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Lisk #LSKUSD - bad news, paradigm change!
TECHNICAL ANALYSIS:
The impulsive wave scenario has been invalidated!
Currently, the best scenario available is not the impulsive formation, but the double zigzag (W) (X) (Y), which ended at $ 40.48.
The reason for changing Elliott waveforms from impulsive to corrective is too many canceled levels and too many overlapping levels. It is not the traditional behavior of the pulse wave, but more suits the formation of the Double ZygZak just. Not only that, this formation can still evolve into the Triple ZygZak, but for the time being there is no reason to do so.
The current inheritance formation WXY is the largest downward correction since the cryptocurrency has been recorded, which proves that the trend and form of the further wave scheme has probably changed.
Without going into details, in the short-term perspective the situation is as follows: there is still a chance for further increases (option of the Triple ZygZak), even with the option of new peaks, but they will not be long-lasting. The most similar to this model are currently the so-called: Pumps and Drops (PUMP and DUMP), which means that the market is no longer in an upward trend (and this option was assumed from the beginning of the impulsive scenario).
In the short-term, the most important levels are currently:
- support at 15.70
- internal trend line at 15.00
- Fibonacci cluster at 11.50.
- external extension of the Fibo level at 8.00.
The current WXY correction is close to the end of the decline at one of these levels.
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The impulsive wave scenario has been invalidated!
Currently, the best scenario available is not the impulsive formation, but the double zigzag (W) (X) (Y), which ended at $ 40.48.
The reason for changing Elliott waveforms from impulsive to corrective is too many canceled levels and too many overlapping levels. It is not the traditional behavior of the pulse wave, but more suits the formation of the Double ZygZak just. Not only that, this formation can still evolve into the Triple ZygZak, but for the time being there is no reason to do so.
The current inheritance formation WXY is the largest downward correction since the cryptocurrency has been recorded, which proves that the trend and form of the further wave scheme has probably changed.
Without going into details, in the short-term perspective the situation is as follows: there is still a chance for further increases (option of the Triple ZygZak), even with the option of new peaks, but they will not be long-lasting. The most similar to this model are currently the so-called: Pumps and Drops (PUMP and DUMP), which means that the market is no longer in an upward trend (and this option was assumed from the beginning of the impulsive scenario).
In the short-term, the most important levels are currently:
- support at 15.70
- internal trend line at 15.00
- Fibonacci cluster at 11.50.
- external extension of the Fibo level at 8.00.
The current WXY correction is close to the end of the decline at one of these levels.
PS: Please FOLLOW ME if you want to know about all new updates!
Nota
Nota
The price has broken out of the downward channel but was stopped at the level of 50% Fibo and since then got back down in a corrective move. Thre is still a possibility of another move higher, but the level of $14.77 must not be violated.Next important event is the LISK rebrand on the 20th of Feb and then Core 1.0 release and SDK release. So the price might consolidate until this date will arrive.
Nota
#LISK #LSKUSDThere was no growth impulse, so after the sudden rally to $ 36, the price began to fall sharply.
No good news for the bulls: to complete the cycle, there was one more large downward wave, which can easily reach the level of $ 10 and even go down below.
Time will show, as long as the increases are not visible on the horizon.
Nota
Nota
In a consolidation area, waiting for a breakout higher.Nota
Lisk next target $40.
Penafian
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