Elliot Impulse Wave 12345 has brought us up from the lows and the Correction Wave ABC potentially done. ATM the price is bouncing from the "golden pocket" area and the Cipher B is printing green on a Daily Time Frame providing confidence of reversal to the upside. There are some minor fvgs (Fair Value Gaps) to be filled beneath us around the fib 0.786 but if the Daily candle closes like this without any major wick I think we are clear. Potential short term upside target would be the important fib lines from the previous highs around 0.40$ and then re-evaluate. Mind also the development of BTC that leads the way.
Note
The Daily candle was rejected from the bearish fvg above, forming a wick as discussed. The price is breaking through the "golden pocket" towards the fib 0.786 line bringing us very attractive prices to go long and to DCA. Usually, the ABC correction followed by 12345 Elliot Wave brings the price close to the top of the Wave 1 so in that sense we are on track.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.