EMC2 seems to have completed it's old market cycle and retraced to 0.883 fib level from the old move.
Curently it's going kind of sideways and seems to want to retest 0.883 fib. There is a clear support area and a resistance trend.
A new market cycle can start from this.
Some good sell areas are old support and resistance zones but this may head to a new all time high as this new cycle may be the elliot 3 for a larger move.
@rapidbtc, I can't argue with you because you are right with this but I usually trade charts not fundamentals.
Also, in the telegram group I've also sent multiple target areas and only one of them was an all time high.
Regards.
fedens
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This analysis does not represent an Elliot Wave, complete 8 full cycle 12345abc since there are three basic rules to follow for such analysis:
1- Wave 2 cannot retrace more than 100% of wave 1. (Not the case)
2- wave 3 can never be the shortest out of the three impulse lines (and it is in this case)
3- Wave 4 can never overlap wave 1 (and it does in this case)
Rules two and three are violated so i can’t think of this graph to be a correct analysis and I believe it could simply be a descending wedge.
Best
WealthMurphy
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@fedens, Indeed, the rules are true. But I found that (mostly but not limited) in crypto wave 4 can overlap wave 1 due to panic selling.
I personally use the candles to measure the fib zones and for maximizing profits (buy/sell areas) but for wave count I usually use the line chart.
I don't say that it's the correct way of doing it but it works most of the times (at least for me).
Please have a look at the next chart (for wave count).