We will examine the price dynamic on this chart. We already know the classic signals: bullish RSI, trading above EMA10/21/50, higher lows, consolidation, etc.
The classic signals are good and valid but this analysis adds another dimension.
The market moves in waves; up and down, up and down.
After a period of distribution in 2021, CELOBTC enters a bearish wave (down). The bearish wave ends with price action going flat (consolidation).
After a bearish wave comes a bullish wave (up). This "up" wave is what is depicted with a green arrow on the chart.
👉 Very easy, first target is set at 138%; this can happen right away. 👉 Still easy but can take longer, the second target is set at 308%.
👉 Finally, can be much higher just as it can be a bit lower; we can aim for 700% or more to end this bullish phase.