The divergence highlighted in my previous analysis has indeed marked the turning point for bulls.
In my primary count, we're presently in green wave V, which would become blue wave 1.
While it's possible that green wave IV has concluded, we might still see an additional stop hunting push downwards.
This analysis holds as long as wave IV remains above the...
It's ok to be uber bullish on Bitcoin... but, from a purely technical point of view, this really doesn't look like a good place to buy.
2-week price action looks like a wedge
Volume is falling (typical of an ending diagonal)
There is massive RSI divergence.
On the daily chart, price is being held by strong resistance around 4.80.
We have broken and retested the green descending trendline.
I am biased for a break to the upside, but I'd prefer if we at least got a pullback to 50%, to have long trades with better probabilities.
After finishing the ABC correction successfully, GRT is back on the uptrend with an impulsive wave that doubled the token's price.
I'm considering we're beginning wave C of wave 2 as a flat correction. After this is done, we could see a very strong upside pump.
The impulsive movement to the upside finished at 0.66, and the blue ascending channel was broken.
Now we have a new descending channel in green for the correction, and I´ll wait for its conclusion to look for long trades.
Ideally, I´d like to see a test of at least 50% pullback, and then a break of the green channel.
The buying point I mentioned in my September post brough over 100% return in two months.
The impulsive wave seems to be in its final stages, with a valid 5 wave count and RSI divergence present.
I expect a correction soon, initially targeting 0.065 support.
The solid impulsive wave tripled LINK´s value from early June until now. For the time being, I´m considering 4.761 to be the bottom for this token.
I´m considering that we should be finishing wave 5 soon, so I´m not buying at current levels (which are massively overextended).
After we get a clear correction, I´ll look for long trades again.
The green trendline support was tested as expected (red arrow predicted in July), and we finally broke the descending wedge to the upside.
Ideally, I´d like to see a retest of the wedge´s upper trendline (blue arrow). If we get a rejection to the upside, I´ll look for long trades (green arrow).
The impulsive wave that began in mid-October is losing steam.
My count considers that the current grind to the upside is an ending diagonal for blue wave 5, in green waves I to V.
RSI divergence is also showing up.
The low 0.06´s are good targets for the pullback, but let´s wait for further price action.
The yellow target zone hasn´t yet been reached, and we´ve had a low volume sideways movement for the last 7 days.
For now, I´m considering this to be a triangle, and will keep a watch on a test of the lower trendline or break of wave d.
The extension of the latest wave to the upside (almost 261.8%), gives us a high probability that we are currently wrapping up blue wave 3.
My plan is to wait for a correction to at least 38.2% pullback and then look for long trades.
Note that there is also bearish RSI divergence on the H4 timeframe.
Looking at price action since May 2021's high, we could be close to the end of the descending cycle.
We have already reached 100% extension of gray A-B, which is a very common condition of Wave C.
In my primary count, we are currently in black wave 5, which would give us a new low below 183.4.
The persistent uptrend from September took wave 5 all the way up to 0.2200 in an ending diagonal.
Correction could be finishing wave C in the 0.1100 zone, which is a confluence of:
- 61.8% pullback
- major resistance/support level from August / early September
- just above 161% extension from waves A-B.
I´ll be watching how price reacts from this level to decide...
Tellor´s solid upside move could still give traders interesting buying opportunities.
In my primary count, we´ve finished red wave iv, and a new high targeting 67 is expected.
Count is valid as long as we stay above red wave i high (at 37.35)