Are we in Wave 1 of the next uptrend? Target $1.40 to $1.56
Hey Guys,
To be fair identifying Wave 1 of an impulse wave is not usually obvious at the onset. The ABC correction i feel has technically played out and rebounded off the 0.789 Fib level. However with that being said its quite early and Wave 5 of the C correction could still be in play, I would have more confidence once price breaks resistance at $0.94 cents and $1.00 - lets wait for a few more price bars to play out.
Other things I look for in identifying wave 1 -
1. Wave 1 of an impulse will start after the completion of of the previous 5 wave trend - Lets wait for price to break $0.94.
2. Crypto news is usually universally negative - Yes China Evergrande FUD.
3. Sentiment surveys are usually bearish - Yes ‘Fear & Greed’ is at Extreme Fear (21).
4. People are moving their assets to less riskier assets like options, gold ect - Yes Gold ends higher today as market tumbles .
I feel we are in good play for the next wave up, but It is a bit of a guessing game trying to predict where Wave 1 will end so this is just an idea. Wave 1 to target a range between $1.40 - $1.56 before retracing into wave 2. Let's see how this goes.
I regularly update these idea’s as price develops, if you want to be kept updated Follow and Like. Leave a comment if you have any questions.
Thanks
Hey Wippa
To be fair identifying Wave 1 of an impulse wave is not usually obvious at the onset. The ABC correction i feel has technically played out and rebounded off the 0.789 Fib level. However with that being said its quite early and Wave 5 of the C correction could still be in play, I would have more confidence once price breaks resistance at $0.94 cents and $1.00 - lets wait for a few more price bars to play out.
Other things I look for in identifying wave 1 -
1. Wave 1 of an impulse will start after the completion of of the previous 5 wave trend - Lets wait for price to break $0.94.
2. Crypto news is usually universally negative - Yes China Evergrande FUD.
3. Sentiment surveys are usually bearish - Yes ‘Fear & Greed’ is at Extreme Fear (21).
4. People are moving their assets to less riskier assets like options, gold ect - Yes Gold ends higher today as market tumbles .
I feel we are in good play for the next wave up, but It is a bit of a guessing game trying to predict where Wave 1 will end so this is just an idea. Wave 1 to target a range between $1.40 - $1.56 before retracing into wave 2. Let's see how this goes.
I regularly update these idea’s as price develops, if you want to be kept updated Follow and Like. Leave a comment if you have any questions.
Thanks
Hey Wippa
Comment:
Apologies got my EMA colours mixed up. price did actually go above the 20EMA. Very bullish here.
Comment:
The daily will be closing in just over 3 hours from now and we have a bullish engulfing candle. If this closes as is, this will be enough confluence to suggest we are now in Wave 1 of next impulse up and I will start mapping out my next move.
The daily will be closing in just over 3 hours from now and we have a bullish engulfing candle. If this closes as is, this will be enough confluence to suggest we are now in Wave 1 of next impulse up and I will start mapping out my next move.
Comment:
Ripple just dropped a tweet advising they are partnering with Bhutan to roll out their CBCD. So it will interesting to see what impact that has on price.
Trade closed: target reached:
I am confident we are now in Wave 1, price targets met.
I am confident we are now in Wave 1, price targets met.
Price has broken $0.94 which is great, would now like price to break the $1.00 mark which is also where the 20EMA, if it breaks this area it really adds to my confidence we are in the next wave up.