So we've seen 7 months of crypto-correction...personally I've had enough! Ultimately I will follow the momentum/wave/channel, etc. Follow the technicals (as interpreted), regardless of hope or want. That being said, let's go!
I feel it's very common to see Wave C (or Y) terminate somewhere between the closing price and wick of Wave A (or W) of a major downturn. Secondly, we have a major support trend line (maroon) under approach as well as currently settling on a major support price level (light blue). Additionally, I love seeing daily chart divergence on the MACD; although multiple divergences may be witnessed prior to the finality of any move, this indicates a looming momentum shift. The overall trend dovetails with, necessarily, the noticeably reducing slope of successive declines.
As an exercise, I often try to think of charts inversely; therefore, were we to see waning momentum and flattening slopes coupled with MACD divergence approaching a significant high, we would be very apt to sell...henceforth, I am very apt to buy!
Continued strength is derived from a crossing of the MACD SMA's (fast over slow) as well as price action exceeding the SMA-25, which it likes to obey. Furthermore, price action has been clearly contained within downward and upward channels during the W-X-Y correction since last December (maroon dotted lines), for which we have just broken through the final Wave C of Y to the upside.
I have added a purple dashed potential ending diagonal for an alternate, lower low scenario which would portend, upon completion, a significant and rapid move to the upside; so if this rally stalls, settling within the purple-dashed, triangulated boundary, watch for the upside break as it will be significant!
Finally, to my eye, cryptos are following a very ordinate pattern for any asset, from an Elliot Wave standpoint (Elliot provides invaluable context from which to macroscopically view asset price movements). The hard concept to grasp, I feel, is the sheer magnitude of what cryptos are on the cusp of realizing...nay destined to realize. Cliché or not, the platitudes hoisted upon cryptos must not blind us to the overwhelming magnitude of the global financial prowess at large, and the subsequent exponential rewards that exist for those who accept the reality of the earth-shattering wealth transfer looming with the world's FIRST independent currency system. This is our gold-rush...our 1920's stock-boom...our e-mail of currencies.
In short, and proffered as the most basic investment advice for those who are skittish and (like I was) prone to losing out on a known winner, simply continue buying a predetermined amount of high volume cryptos (i.e. all offered at Coinbase) every month, thereby dollar-cost-averaging your claim. That said, and returning to the original point, from a Wave standpoint, I feel we have completed or nearly-completed Wave 2....and Wave 3 is going to be one heck of a ride!!
Thanks all!
Innominate
Equality of opportunity is what we, as a race, MUST strive for...not equality of outcome!
“A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
― Milton Friedman
I feel it's very common to see Wave C (or Y) terminate somewhere between the closing price and wick of Wave A (or W) of a major downturn. Secondly, we have a major support trend line (maroon) under approach as well as currently settling on a major support price level (light blue). Additionally, I love seeing daily chart divergence on the MACD; although multiple divergences may be witnessed prior to the finality of any move, this indicates a looming momentum shift. The overall trend dovetails with, necessarily, the noticeably reducing slope of successive declines.
As an exercise, I often try to think of charts inversely; therefore, were we to see waning momentum and flattening slopes coupled with MACD divergence approaching a significant high, we would be very apt to sell...henceforth, I am very apt to buy!
Continued strength is derived from a crossing of the MACD SMA's (fast over slow) as well as price action exceeding the SMA-25, which it likes to obey. Furthermore, price action has been clearly contained within downward and upward channels during the W-X-Y correction since last December (maroon dotted lines), for which we have just broken through the final Wave C of Y to the upside.
I have added a purple dashed potential ending diagonal for an alternate, lower low scenario which would portend, upon completion, a significant and rapid move to the upside; so if this rally stalls, settling within the purple-dashed, triangulated boundary, watch for the upside break as it will be significant!
Finally, to my eye, cryptos are following a very ordinate pattern for any asset, from an Elliot Wave standpoint (Elliot provides invaluable context from which to macroscopically view asset price movements). The hard concept to grasp, I feel, is the sheer magnitude of what cryptos are on the cusp of realizing...nay destined to realize. Cliché or not, the platitudes hoisted upon cryptos must not blind us to the overwhelming magnitude of the global financial prowess at large, and the subsequent exponential rewards that exist for those who accept the reality of the earth-shattering wealth transfer looming with the world's FIRST independent currency system. This is our gold-rush...our 1920's stock-boom...our e-mail of currencies.
In short, and proffered as the most basic investment advice for those who are skittish and (like I was) prone to losing out on a known winner, simply continue buying a predetermined amount of high volume cryptos (i.e. all offered at Coinbase) every month, thereby dollar-cost-averaging your claim. That said, and returning to the original point, from a Wave standpoint, I feel we have completed or nearly-completed Wave 2....and Wave 3 is going to be one heck of a ride!!
Thanks all!
Innominate
Equality of opportunity is what we, as a race, MUST strive for...not equality of outcome!
“A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
― Milton Friedman