We had a nice rise across crypto earlier today! We keep hoping we're done with this correction that feels like it's taking forever, but I fear we have one more dip before we're done.
The 78.6 retracement of our 2/2-2/19 rise would take us down to 132. We almost hit that yesterday, but instead we bounced off the support region from 12/9, 12/22, and 1/17.
We *could* be done, but as I said, I think we're in for one more dip. That would also get us closer to the end of the Feb-Mar downward wedge (pink triangle). If the 78.6 holds, we'd bounce around 132 (green arrows).
If we fall lower, there's some support around 120, which would coincide with our upward bottom trendline (orange) (yellow arrows). Then, there's nothing really until 100-107 (red arrows). If we double bottom a little above 100 that would be okay for a reversal. But of course, if we dip below 100, that would invalidate the Elliott wave that started in early Feb, and only the bears would be happy (white arrow).
I'm new here - please don't take any of the above as financial advice.
The 78.6 retracement of our 2/2-2/19 rise would take us down to 132. We almost hit that yesterday, but instead we bounced off the support region from 12/9, 12/22, and 1/17.
We *could* be done, but as I said, I think we're in for one more dip. That would also get us closer to the end of the Feb-Mar downward wedge (pink triangle). If the 78.6 holds, we'd bounce around 132 (green arrows).
If we fall lower, there's some support around 120, which would coincide with our upward bottom trendline (orange) (yellow arrows). Then, there's nothing really until 100-107 (red arrows). If we double bottom a little above 100 that would be okay for a reversal. But of course, if we dip below 100, that would invalidate the Elliott wave that started in early Feb, and only the bears would be happy (white arrow).
I'm new here - please don't take any of the above as financial advice.