This is only a possible scenario. Last divergence generated a nice swing high. good possible gains. We then moved lower along with the BTC drop and plenty of other coins.
What is interesting though, is that, on one hand we have a situation on a long term Time Frame that is not looking very good now; on the other hand we have multiple Divergences ( possible kick-off (a)? ), a dynamic support that is holding the lower lows, Moving Averages getting tighter.
ETH and LTC are showing a similar condition, BTC is showing a POTENTIAL shorter term inversion formation. (correction)
If price is currently attracted to a lower price for different matters, but we first take an upwards correction as this analysis suggests, This is one possible scenario I am working on.
I'm just a trading student, I've been studying and trading for 2 years now, -ABC- denominations from EW are purely indicative of the possible directions, I'm not a good EW analyst.
nice =) The multiple signals about a temporary upside correction were correct: Multiple Divergences and trendlines convergences signaling a fulcrum point which pushed the price +30% Higher.
First target is hit, IDK about the second one and if the price will keep moving Higher.
We have to keep an eye on the overrall crypto situation and the BTC behavior.
Volumes are kicking in..
MauriceEverthin
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I mean.. wouldn't You short THIS on a small time frame?
First target is hit, IDK about the second one and if the price will keep moving Higher.
We have to keep an eye on the overrall crypto situation and the BTC behavior.
Volumes are kicking in..