Elliott Waves are derived from human psychology of Greed/Fear. Take care when U trade/long 5th waves, most retail traders tend to FOMO here because they missed the initial waves
Note that 5th wave in turn has 5 subwaves, DONT long the 5th subwave of the 5th wave
With so many achievements, the price is overextended and a correction is imminent. It's quite extraordinary that EOS has recovered the price just before the capitulation of Nov'18 and probably the first in top 10 to hit the 350 DMA line.
Price completely recovered to Nov'18 levels
Hits the 350 Day MA line. Strong resistance
5 Waves (Green) are done. ABC...
Possible bearish count to 50% retracement of previous wave (3), coincides with the target for the broken-down triangle from $300. This count is invalidated if we go above $280 (or $271)
Final confirmation below $255
This is part of the larger wave count and expecting a final wave up. This is valid as long as we stay above...
ETH broke out of an ascending triangle and the wave count appears to be similar to BCH. Our next immediate target appears to be the 300 Day MA ($220+)
We are in the 3rd overall wave out of which the 5 sub-waves (blue) are playing out now. the 3rd sub-wave is done and I believe some correction is due till 175-165. I expect the support to hold at 165...
RSI on Daily (>90) is the highest since Nov'17. Wave 3 is super extended.
I believe 5th wave has to run, hopefully to $400 (300DMA). But we never know where it ends, so be cautious
4th wave supports can be $300 or 0.382 Fib level
There is a possible cup & handle pattern forming (Not an expert on this). So we need a retrace now to form the handle considering that RSI is overbought. I expect support to be at 0.382 fib level
Final confirmation is when price breaks out of the handle and later the neckline (red line).
All the best. Feedback welcome!
We are at the edge of the downward channel and many believe BTC will breakout. However, I see a confluence of resistances which is compelling me to be cautious
Here are the resistances on Weekly chart
1) The downward channel top (Red)
2) 200 EMA (pink) which acted as major resistance since Dec'18
3) Previous local High, going above that will cause a Higher High...
Price is at crucial resistance of 200 Weekly EMA where the rallies were stopped several times since Dec '18 (see linked chart). We also appear to be in a consolidating triangle, and I noticed a fractal which can repeat
After the Jan rally, there was a drop and hike which almost created a doubletop (pink ABC waves) and the price broke down towards the 200 WMA....
We appear to be out of the channel, as a confirmation, like in 2014 I expect a retest of this channel top and support provided (green arrows) at least once.
RSI is at a critical point, in 2014 it was rejected here (red arrows) and went on down second time to make a double bottom (green arrows) marking the end of the bear market
After the recent moves, we appear to have finished with the short rally and now could be in an ABC correction, where C is playing out now with an assumption that there are 5 sub-waves within (orange) and after trying to cross the 50 Day MA @$125, the price is finding resistance and will go down to complete the 3rd wave whose target we are considering at 1.618 Fib...
This bullish count is technically valid as long as the price does not go below Yellow Wave 1 top (excluding wicks) or below wave 2 (In case this is indeed an expanding diagonal) . The stops are aligned as per this assumption
Also, wave 3 length is 1.618 Fib of wave 1, which is ideal for a 3rd wave. The wave 2 correction was shallow till 0.382 Fib of wave 1, while...
We have a yellow channel in the Weekly whose top is coinciding with a support line that is acting as resistance now, if this pattern plays out, the target appears to be the previous bottom where there is support. RSI is also reaching the midway mark where it was rejected previously
However, breaking above this zone would be very bullish
We are assuming a major ABC move up (blue) with C having 5 waves (green). We appear to be done with the 3rd wave and need to correct for the 4th wave before going up. Since wave 2 had a shallow correction (0.236 Fib), I'm expecting deeper correction of wave 4 (0.618 Fib). Note that we may get support at 100 Day EMA or 0.382 Fib around $140+
For a bearish view, C...
The 200 Weekly EMA (pink) has rejected the price multiple times (red arrows) and will offer stiff resistance now. On the other hand, price crossing it (Bullish) will easily take us to 5k target.
I have 2 green lines for support and resistance in RSI with arrows showing where price in 2014 took support and later found resistance after a short spike and made the...