3K Yes or No?
5 Wave Impulse Down Pros:
1) Wave 2 Retraces to Golden pocket
2) Wave 4 Retraces to .5 Fib of wave 3
3) Nowhere in the chart have we broken the downtrend by setting a higher high than the previous peak since the marked wave 2.
4) Crossed under 200 Day EMA; only happened before in 2013
5) Double Top with the failure to test previous resistance on the second attempt at the marked wave 4
Wave 5 Impulse Down Cons:
1) Only works on line graph representative of closing price action; wicks on most other timelines from wave 1 would overlap wave 4 which is a party foul.
2) We retraced to wave 4 which typically is shown in bull markets that will continue their bullish pattern.
3) Fundamental analysis is looking favorable for crypto markets with current innovation and the possibility of crypto being used as a hedge against falling economies.
I have a bullish scenario showing a bounce from 8k. If anyone likes this chart I'll post that one as well.
5 Wave Impulse Down Pros:
1) Wave 2 Retraces to Golden pocket
2) Wave 4 Retraces to .5 Fib of wave 3
3) Nowhere in the chart have we broken the downtrend by setting a higher high than the previous peak since the marked wave 2.
4) Crossed under 200 Day EMA; only happened before in 2013
5) Double Top with the failure to test previous resistance on the second attempt at the marked wave 4
Wave 5 Impulse Down Cons:
1) Only works on line graph representative of closing price action; wicks on most other timelines from wave 1 would overlap wave 4 which is a party foul.
2) We retraced to wave 4 which typically is shown in bull markets that will continue their bullish pattern.
3) Fundamental analysis is looking favorable for crypto markets with current innovation and the possibility of crypto being used as a hedge against falling economies.
I have a bullish scenario showing a bounce from 8k. If anyone likes this chart I'll post that one as well.