NOTE: For an update (play-forward) of this analysis, click on the Tradingview chart image above, then the triangular play button when you get to Tradingview. Enjoy and comment what you think!
Hey there trader friends, today we have 0x Protocol under an Andrews 0.618 support line & the Fibonacci 0.618 retracement, with only 3 of 5 waves completed on the downside, so there should be a bit more to come. After the expected low, a larger bounce is due, preferably from a bit lower at 0.000008585 area, where I show a green arrow turning up.
ELLIOTT WAVES: CORRECTION or IMPULSE?:
This looks more like a giant correction down. Here’s why:
- Angular momentum down on Wave (A) is steeper than the angular momentum down on Wave (C), at least thus far.
- Even Wave 3 of (A) is steeper than Wave 3 of Wave (C).
- Therefore, Wave (C) is LESS likely to be an Impulse wave. Instead, we are likely in a Wave (C) correction.
CYCLES:
- Red cycle in trough phase, with actual trough on 06/20/18. Blue cycle is still heading down.
- This often means a big bounce is due, but maybe not a new uptrend yet. Price is more important than time.
- Red cycle tops again on 08/08/19, so you'll likely want to be out of any longs before that.
- Blue cycle bottoms in early October, 2018, along with some other large cycles in BTC 2.26% .
DIVERGENCE:
- Both RSI (9) and MACD have bullish divergence suggesting the low is getting near.
TARGET UP:
- Upside bounce target is the prior Wave IV area, likely launch from the next Andrews Pitchfork and FIBO intersect line, both shown by the green arrows.
BOTTOM LINE:
- Possible short-term tradeable low coming. There should be another short sale opportunity, at the prior Wave 4 horizontal black line area, after the expected big bounce.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Cheers and best wishes,
Michael Mansfield
CIO
Thanks for the exposure bro
Thankx for shareing knowledge dear
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