The momentum on the higher timeframes (3D, 1W) is starting to turn undeniably bullish. The lack of a bearish continuation is also distinctly bullish. We've also more or less run out of time for the bears to take over again, so it seems likely that the bulls are about to take over and push us higher. There are multiple possible targets at this point, but either way crypto looks quite bullish here, so best to position ourselves accordingly and see how far this can go.
Best case scenario this multi-year correction ends on wave-E, and we head straight towards ATH and could go as high as 100 USD in a year. Conservatively, this could form wave-F and wave-G and stay in this general range for another year, and THEN head towards 100 USD in 2021. There's no way to know for sure so we'll just see how high this ends up going over the next few months before making a final determination. Either way, it seems quite likely that wave-E is ending and we're going to head to higher prices from here.
Breaking out of the downward channel will be the first confirmation that wave-E has finished. If we retrace all of wave-E in less time than it was formed we're in a good position for us to head towards ATH. If the bounce is relatively weak and in 6 months we're still under ATH, then we'll likely get one last wave-G down into the end of this year.
Best case scenario this multi-year correction ends on wave-E, and we head straight towards ATH and could go as high as 100 USD in a year. Conservatively, this could form wave-F and wave-G and stay in this general range for another year, and THEN head towards 100 USD in 2021. There's no way to know for sure so we'll just see how high this ends up going over the next few months before making a final determination. Either way, it seems quite likely that wave-E is ending and we're going to head to higher prices from here.
Breaking out of the downward channel will be the first confirmation that wave-E has finished. If we retrace all of wave-E in less time than it was formed we're in a good position for us to head towards ATH. If the bounce is relatively weak and in 6 months we're still under ATH, then we'll likely get one last wave-G down into the end of this year.
Trade closed manually
TPTrade active
Looks like this could keep going, Tight using a tight S/L here.Note
TRON is likely to continue heading lower until wave-G of E is finished. This should take about 2-3 weeks and could drop another 20%+ from here.
Note
For short-term updates join my free public chat:tradingview.com/chat/
Note
The drop was stronger than expected, but good thing we had positioned ourselves in the correct direction! Moving all crypto updates to this chart:
Find me on x.com/intuit_trading
Related publications
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.
Find me on x.com/intuit_trading
Related publications
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.