"At around 00:00 (GMT), our satellites detected a breakout attempt by the bulls approaching the previous high. But the path was filled with heavy turbulence and the breakout had to aborted. During this process, all our engines failed and now we are in a state of free fall. It was a pleasure serving with you, Ladies and Gentlemen. Godspeed." - Last remaining Bull.
Technicals: As I stated melodramatically, bulls tried to breakout but have failed. This leads Elliotticians and most Technical Analysts to come to the conclusion that a deeper correction is still in play. The rejection from 6600 states its case very clearly.
So we have a Deep Wave (iii) correction to the 3.618 fib level as expected. Wave 4 simply made a dead cat bounce. It forced enough shorts to close their positions.
Now as it stands, we shall start our descent very soon. But be warned this time will much more different than times before. It will be swift and merciless.
On shorter timeframe we can see that a bear pennant is in play and it gives us a high probability entry point.
We may enter at any point in the pennant and put a stop at the swing high. The Risk to Reward ratio is very much in our favour. Even if the stop gets taken out before the drop commences our losses will be negligible.
And what about other altcoins?
Well they will soon by reduced down by 25-30%.
Bulls, I truly wish I had something more to say than "You had your chance, You failed. Now deal with it!"
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
Technicals: As I stated melodramatically, bulls tried to breakout but have failed. This leads Elliotticians and most Technical Analysts to come to the conclusion that a deeper correction is still in play. The rejection from 6600 states its case very clearly.
So we have a Deep Wave (iii) correction to the 3.618 fib level as expected. Wave 4 simply made a dead cat bounce. It forced enough shorts to close their positions.
Now as it stands, we shall start our descent very soon. But be warned this time will much more different than times before. It will be swift and merciless.
On shorter timeframe we can see that a bear pennant is in play and it gives us a high probability entry point.
We may enter at any point in the pennant and put a stop at the swing high. The Risk to Reward ratio is very much in our favour. Even if the stop gets taken out before the drop commences our losses will be negligible.
And what about other altcoins?
Well they will soon by reduced down by 25-30%.
Bulls, I truly wish I had something more to say than "You had your chance, You failed. Now deal with it!"
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
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My NEO USD chart hit all its targets and delivered 72% profit :D