If the price break up green s/r zone price will continue with growing up. If the price refuse this zone, price will go down. Beacause price bounced up from 0,5 fib retracement I think that Waves will continue up.
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We have 1-5 elliot wave uptrend cycle and the WXY correction ended. Now the price start new uptrend 1-5 cycle and price is before 3. wave which is usually the biggest but we need end 2. correction wave by broke line.
On previous analysis we can see almost complet head and shoulders pattern. If we confirm that pattern with broken neckline.
On higher time frame we can see round botton and if we make new swing high the price can continue with growing.
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After we got back to parallel channel the price was starting the falling wedge. Now we are almost on the end, especially on 5th wave and near the red support zone. If price will breakout and confirm falling wedge pattern we could look for a rezistence trendline of parallel channel as a TP. We must be carefully because on Waves this pattern a few times failed.
On the chart We can see completly 1-5 elliot wave and finish correction with wave C which ended near the 0,382 fib. retracement and near the green zone. Now is forming next 1-5 elliot wave structure. We must wait for breakout red s/r zone. Only impulse wave 3 rd or wave 5th can broke this s/r zone. If the price will be over the red s/r zone we can grow up.
Despite that most of altcoin are strongly bearish on the chart of Moneru we have nice bullish pattern. We can see falling wedge and now price must consolidation before the breakout. Other details are on the chart.
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As we can see the 0x is in symmetrical triangle. We finished wave D and the last wave E waiting for us. In case that we will breakout the triangle in direction up we can go to blue rezistence zone. Thats zone may be TP. We must be carefully about move direction of bitcoin because bitcoin is a boss!
It looks like that bitcoin is in falling wedge. There is important zone about 7400$, from this zone the price should bounce up and after confirm pattern we will go up. This may be bad if we breakdown this zone about 7400$.