lows.
Also the volume is not very encouraging, which makes it feels like a sucker's rally. But who knows right??
Whichever the case, trade safely and good luck. :)