The current Elliot Wave (orange) pattern suggests we are in the wave C completion phase. From here we could continue to fall to the next major support at 0.33 or break the blue upper trendline and continue the larger bullish trend.
The longer-term support trendline suggests that we do not close below 0.39,
Breaking the blue upper trendline suggests a continuation of the larger EW supercycle (yellow) wave 3.
The recent runup seems to have played out as a sell the news (Elon Musk SNL) event, however, the drop was not substantial enough to break the larger pattern.
On the upside Dogecoin, google searches have now surpassed Bitcoin, potentially in part due to the publicity generated by the lead-up to the SNL event.
As always Good luck if you are long!
Happy to hear your thoughts.
The longer-term support trendline suggests that we do not close below 0.39,
Breaking the blue upper trendline suggests a continuation of the larger EW supercycle (yellow) wave 3.
The recent runup seems to have played out as a sell the news (Elon Musk SNL) event, however, the drop was not substantial enough to break the larger pattern.
On the upside Dogecoin, google searches have now surpassed Bitcoin, potentially in part due to the publicity generated by the lead-up to the SNL event.
As always Good luck if you are long!
Happy to hear your thoughts.
