Now that tradingview has the total market cap charts it really makes things a lot easier to analyze in crypto. Shout out to tradingview.
This is a very simple analysis. Sometimes the most simple analysis works best.
We have an ABCD set up here.
If you measure the AB wave it took about 50 days or so to complete. We then saw the C wave pullback 50% in a matter of 35 days.
After the 50% retrace, we then saw another push down that was roughly 2.0 times the size of the BC wave and that also took 50 days or so to complete (CD).
This is a perfect example of a bullish ABCD in my opinion because 2.0 is a reciprocal of 50% mathematically.
Look for how the market reacts to .118 (BLUE LINE)
If we get a retest and a bullish candle close above the blue line, I'll be looking for the market to push up to the green zone.
Meaning BTC XRP and ETH (the main players) should be bullish...which all three are showing at the moment as well.
Cheers
This is a very simple analysis. Sometimes the most simple analysis works best.
We have an ABCD set up here.
If you measure the AB wave it took about 50 days or so to complete. We then saw the C wave pullback 50% in a matter of 35 days.
After the 50% retrace, we then saw another push down that was roughly 2.0 times the size of the BC wave and that also took 50 days or so to complete (CD).
This is a perfect example of a bullish ABCD in my opinion because 2.0 is a reciprocal of 50% mathematically.
Look for how the market reacts to .118 (BLUE LINE)
If we get a retest and a bullish candle close above the blue line, I'll be looking for the market to push up to the green zone.
Meaning BTC XRP and ETH (the main players) should be bullish...which all three are showing at the moment as well.
Cheers