ABCD pattern is obvious across 2-3 weeks of price action.
RSI indicator suggests static trading between $135-130. Meanwhile, volume and supply suggest no new buyers at this price point; and lack of volatility suggests no meaningful profits being taken i.e. no sellers at this price point either. A decisive move above or below this price range (read: $160 or $125) will shake the proverbial tree and get things moving. My gut says that negative movement is likely.
Elliott Wave follows form with the ABCD pattern as fib harmonics suggest a retrace to $110. That said, broader sentiment is bullish and a run up to $175+ should be expected. Think July 2020.
Importantly, I think bigger market awareness is critical. Fiat markets are in chaos and the end is nowhere in sight. Liquidity will prove huge to those in need; so don't be surprised when volatility gets exceptionally volatile -- especially on the ride to +/- $100. Personally, price will dip in lockstep with fiat and BTC, but it won't break the $100 threshold that every hungry bear here is chomping for. From there, however, I expect that we'll enter a 3-5 month bear market with scarce volatility and price action that remains firmly and painstakingly planted between $110-$125.
Get ready, this is the last fun we'll have from a trading perspective until Winter -- but it also marks the best opportunity to invest since December 2018!
RSI indicator suggests static trading between $135-130. Meanwhile, volume and supply suggest no new buyers at this price point; and lack of volatility suggests no meaningful profits being taken i.e. no sellers at this price point either. A decisive move above or below this price range (read: $160 or $125) will shake the proverbial tree and get things moving. My gut says that negative movement is likely.
Elliott Wave follows form with the ABCD pattern as fib harmonics suggest a retrace to $110. That said, broader sentiment is bullish and a run up to $175+ should be expected. Think July 2020.
Importantly, I think bigger market awareness is critical. Fiat markets are in chaos and the end is nowhere in sight. Liquidity will prove huge to those in need; so don't be surprised when volatility gets exceptionally volatile -- especially on the ride to +/- $100. Personally, price will dip in lockstep with fiat and BTC, but it won't break the $100 threshold that every hungry bear here is chomping for. From there, however, I expect that we'll enter a 3-5 month bear market with scarce volatility and price action that remains firmly and painstakingly planted between $110-$125.
Get ready, this is the last fun we'll have from a trading perspective until Winter -- but it also marks the best opportunity to invest since December 2018!