GOLEM #GNTBTC - rising wedge pattern will bring 100% profit?
ELLIOTT WAVE TECHNICAL ANALYSIS:
At a weekly interval, including larger cycles, it is difficult to distinguish pulse waves. Therefore, the current counter is based on wave increases (A), with a high at 29629 and a complex wave correction in the wave (B), with a low at 1604.
Starting from this low, five impulse growth waves with a high at the level of 9,000 can be determined, followed by a complex downward correction WXYXZ, which lifted 61% of the growth impulse. The level of 61% Fibo at 4574 is an important level of support, because the corrective cycle in the wave (2)might soon end near this region. Not only that, the whole downward descent has a clear wedge character, and the breaking out from this wedge can bring, among others, 100% profit (if the local peak is hit at 9,000).
It is worth to observe this cryptocurrency and wait for the potential knock out of the wedge.
TREND and IMPORTANT LEVELS:
Main trend: DOWN
Intermediate trend: DOWN
Daily trend: UP / NEUTRAL (correction after the end of the growth cycle and possible breakout from the wedge after correction)
KEY LEVELS:
- for further increases - level 5247
- for the continuation of the correction - level 4374
- for the continuation of the decrease - level 4374
PS: Make sure you are following me, so you will not miss any updates and new analysis!
At a weekly interval, including larger cycles, it is difficult to distinguish pulse waves. Therefore, the current counter is based on wave increases (A), with a high at 29629 and a complex wave correction in the wave (B), with a low at 1604.
Starting from this low, five impulse growth waves with a high at the level of 9,000 can be determined, followed by a complex downward correction WXYXZ, which lifted 61% of the growth impulse. The level of 61% Fibo at 4574 is an important level of support, because the corrective cycle in the wave (2)might soon end near this region. Not only that, the whole downward descent has a clear wedge character, and the breaking out from this wedge can bring, among others, 100% profit (if the local peak is hit at 9,000).
It is worth to observe this cryptocurrency and wait for the potential knock out of the wedge.
TREND and IMPORTANT LEVELS:
Main trend: DOWN
Intermediate trend: DOWN
Daily trend: UP / NEUTRAL (correction after the end of the growth cycle and possible breakout from the wedge after correction)
KEY LEVELS:
- for further increases - level 5247
- for the continuation of the correction - level 4374
- for the continuation of the decrease - level 4374
PS: Make sure you are following me, so you will not miss any updates and new analysis!
Comment:
Let's finish it MR.Golem and do higher! :)