Price is consolidating below gray broken support, now resistance. This would lead us to believe that another leg down is a higher probability. Nevertheless, we do have RSI divergence, so a recovery would be expected soon. I don´t see any trades to be taken at this moment, and have drawn my bearish, neutral and bullish zones on the chart.
I´m currently using a bullish primary count for INJ. Unless invalidated, we should have another push to the upside, with targets above $10.00. Break of the purple line invalidates this count. Price action is still not favorable to consider the upside has begun, so I´m not taking any trades yet.
My primary count considers that we should be finishing light blue wave 3. I´ll only be looking for shorts on any correction to the upside. Note that there is not RSI divergence, which also leads us to believe the drop is not over yet. First major resistance lies at 0.025.
All support levels have been broken, and there are no past reference levels to use as support. There is also no RSI divergence on the daily timeframe... so I´ll consider any pullbacks to the upside as shorting opportunities. Key resistance levels lie at 1.00 and 1.33 (gray zones).
SIngularityNET has a better loking chart than most other crypto tokens. We do have RSI divergence, and potential wave 1 level (purple line), hasn´t been breached. Also, there´s a confluence of trendlines that can serve as support. The potential risk reward here is so high that I´ll risk a few bucks on a long trade.
My previous thesis was scrapped, and price is breaking down as I write. A new impulsive wave to the downside is probably in wave 3. The purple lines are key levels from 2018-2020, which may serve as target levels. Also note the lack of RSI divergence.
As with the whole crypto market, AAVE is pushing hard to the downside, breaking the lower boundaries of the year-long triangle. The lack of RSI divergence indicates that the drop is not over. I expect a fresh new low below 2021´s minimum price (at 45.60). Still to early to tell if we´ll also break 2020´s low (at 26.10), so further price action is needed.
We have reached the 100% A-B extension projected in my previous post. There's no reversal pattern yet, but the downside seems to be losing strength. RSI is beginning to show divergence, and in the 4HR timeframe there's a wedge in formation that could be an ending diagonal. I'm keeping my eye on a reversal pattern, that could initially target $2 resistance.
This token's very choppy price action leaves room for multiple valid wave counts. My primary thesis points to the downside, targeting 1.80 resistance initially.
My primary count considers we're currently on green wave C of blue wave 4. Not sure this wave was finished, since we didn't have a 100% extension on waves A-B (this is not mandatory, but is very common). In any case, I'm bearish and expect another push to the downside soon.
Short trade targeting initially the 100% extension of the 1st leg down (which coincides with first blue support), and second target in the 161% extension (coinciding with the 2nd blue support).
The corrective movement that began in February is expected to continue down to at least the 100% AB extension, around 0.265 (21% below current levels). This scenario invalidates above 0.46
The 0.053-0.055 region (gray zone), has been a reliable support/resistance zone for the last 12 months. It was broken to the downside 2 weeks ago, and the first retest seems to have failed. I expect new lower lows soon, and see no reason to enter long trades yet.
Price action that began mid-November has an impulsive look, which leads me to consider that the drop from the last 3 months is a zig-zag correction (black ABC). Zig-zags have 100% extensions as high probability targets, which would take us down to at least 0.6267. My primary wave count considers that re are currently in the middle of light blue wave 3, and...
Taking a long trade on the 1HR timeframe for another leg to the upside. Targets are based of Fib extensions. Stop Loss is pretty tight, for a good R/R ratio.
In the 1-HR timeframe, after making a lower low without RSI Divergence, price began correcting forming a rising wedge pattern. Therefore, my expectation is that we will have another leg down to retest the recent low at 0.2531. There could be a fakeout above trendline resistance, but if it happens, I expect it to fail. My trade triggers would be a break below...
The pullback I mentioned previously barely reached 38.2% and price broke down again. We´re currently making a small correction to the upside, but I expect further drops, to test the 3.50-ish support (gray zone). This analysis invalidates at 5.485.
Expecting one more wave up on the 1Hr timeframe, due to a lack of RSI divergence, valid wave count, aud bullish price action.