I think 16K will be a reversal point which is a 2nd touch after ATH, and price will draw a pennant pattern by going to 6K
Then will be a 3rd touch which will broke the pennant pattern next year and we will see new ATH 28-30K
1. H&S - done
2. Channel 1 - broken
3. Channel 2 resistance was reached
4. If we will broke Channel 2, we will reach 1500-1515$ which is a resistance of CH3. To reach that price, it can take from 1 to 3 weeks.
5. Gold may reach 1600$+ if we will broke CH3, but it can be approximately in September.
On the weekly chart and on the daily chart, previous falling 05.02.2018, price pushed back up, and closed under the trend line. But now situation is different. Todays candle, opened below the trend line, and will see how this week will ends. If this week will ends below the yellow line, price will drop very quickly to the green line, which is 4000 $ +-
We have green support line from September 2017, which was broken in January 2018, and after that it became a resistance. Now we have yellow support line from August.
1st touch: 16.07.2017
2nd touch: 14.09.2017
3rd touch: 06.02.2018
4th touch will come soon.
At Yellow line, probably we will see a pullback, or it can be a trend reversal point for long position....
If this is the case, then we finished 1st wave and now we are in 2nd wave which contains abc correction and now we are in (c) wave.
And if this is the case, after wave 2 at 200$+-, we should start 3rd wave of the main cycle. Final 5th wave, will re-test all time high price.
Hope this is the case, and wish you good profits.
Soon XLM will start Wave 1, and after 50% retracement of Wave 1, Wave 2 will be complete.
After Wave 2, will start the biggest run, which is Wave 3, which equals Wave 1+261%
Then we will go to 38% retracement of wave 3, then will go to finish Wave 5 which is 2.65$.
Cup and Handle is complete
1 and 2 waves are complete.
Now we are going to get third wave, which is 261% of wave 1
Then we will go to 38% retracement of wave 3, then will go to finish wave 5 which is 650 satoshi.