Hello! First chart at top shows major support in this area that has held up. We have a major moving average crossing on the hourly chart which indicates a longer trend! I would like to see this crossing carry into the daily timeframe for a longer uptrend there also.Last time these crossed hourly it rose for 76% gains! The bottom chart is a longer term cup and...
I have identified the double hump which looks to be an elliot wave running flat correction that formed after march pump started.
I based March as the start of a 5 wave elliot cycle with fibonnacci the 5th wave looks to extend to the 1.618 as a blow off top.
I also clipped the fractal from march to its first all time high drop at 64k and put it after the correction...
We are possibly forming a head and shoulders top into an Elliot wave 4th wave correction here!
I have initial drop target as A wave ,also following into B and C wave targets! Upper target for me is $80,000.00
after leaving the bull formation this pattern forms! Could fall out of a triangle and hit lower targets to form a bull flag!
I posted some bullish setups and irresponsibly I didn't have a BTC drop idea in the mix! Any charts anyone posts with bullish targets are greatly affected by BTC and its swings! I am looking for lower targets for Bitcoin which can or will affect alt coin setups causing fake outs or drops through patterns!
I don't know if it is possible to break the log curves indicator but I do have upper targets! I put target price or take profit one at the top of the log curves ! Tp2 is Fibonacci target! Very important is for me to tell you I feel weakness in Bitcoin so until confirmation these are end result targets only! white lines representing the break of "All time high"...
It's a busy chart but........ May be complete ABC correction finished but waiting for confirmation as the completion of ABCDE may be in order! upper targets and next big accumulation corrective zone should be live targets!
Just how I simply decipher Elliot corrective waves! I try not to be a purist and especially with crypto! Just an idea of my thought process and what I put on my charts as it pertains to my Fibonacci levels!