So, Particl is actually one of the only coins that I didn't sell off before that BTC dive, because I wanted to see how it is going to handle itself post-correction. I'm still seeing life in this one, but It will surely be dictated by the attitude of Bitcoin over the next few days.
So, the red wave count is our bear scenario. Which indicates the previous 5 subwaves as a truncated 5th wave, completing the wave 1 structure, leading us to a more bearish correction to the .786. As odd as that sounds, its very possible.
The blue lines indicate a bullish scenario, which also seems very odd, but it is just as possible. There's been some recent buying pressure and consistent (smaller) buy walls that have been backing up Particl.
Personally, I am leaning more towards the bearish side, just because I'm picking up on bearish indication by Bitcoin. I think in the short-term Particl recovers a bit, but it may not close above the white resistance line. We've actually bounced nicely off of the white support line, but I'm not sure if it will continue to hold.
WE CANNOT close below the yellow line in order for the bull scenario to reign true. IF it does, then this is likely to be a wave 2 consolidation and we may sit here for a few more weeks. "Target 1 Base" is where I think we may jump up to regardless. That's where I'm targeting to make a decision, to stay or to leave.
Bottom line: I truly don't know which scenario it will follow. Seriously, I have no idea. BUT, I'm going to continue to watch this closely AND base my decisions based on what Bitcoin is doing.
Good Luck!
So, the red wave count is our bear scenario. Which indicates the previous 5 subwaves as a truncated 5th wave, completing the wave 1 structure, leading us to a more bearish correction to the .786. As odd as that sounds, its very possible.
The blue lines indicate a bullish scenario, which also seems very odd, but it is just as possible. There's been some recent buying pressure and consistent (smaller) buy walls that have been backing up Particl.
Personally, I am leaning more towards the bearish side, just because I'm picking up on bearish indication by Bitcoin. I think in the short-term Particl recovers a bit, but it may not close above the white resistance line. We've actually bounced nicely off of the white support line, but I'm not sure if it will continue to hold.
WE CANNOT close below the yellow line in order for the bull scenario to reign true. IF it does, then this is likely to be a wave 2 consolidation and we may sit here for a few more weeks. "Target 1 Base" is where I think we may jump up to regardless. That's where I'm targeting to make a decision, to stay or to leave.
Bottom line: I truly don't know which scenario it will follow. Seriously, I have no idea. BUT, I'm going to continue to watch this closely AND base my decisions based on what Bitcoin is doing.
Good Luck!