ABCD pattern completed following last weeks selloff caused by Bitcoin's Correction. Im hoping for some short term Bullishness up towards the prior High, i think If bitcoin can hold stable and bounce around in a little range then alt coins could get a bit nice little boost, but im honestly an idiot so don't take this as advice, i could be entirely wrong.
I will be entering on the break of this pattern, if it fakes out out and falls i will immediately close my long cover the trade with a short. 2% risk, with a 1:5 RR to the downside and a 1:6 RR to the upside
Here we can see 5 waves up from the low, we could be due a small pullback/consolidation before we have another run up. we can see divergence on the RSI indicator showing divergences between wave3 and 5. Price is currently at the 618 fib extension of waves 2-3, which is an area that could bring supply into the market
BNB is setting up for either a breakout to continue up, or for a retracement deeper to the 50 fibb from where it could finish the ABC correction which would also set it up for the next leg up. One to watch closely in my opinion.
Wave 1 complete with an abc pattern formed. Tl break from the high on the daily to the prior local high with a retest and clear bullish engulfing candle out of this area on the $H. Fib extensions 27.2 and 61.8 could be used as price objectives
Link broke out of a small continuation pattern on the hourl which was part of a short relief stage following a breakout on a larger pattern on the daily. Daily Fib extensions could be used for longer term price targets, Hourly fib extensions from the abcd pattern could be used as shorter term price targets.
We are currently setting up for a potential wave 1 of Elliot, considering we have just completed an ABCD pattern to the 50 Fib of the initial leg up which is in good confluence of a Support/resistance level. The ABCD moving off the SR level has in turn created what appears to be an inverse Head and Shoulders which when broken out of could indicate a continuation...