During my analysis of Kardiachain I have notice that we are in a classical correction phase of the Elliot wave.
Wave 1-2 trapped plenty of complacent traders looking to make quick profits and quickly showed there were many more profits to be had on route to 0.015
Wave 2-3 however was a fantastic leg up and only pushes me to trust my TA more and see we are on route to 0.02
Wave 3-4 clearly caught out more who had thought we had topped out and would head for a retrace but in a Elliot wave it is just a pull back before the next leg up which was also supported by a bull flag being printed on the 4 hour time frame and ranging within it for days adding to my bullish sentiment.
Wave 4-5 which some people believe to be the largest wave of the Elliot wave pattern seems to have begun and once again it looks fantastic.
Fibonacci indicates that a pull back to 0.0133 is possible but I feel it to be unlikely as the sheer momentum of KAI once around new all time highs (ATH) has a tendency to run much higher and much faster than people anticipate.
As we head to 0.02 I think we will likely see some profit taking and a possible retrace retrace but similar to how 0.012 became an area of support from the 0.015 previous ATH I think 0.018 will likely become the area of support for KAI after it reaches 0.02.
It is also good to note that the RSI has just broken out from a bullish divergence and while we sit around this current region waiting for the next leg up it is stabilising and leaving oversold territory which is excellent news for another leg up to continue to complete wave 4-5
One final thing is KAI has been extremely stable during macro market conditions both up and down with minimal effect on price, pair all of these with the bullish fundamentals Kardiachain has to offer and there is no doubt in my mind that in a month or two when this is all just a blip in the chart we will only be at the start of what I hope to be wave 1
Wave 1-2 trapped plenty of complacent traders looking to make quick profits and quickly showed there were many more profits to be had on route to 0.015
Wave 2-3 however was a fantastic leg up and only pushes me to trust my TA more and see we are on route to 0.02
Wave 3-4 clearly caught out more who had thought we had topped out and would head for a retrace but in a Elliot wave it is just a pull back before the next leg up which was also supported by a bull flag being printed on the 4 hour time frame and ranging within it for days adding to my bullish sentiment.
Wave 4-5 which some people believe to be the largest wave of the Elliot wave pattern seems to have begun and once again it looks fantastic.
Fibonacci indicates that a pull back to 0.0133 is possible but I feel it to be unlikely as the sheer momentum of KAI once around new all time highs (ATH) has a tendency to run much higher and much faster than people anticipate.
As we head to 0.02 I think we will likely see some profit taking and a possible retrace retrace but similar to how 0.012 became an area of support from the 0.015 previous ATH I think 0.018 will likely become the area of support for KAI after it reaches 0.02.
It is also good to note that the RSI has just broken out from a bullish divergence and while we sit around this current region waiting for the next leg up it is stabilising and leaving oversold territory which is excellent news for another leg up to continue to complete wave 4-5
One final thing is KAI has been extremely stable during macro market conditions both up and down with minimal effect on price, pair all of these with the bullish fundamentals Kardiachain has to offer and there is no doubt in my mind that in a month or two when this is all just a blip in the chart we will only be at the start of what I hope to be wave 1