Since the last Report, that was published before the Libra announcement, things changed, and market pushed higher.
However, we still hitting a major price juncture, and a $2.5k price dump in BTC has shown that. However, alts held reasonably well, so what happens next?
I am not sure who is buying at these levels now, but those people must have deep pockets....
Altcoins/BTC are crazy oversold. Bitcoin dominance is way too high considering all aspects.
Bitcoin finally looks like correcting and consolidating for a while - which would be perfectly healthy.
Altcoins/USD looks like ready for solid move.
This looks like the time to revive altcoin market. Most weak hands already sold on the way to the bottom.
Despite the recent correction DASH is still holding strong above it's trendline (any large timeframe closes under would invalidate idea). Opening longs in this area, TP's shown on chart, setting SL under trendline.
Sub-Wave IV ( Symmetrical Triangle ) almost complete.
DASH should reach around $240-250 at the Peak of Wave I
Wave I is the first sub-wave of the Fifth and Final Wave that will see the price of DASH go between $1,400 - $2,500
- Elliot 1-2-3-4-5 Impulse Wave Completed
- Corrective Waves A-B completed, waiting on completion of C
- On completion of C, potential long entry to T1/T2 (.5 and .618 retracements of swing high April 2018
- EMA 50/200 Cross on 1D
My previous post was an ETH wave count (you will want to check that out) where I suggested we just finished wave (iii), which is where where wave (v) is in the DASH count as shown. Therein lies the rub. I do not think the underlying count on these assets is different. While you could count DASH as I did for ETH, you can't count ETH as I have done so for DASH....
After a beautiful surge, we are not staring at at bullish flag, gathering strength into another breakout?
With more Traditional exchanges will allow trading in the crypto world will equal to more capital flowing into crypto thus pushing value higher. So unless, we are going to get some major bad news, it is unlikely that crypto will suffer a major bear...
Causes of growth:
- common bull market
- vertical support level
- struck the level of $ 177
Goals when buying at $ 177:
1 goal - 225 $
2 goal - 300 $
Stop-loss is placed in the zone of $ 170
We appear to be done with 5 waves as part of the uptrend. Wave 3 was 1.618 Fib ext of wave 1 and wave 5 is 1:1 ext of wave3. This a textbook EW impulse waves
After 5 waves up, ABC correction follows and ideally I would expect the correction to go to 0.618Fib area where there is support (blue line)