Hi guys, decided to update my analysis on SUB (Substratum). We have likely completed wave 1 of a larger Elliot wave
cycle and are currently in wave 2 correction OR have started wave 3 up. Either way I believe we have found the bottom as there is a lovely bull wick touching the 0.718 fib to complete sub-wave C. Now i have drawn a wedge
pattern that we will breakout of soon and with the nice bounce which still has momentum currently we could get a rally up. However after such a big rally in the first wave 1 and a heavy retrace (wave 2) we could most likely just breakout of the wedge
and trade sideways for a while as I have indicated which is common for alt coins that have had HUGE rallies up which SUB has (verge and ripples other examples). I am confident we won't breakdown as it is a descending wedge
type pattern anyway but in the off chance it does it will just bounce off the 0.768 fib so a buy order there could be a good move.
1D Chart INDICATORS
RSI- As you can see we have found a bottom on the RSI
and are starting to swing upwards which is a very bullish
sign, watch for higher highs and lower lows to confirm a breakout.
MACD- Bottom has been found on the MACD
with a line cross looking likely if we keep this upward momentum which is very bullish
for those who don't know.
For the wave 3 up, the long term target is a 1:1 extension @ 26316 sats
or you could take half profits and take the other half between a 1:1 and 1:1.6 extension @ 32000 sats
as wave 3 is often the strongest wave up and never the weakest. Keep in mind I am short term bullish
at the time of writing as long as we keep this upwards momentum AND BTC
behaves but don't get me wrong I am very bullish
on Substratum long term.
I have done a small fundamental analysis
on Substratum on my steemit if you want to check it out the link is below I'd just rather not 'shill' on tradingview.
*This is not financial advice*
Comments and feedback are appreciated