In the last 10 days NANO price action has been a magnificent example of Elliott wave theory and Fibonacci retracement guidlines in action. Now that the first impulse wave of the larger degree has been formed, I want to share my thoughts on potential price action for the near future.
After a 5 wave impulse, Elliott dictates that we must have an three wave 'ABC correction'. The ABC correction is, in my count, on wave B now, which forms a bearish wedge. The wedge is validated by an accompanied decrease in volume.
I've decided to label this wedge with an ABCDE and as of the time of this writing, wave D is about to complete. When it completes, we could potentially have a bounce up to create wave E as drawn in the chart above, HOWEVER my experience with cryptocurrencies have shown that there is a tendency to neglect the E wave in triangle formations.
Often times I've experienced the E wave is broken/skipped about 20% in and price moves in the intended direction instead.
In this case the intended direction is to complete wave C of the ABC correction by bringing price down to around 10.000-11.000 satoshi. If this is the case, we can expect the larger degree wave 3 to start from this point and take us to much higher highs.
I hope this provides you some perspective to your own analysis. Please do not consider this as financial advice or recommendation - it is merely my humble opinion.
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If you want to share your insight and opinion about this pair please comment below.
Cheers!
Hi, great post, have followed you. What do you think of the current state of the Bitcoin market?
Thank you.. well, I'd say the current state is quite healthy.. Many coins are starting to show bullish signs after a long and exhausting correction with Bitcoin leading the way. I think this weeks price action for BTC has finally confirmed that the correction is over, which is a great sign for the overall crypto market..
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