Here is what I see with waves:
1) We've been in descending channel for quite some time now, recently retesting the lower boundary and now the upper.
2) The red box I drew out a few days ago, and we see that waves is experiencing enough resistance to stop it dead in its tracks for almost a week now. This red box represents a key a zone of resistance (from previous price action) as well as the area between the golden pocket and the .236 level.
3) We have rallied 300% very quickly here in the past few weeks on waves. I believe it is time for a cooldown.
4) Scenario 2 is much more likely to play out that scenario 1 in my opinion, but scenario 1 is still on the table.
5) Scenario two will likely bring us back to the green zone of support below us, before moving back upwards. If we fail the green box, waves could potentially reset its entire price action for the past month or so by making its way to the lowest green box.
6) The RSI has been hanging out in the overbought territory for too long on the daily. We need a pullback if we want to sustain further upward price action IMO.
Overall I am short term bearish. Depending on how BTC reacts within the next few months could be a determining factor on waves in the medium/long term.
Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.
1) We've been in descending channel for quite some time now, recently retesting the lower boundary and now the upper.
2) The red box I drew out a few days ago, and we see that waves is experiencing enough resistance to stop it dead in its tracks for almost a week now. This red box represents a key a zone of resistance (from previous price action) as well as the area between the golden pocket and the .236 level.
3) We have rallied 300% very quickly here in the past few weeks on waves. I believe it is time for a cooldown.
4) Scenario 2 is much more likely to play out that scenario 1 in my opinion, but scenario 1 is still on the table.
5) Scenario two will likely bring us back to the green zone of support below us, before moving back upwards. If we fail the green box, waves could potentially reset its entire price action for the past month or so by making its way to the lowest green box.
6) The RSI has been hanging out in the overbought territory for too long on the daily. We need a pullback if we want to sustain further upward price action IMO.
Overall I am short term bearish. Depending on how BTC reacts within the next few months could be a determining factor on waves in the medium/long term.
Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.