Greetings everyone, time of the week where we take a look at the popular cryptocurrencies and check on their wave formations we’ve been posting for the last couple of weeks.
Move is going according to plan so far. Key level of resistance is around $17200-17350. As long as price is below it we continue to expect price to move towards our target of $8500 at least.
$11630 is support
The rise here is also going according to plan so far. We could see an extension of the fifth wave if we make a new ATH.
We called the top a few weeks back after the completion of the fifth wave….correction is not over yet. First target area has been reached and we now expect price to move lower towards the blue support area. This scenario can be canceled if price breaks above $2.80.
The recent price action is not impulsive. This implies that the move higher has not started yet. We may still be inside wave 2. Price is also forming a head and shoulders pattern that could justify a move lower to complete wave. Only a move above $301 could signal the start of a new wave higher.
All major cryptocurrencies are either in a bearish trend or near completion of a major move. Bulls be careful.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.