Hey everyone, I hope this finds you well. Crypto has been going nuts lately, and it sucks that I haven't had much time to cover it. School is crazy right now and trying to manage school, work and trading is tricky. Anyway, let's get right into the t.a
Elliottwave Analysis: Right now, it seems that we are building some sort of impulse wave upwards. We have seen everything but the 5th wave. The wave two was deep, and the wave 4 was very shallow, meaning the guideline of alternation has been followed properly. In addition to this, since the wave 4 was so shallow, we can assume that there is a lot of bullish momentum at the moment. The target for the 5th wave is the 4.6507 price. This is a huge fibonacci cluster, the 0.618 of the wave 5 of the impulse, and the 3.618 extension of the wave one. In addition to this, it is also the wave b of the larger impulsive wave's wave 3.
Whether we are going much higher, I am not sure, but I think that for now, this is a good target. My goal with my technical analysis at the moment is to really look at the greater structure unfolding. Elliottwave is all about confirmation between signals and wave counts, so if I can find a count that matches with the greater trend, it will be even stronger.
RSI analysis: on the 6 hour, we can see that the rsi is making a 5 wave move up.
It is looking incredibly bullish and I think that this is a great sign for the longer term. Another important thing to notice is that in the longer term, there is bullishly diverging rsi.
Longer term macd analysis: Something interesting to pay attention to, is the bullishly diverging macd. I think that we are going to be seeing something big. I really do. We have, on a large time frame, seen the bullish momentum building, and I believe we are going to go somewhere with it.
All in all, I think there is a lot of potential with crypto right now, so buckle your seat belts and enjoy the ride guys. If you have any questions, let me know. Have a good night.
Elliottwave Analysis: Right now, it seems that we are building some sort of impulse wave upwards. We have seen everything but the 5th wave. The wave two was deep, and the wave 4 was very shallow, meaning the guideline of alternation has been followed properly. In addition to this, since the wave 4 was so shallow, we can assume that there is a lot of bullish momentum at the moment. The target for the 5th wave is the 4.6507 price. This is a huge fibonacci cluster, the 0.618 of the wave 5 of the impulse, and the 3.618 extension of the wave one. In addition to this, it is also the wave b of the larger impulsive wave's wave 3.
Whether we are going much higher, I am not sure, but I think that for now, this is a good target. My goal with my technical analysis at the moment is to really look at the greater structure unfolding. Elliottwave is all about confirmation between signals and wave counts, so if I can find a count that matches with the greater trend, it will be even stronger.
RSI analysis: on the 6 hour, we can see that the rsi is making a 5 wave move up.
It is looking incredibly bullish and I think that this is a great sign for the longer term. Another important thing to notice is that in the longer term, there is bullishly diverging rsi.
Longer term macd analysis: Something interesting to pay attention to, is the bullishly diverging macd. I think that we are going to be seeing something big. I really do. We have, on a large time frame, seen the bullish momentum building, and I believe we are going to go somewhere with it.
All in all, I think there is a lot of potential with crypto right now, so buckle your seat belts and enjoy the ride guys. If you have any questions, let me know. Have a good night.