EPIK had an epic day today up 40% and now has fully broken out from the bullish descending wedge spanning most of the year.
Although with this pump it has climbed the ranks considerably, it still is a sub 1000 altcoin and this is very exciting because the volatility and low market cap can lead to enormous upside if this is its moment to blossom which it appears that it is.
EPIK is a gaming / NFT coin and these are often extremely volatile. And volatility is a double edged sword of course; if you HODL in the wrong area then you lose all your money.
Here's an interesting observation:
Every market cycle Bitcoin has at least made a (2 point) 1.618 extension 🤔.
If (and its a very big "if") EPIK can do the same 1.618 extension it will get to $33.
Ok, so what?
Well...
If you had bought the low and it makes it up to $33 then that would be a 1088981% increase.
Which expressed as a multiplier would be a x10832.
So if you put in just $10 at the low you would win just over 100K.
Or if you bet $100 you would get back just over $1 million.
Yes you read that correctly.
This all while the bears look to king bear Jerome who today warned about how the FED still have a long way to go to tackle inflation.
You really couldn't make it up 🤫🤭.
Not advice
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My price range drawing moved slightly, here it is again in correct position.
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🤩
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At its peak of the pump lasting just over a day, EPIK was 62% 😅.
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The wild rally went into overdrive with EPIK surging to 86% in a day!
That's quite a weekly candle and could be much more to come.
There may be plenty more in the pipeline still very low in trend and I am searching to pick out the winners just like this.
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Its been an incredible rally but now EPIK has slumped after hitting the 2.618 Golden Window and this has been a classic Elliott Wave with wave 3 topping at the 1.618 Golden Window also.
And so I am am taking profit here just shy of 300%.
I will leave a quarter in trade and let it run. Hopefully EPIK continues on and on after a pull back.
But it doesn't makes sense to me to hold too much in one sub 1000 rank coin and so the bulk (3/4) I have exited and will now look for more coins in deep positions to funnel my profits into.
Stay tuned!
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Pushing higher and appears to be printing a 5 wave Ending Diagonal which in Elliott Wave is an impulsive wave but with overlap.
I would view it as corrective because; if it is a top then this phase would be the corrective BC - UT as part of a Wyckoff Distribution (topping pattern).
But these are different schools with differing narratives.
EPIK will likely see a significant correction soon - at least back to 0.382 retracement but it could be much more.
But before then we will see if it has a blow off top or just slump down.
I may sell my remaining quarter position soon if something obvious happens 🤨.
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EPIK continues to be epic this week; up another 100% with a few hours to go.
This is a great example of how crypto can go if you do the work.
Because lets face it; most hodlers that (the good ones that are still here now) buy based on "fundamentals" alone or buy coins post peak not realising how deep a bear market can be are still deep underwater holding ADA UNI THETA or whatever was last cycle's hot ticket; praying that breakeven will come some day and they can finally get into the green.
I'll be working to find more hidden treasures like this in deep positions.
Gonna let this run some more but with the RSI so high a correction could be coming in the near future.
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Looks cooked here and ready to make a significant pull back.
On the 2 day chart here to see the blended candle Shakeout Reversal Pattern through the upper trendline of the ascending wedge.
It may bounce and depending on where you are you can perhaps watch and you may get a bounce.
But because its getting late here and this chart moves so fast I have exited everything now for simplicity and protection.
There is a case for leaving some in trade but I think this is odds on to have quite a big slump or even a real collapse and so I prefer to take profit and look for other coins to funnel the profit into.
If another opportunity comes to buy back into EPIK then I will take it.
This has been a great trade and hopefully the first of many like this as we move into the real altcoin bull market 🙂.
Trade closed: target reached
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EPIK has pushed through bearish patterns and candles and is still holding so this could have another wave up from here.
It looks like a 3 wave correction has completed and so the next wave up could be underway here.
This is risky because BTC could dump but these little coins do love to pump in the danger areas.
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If it trends below the lower trendline then the chance of a next wave up becomes significantly lower.
Cheers for the early entry! Really enjoying the crypto gains as of late
dRends35
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@CrashWhen, Thanks for the support. This could be just the beginning for coins like EPIK with pull backs along the way.
ArtfulDodger1974
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Good post and you're correct. The plays of 2021 are just that, yesterday's plays. The next wave of ALTs to pump hard (and not talking swing trading 20% jumps) are not going to be LTC, Doge (sure it will pump & dump again, but nowhere near 70 cents), SHIB, ADA, and the like. Just what the next chosen ones will be IDK, but I have my ideas.
dRends35
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@ArtfulDodger1974, Well I plough through lists of hundreds of coins looking for suitable accumulative structure for deep entry. I'll continue to do this through the bull market; cycling profits. Sold all here now time to rinse and repeat.
ArtfulDodger1974
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@dRends35, if you sold and bought back yesterday, good job. That said, I think the dream of an ALT bull market is over now thanks to the scammer CZ.
dRends35
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@ArtfulDodger1974, It won't make a difference though this FUD may trigger the very natural slump back to BTC 31K to re-test the previous top and altcoins will move with it. Take a look at EPIK today; it has bounced with very bearish news. That shows you that it is in its own dynamic moment irrespective of news and the other altcoins except BNB are just the same. All you need to do is look at the TOTAL charts and see that the altcoin bull market is underway. If BTC gets back to 31K then I have a tidy list of altcoins that I will like to buy if in suitable position looking for another pump like EPIK.
Don't you mean _EPIK_ gains?