Disclaimer: my publications are personal journals for self-education and development, they are not financial advice.
So the Elliot Wave momentum continued to the 3rd point (although on the exact line I originally plotted ;), nonetheless, we saw a brief travel along the support line, followed by a bounce to the resistance line at point 4. During the momentum between point 2-3 we can see the following:
- An increase in volume
- Consistent ascension of the StochRSI
- Higher highs on the RSI
A minor breakout can be seen once the resistance line was achieved. Based on Bitcoin and cryptocurrency sentiment at the moment, I predict a return to and break of the support line to form a lower low.
Update: while I was typing this, we can see the minor breakout reached the 0.26 Fibonacci level from the support at point 3 before commencing a reversal.
So the Elliot Wave momentum continued to the 3rd point (although on the exact line I originally plotted ;), nonetheless, we saw a brief travel along the support line, followed by a bounce to the resistance line at point 4. During the momentum between point 2-3 we can see the following:
- An increase in volume
- Consistent ascension of the StochRSI
- Higher highs on the RSI
A minor breakout can be seen once the resistance line was achieved. Based on Bitcoin and cryptocurrency sentiment at the moment, I predict a return to and break of the support line to form a lower low.
Update: while I was typing this, we can see the minor breakout reached the 0.26 Fibonacci level from the support at point 3 before commencing a reversal.
Comment:
Typo: 2.36 Fibonacci level.