Fundamentals: Expecting selloff on Mainnet launch (Month's end) Time to start taking profits on long positions.
Resistance / Exit points for Long: 1050-1150 Sats - Bitcoin being in a bearish trend has potentially decreased expected bull momentum for alts, and thus for TRON. This leads me to believe that a double top is the most likely exit point for long positions.
Algorithm target alignment: Algos will be selling off at the same range as double top because -
100% target length of wave 1 on the higher degree count (Super common for truncated 5s)
50% target length of wave 1-3 on the higher degree count
161.8% target length of wave 1 on lower degree count (confirmative)
Thank you for your great chart. Excellent analysis. I am confused though when you say "100% target length of wave 1 on the higher degree count (Super common for truncated 5s) " When I do a fib ext pull from wave 1 to wave 2 100% is around 806 sats. Please explain what is your "higher degree count" and lower degree. Thanks :)
marzil
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@Romanesco, thanks man
I was projecting length of 1 at wave 4's end as 100% fib target relation is common between wave 1's length and wave 5's length.
I should've mentioned that, my bad. thank you for bringing that to my attention.