This is a possible Elliot Wave analysis. Chart is from Binance.
There is a clear ABC correction upwards from the low 6100s on the 8th of September, which leads into the beginning of our long and boring symmetrical triangle. From what I find, symmetrical triangles in an uptrend usually break upwards. So, the first ABC is actually a "W" which is the beginning of a potential extended correction in Elliot Wave Theory, and the symmetrical triangle helps create a "X", which reveals itself at the most recent low experienced recently at 6530, or the "e" in the symmentrical triangle. This leads me to assume that if we break upwards again past 6650, it would create a rally that would give us hopes for a test of the 200 EMA on the 12-hour chart here around 6800, which would hopefully eventually finish off with a "C" around the .618 level of the last swing high which was around 7450. Of course, we would need some good volume to push to my 6900 target, and we havent seen that as of late.
My EMAs are as follows:
Orange: 7
Purple: 25
Red: 55
White: 200
Thanks for reading!
I am a newb, and this is my first chart posted here. Let me know what you think!
There is a clear ABC correction upwards from the low 6100s on the 8th of September, which leads into the beginning of our long and boring symmetrical triangle. From what I find, symmetrical triangles in an uptrend usually break upwards. So, the first ABC is actually a "W" which is the beginning of a potential extended correction in Elliot Wave Theory, and the symmetrical triangle helps create a "X", which reveals itself at the most recent low experienced recently at 6530, or the "e" in the symmentrical triangle. This leads me to assume that if we break upwards again past 6650, it would create a rally that would give us hopes for a test of the 200 EMA on the 12-hour chart here around 6800, which would hopefully eventually finish off with a "C" around the .618 level of the last swing high which was around 7450. Of course, we would need some good volume to push to my 6900 target, and we havent seen that as of late.
My EMAs are as follows:
Orange: 7
Purple: 25
Red: 55
White: 200
Thanks for reading!
I am a newb, and this is my first chart posted here. Let me know what you think!