Hey Guys,
To be fair identifying Wave 1 of an impulse wave is not usually obvious at the onset. The ABC correction i feel has technically played out and rebounded off the 0.789 Fib level. However with that being said its quite early and Wave 5 of the C correction could still be in play, I would have more confidence once price breaks resistance at $0.94 cents and $1.00 - lets wait for a few more price bars to play out.
Other things I look for in identifying wave 1 -
1. Wave 1 of an impulse will start after the completion of of the previous 5 wave trend - Lets wait for price to break $0.94.
2. Crypto news is usually universally negative - Yes China Evergrande FUD.
3. Sentiment surveys are usually bearish - Yes ‘Fear & Greed’ is at Extreme Fear (21).
4. People are moving their assets to less riskier assets like options, gold ect - Yes Gold ends higher today as market tumbles .
I feel we are in good play for the next wave up, but It is a bit of a guessing game trying to predict where Wave 1 will end so this is just an idea. Wave 1 to target a range between $1.40 - $1.56 before retracing into wave 2. Let's see how this goes.
I regularly update these idea’s as price develops, if you want to be kept updated Follow and Like. Leave a comment if you have any questions.
Thanks
Hey Wippa
To be fair identifying Wave 1 of an impulse wave is not usually obvious at the onset. The ABC correction i feel has technically played out and rebounded off the 0.789 Fib level. However with that being said its quite early and Wave 5 of the C correction could still be in play, I would have more confidence once price breaks resistance at $0.94 cents and $1.00 - lets wait for a few more price bars to play out.
Other things I look for in identifying wave 1 -
1. Wave 1 of an impulse will start after the completion of of the previous 5 wave trend - Lets wait for price to break $0.94.
2. Crypto news is usually universally negative - Yes China Evergrande FUD.
3. Sentiment surveys are usually bearish - Yes ‘Fear & Greed’ is at Extreme Fear (21).
4. People are moving their assets to less riskier assets like options, gold ect - Yes Gold ends higher today as market tumbles .
I feel we are in good play for the next wave up, but It is a bit of a guessing game trying to predict where Wave 1 will end so this is just an idea. Wave 1 to target a range between $1.40 - $1.56 before retracing into wave 2. Let's see how this goes.
I regularly update these idea’s as price develops, if you want to be kept updated Follow and Like. Leave a comment if you have any questions.
Thanks
Hey Wippa
Nota
Price has broken $0.94 which is great, would now like price to break the $1.00 mark which is also where the 20EMA, if it breaks this area it really adds to my confidence we are in the next wave up.
Nota
Apologies got my EMA colours mixed up. price did actually go above the 20EMA. Very bullish here.Nota
The daily will be closing in just over 3 hours from now and we have a bullish engulfing candle. If this closes as is, this will be enough confluence to suggest we are now in Wave 1 of next impulse up and I will start mapping out my next move.
Nota
Ripple just dropped a tweet advising they are partnering with Bhutan to roll out their CBCD. So it will interesting to see what impact that has on price.Dagangan ditutup: sasaran tercapai
I am confident we are now in Wave 1, price targets met.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.