3 waves have been completed since the high of 1400.
I think we might be in an impulsive wave down noted by the Alt : X count. (yellow boxes) Or in a (ABC) move (pink)
In both cases, price is (close) to a bottom therefore should startht to find it's way a bit higher.
The question is, how high will it go ??
My prefered thought is, it will try and test the upper channel line, probably break a bit outside of it but still fall lower after. I don't think we have seen the end of this bear market because majority of retail traders are still mostly long positioned on all cryptos and unless there is a shift in sentiment and traders start going mostly short by the time we touch the upper channel, I don't think price will go any higher.
Once we reach a higher price, we also need to look at the subwaves to figure out if we are in a correction or starting a new rally higher.
**Conclusion** We will see price go higher but it's going to be another bull trap, so, don't buy into it !
Komen
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Is the correction coming now ?
Komen
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Notice the bullish divergence. Price should stop going much lower for now.