We often see wedges morph into columns. For example, we saw LTC do this a couple months ago. I've seen people here on Tradingview call a breakout for RDD. We see potential breakouts in RDD/USD as well as RDD/BTC. The dramatic 99% retrace in wave ii on the RDD/BTC chart caused this breakout potential. I am seeing it as a bear wick. RDD/BTC has a huge cluster of support in the range of 91 Satoshi and so it will take some time for RDD to bust through the support (back into the wedge) on the RDD/USD chart.
I have taken a closer look at the subwaves of the ABCDE pattern inside the wedge/column and I see that RDD has currently only completed waves A and B. We still have C, D, and E left. Yep, those of you who thought this correction was almost over, think twice. There is a lot of evidence showing it extend all the way to the apex of the wedge. My favorite chart that shows evidence of the crypto market correction extending to June 5/6th is this one:
Coincidence that the apex of the wedge is at the .886 retrace, precisely to the hour of the UTC start of June 6th, I think not. Many coins are showing they have a long way to go down before they are done correcting. As mentioned in previous post I have BTC bottom at 6680. It may be likely that it hits this USD value on a candle wick. I have RDD/BTC bottom at 66 satoshi at the .786 which coincides with the apex of the RDD/USD wedge at 0.0044 ~ .886 fib.
I don't anticipate point D going back up to the top of the column. There is not as much support down at the 77 Satoshi range, and I only expect it to bounce up to the 81 Satoshi range, as it will find resistance at 81 Satoshi. BTC will not be valued enough to make RDD/USD to reach back upwards to the top of the column.
This is my count on RDD/BTC
Wave i 95 -> 83 = -12
Wave ii 83 -> 94 = 11
Wave iii 94 -> 77 = -17 ~ 1.414
Wave iv 77 -> 81 = 4 ~ .236
Wave v 81 -> 66 = -15 ~ 1.272
I have taken a closer look at the subwaves of the ABCDE pattern inside the wedge/column and I see that RDD has currently only completed waves A and B. We still have C, D, and E left. Yep, those of you who thought this correction was almost over, think twice. There is a lot of evidence showing it extend all the way to the apex of the wedge. My favorite chart that shows evidence of the crypto market correction extending to June 5/6th is this one:
Coincidence that the apex of the wedge is at the .886 retrace, precisely to the hour of the UTC start of June 6th, I think not. Many coins are showing they have a long way to go down before they are done correcting. As mentioned in previous post I have BTC bottom at 6680. It may be likely that it hits this USD value on a candle wick. I have RDD/BTC bottom at 66 satoshi at the .786 which coincides with the apex of the RDD/USD wedge at 0.0044 ~ .886 fib.
I don't anticipate point D going back up to the top of the column. There is not as much support down at the 77 Satoshi range, and I only expect it to bounce up to the 81 Satoshi range, as it will find resistance at 81 Satoshi. BTC will not be valued enough to make RDD/USD to reach back upwards to the top of the column.
This is my count on RDD/BTC
Wave i 95 -> 83 = -12
Wave ii 83 -> 94 = 11
Wave iii 94 -> 77 = -17 ~ 1.414
Wave iv 77 -> 81 = 4 ~ .236
Wave v 81 -> 66 = -15 ~ 1.272
Comment:
It looks like it morphed into a smaller wedge rather than a column. Apex is still out at the June 5th range, but is not as low. It looks like it is putting in the E wave of the smaller wedge as BTC/USD puts in subwave 2 of its newly started impulse. With BTC/USD subwave 2 down at the .618 fib at ~7200 and RDD/BTC down at 82 Satoshi, we have RDD/USD touching down at the point E near 0.0059 USD.
Comment:
RDD is at the very cusp and it could spike either way down or up at this point; however all the signs are pointing upwarsds.
RDD/USD has formed an indecisive breakout. RDD/BTC is at the very tip apex of a symmetrical triangle; however it formed a bull wick bounce re entry showing strength and propensity to continue upwards.
BTC could go either way. It’s at the apex of an upwards wedge (but it already breached the bottom support once which I think would weaken its ability to break downward from it), but it has indecisively breached the neckline of a inverse head and shoulders pattern (confirmed with volume) which is a distinctive sign for upwards mobility.
EOS has clearly broken out of its downward column and seems to be leading the way towards some impulse action.
This, along with the other indicators of upwards action in the RDD/btc chart and in the market, leads me to think RDD/usd should soon have a spike upwards.
RDD/USD has formed an indecisive breakout. RDD/BTC is at the very tip apex of a symmetrical triangle; however it formed a bull wick bounce re entry showing strength and propensity to continue upwards.
BTC could go either way. It’s at the apex of an upwards wedge (but it already breached the bottom support once which I think would weaken its ability to break downward from it), but it has indecisively breached the neckline of a inverse head and shoulders pattern (confirmed with volume) which is a distinctive sign for upwards mobility.
EOS has clearly broken out of its downward column and seems to be leading the way towards some impulse action.
This, along with the other indicators of upwards action in the RDD/btc chart and in the market, leads me to think RDD/usd should soon have a spike upwards.
Comment:
This recent bounce is evidence that RDD is finally headed for a lower low. The apex of the new wedge is out near mid June.
The fib ratios are working out much better with RDD/USD near 0.005 and RDD/BTC near 77 satoshi.
I will post a picture of the new wedge later.
The fib ratios are working out much better with RDD/USD near 0.005 and RDD/BTC near 77 satoshi.
I will post a picture of the new wedge later.
It should just be a matter of time before RDD responds with a high spike of volume clearly marking the start of its wave iii, continuing its impulse upwards.
I’m having my doubts about whether of not RDD will continue its fractal pattern that would take it to 0.055 USD within the next few weeks. I’m seeing BTC top out around 9k during corrective action upwards in the next roughly 4 weeks.
Let’s see what happens.