I was waiting to be able to update my count on this and publish it a day before but I was just way too busy to get down to this. As I had touched before there was a possibility of this pair making a revisit to the lows again. In this case, the aggressive drop we experienced this week exhibits the characteristics of a C or a 3rd wave. For this instance, I've marked the drop as a C for a completed ABC pattern. Price seemed to finally find its support and bounced off of a cluster of the Waves A 78.8% ratio and a 78.8% Fibonacci retracement of the entire Five wave sequence from the Grand Cycle wave 4 low of 885.00 USD.
The play stays the same, should I be right, the price should start a steep accent any time now.
The point of invalidation of this analysis and what would call for a complete reevaluation of the scenario is if the price creates yet another low, basically discarding the idea we were in a downward corrective pattern and calling for a deeper continuation of the "Crypto Winter".
HAPPY TRADING :)
The play stays the same, should I be right, the price should start a steep accent any time now.
The point of invalidation of this analysis and what would call for a complete reevaluation of the scenario is if the price creates yet another low, basically discarding the idea we were in a downward corrective pattern and calling for a deeper continuation of the "Crypto Winter".
HAPPY TRADING :)
