About meMy name is Jannis Jakob. I am Trading and Investing since 2002, when I was 20 years old.
Still fascinated by the movement of price and by the possibilities to predict and to ride its waves.
In my recent ideas I suggested, that Algo had a breakout from a Falling Wedge and that more upside movement would follow.
And there was a move to the upside, but not very strong and not with a lot of volume. So now it seems to me, that there was no real change in trend yet.
The bulls are still hesitating. So I adjusted the wedge... Let's see...
This was a deep correction! But that is normal after an extended fifth wave of an Elliott Wave impulse.
A strong support area is near and bullish divergence shows, that the sellers are getting exhausted.
Price will likely turn to the upside soon.
Probably one more little drop to find support. A confirmation of a new bullrun would be a high volume break of the upper line of the wedge. Typical for cryptos: Quick, almost vertical, hyped up power-rises to the upside and long stretched, time-consuming corrections...