Following the Ellliott Wave theory, we have completed wave 1 (high 21850) and are closing in on the end of wave 2. As we can see there is a MINOR support at the ~9200 sat range, I believe this support will be broken in the following days giving us a fall to a much stronger support around the ~8000 sat range. With a complete 1.0 measured move based on Fib Trend Extension we should see wave 3-target 1 around the 26900 range, buy in at the bottom of wave 4 around 21000 sats, and wave 5-target 2 being at 38000 sat range.
We are seeing oversold signals from the RSI but don't let a false breakout suck you in. Don't get caught in a bull trap. If the current trend breaks out before the buy targets are hit, buy after confirmation to protect yourself.
These are just my own thoughts on the Substratum projects current trend and where I believe we are heading in the future. We must let it play out and let the coin run its natural progression. I am in no way a financial adviser.
Let me know your thoughts on the charting or the project as a whole.
Stacking buy orders between 8000-9000 sats with a stop at 7700. If the 8k support is broken it is a long way down.
Nice implementation of Fibonacci & Elliot Wave.
Let’s see how this plays out!