I look for CRV to eventually make it down to 1.4-1.24 as most rising wedges break down to their origin of support. Where it goes from there? Many alts, including the good ones, will see an 85-95% markdown during bear markets. I'd short it from the top of every bearish retest. Not sure if CRV goes in the red but certainly anything at 1.4 and below is a great...
Trend is weakening, testing the wkly 50 again with a double rejection at 45. Down, down, to Goblin Town. Expect bearish retest once below trend.
Blue path shows the possibility of an Inverse, Red a double bottom such as Eve and Adam and so forth. Worth watching for confirmation....
Perfect example of an Elliott Wave impulse inside a megaphone pattern. A-E Motive wave correction. Lose 2.99, short to 2
Pattern trading with the knowledge of how to set targets and an understanding of busted patterns and their respective probabilities can lend accurate data with which to build stratagems for long term investing. I believe targets are eventually met and often lead into other patterns that create new targets along the way. A long term trader\investor must be...
A few ways you could trade this. Because price had closed on the other side of the triangle from where it had broke out, it is now a busted pattern. A single bust has the highest probability (67%), you could go short with SL above dotted horizontal or wait for price to close further than 10% away to confirm direction (down). If stopped out and green pathway...
Keep has been showing strength since Jan it has been moving against the market. I'd look for a possible EW impulse. Need to see a successful bounce at .618 to trigger an entry for wave 5. Take some profit at 1.2 pips trail SL and hope for an extra bump to 1.35. Fall below .618 to invalidate.
$ETH If 3.5k doesn't hold, perhaps we see something like this.... assuming macro wave 5 of this impulse has yet to play out.
First close below 1.06 and I'd short it to .74. If BTC and the rest of the market hits bottom, I'd look for a bounce from .74 to 1.05, if a break occurs over 1.05 I'd go long at confirmation.
See chart notes to explain it all..... invalid if we dont see a resist test to neckline and later a break above the neckline.
Doesn't matter which coin I used, KAVA was picked at random for back testing. The 7, 30, and 100 are used for trend analysis. When both the RSI and MFI are in confluence with support, that is the entry trigger. When above the 7, 30, 100 ride the trend and only exit when bear div on 4hr is apparent, MFI RSI in confluence at overbought, price drops below the 30....
Maybe a relief bounce to 45-47k then a dump back to 42k for a double tap.
Complete wave 3, pull back to the .382 or .5, enter at pullback confirm, take profit at wave 5 $41-$43
Perhaps B wave has a higher bounce, not sure if C motive drops to 36ish but it is possible to have this type of correction and still remain macro bullish. Ascending wedge is beginning to form if this plays out which could mean a hefty ABC correction in the future. Assuming we have yet to get the 5th wave.
Just for fun I would like to see if this fractal, which I had seen in many instances, repeats itself.
Hit 51.6 today, path A invalidated, possible bull div on RSI, might see a sideways consolidation above channel floor 53-52 region. Looking for break at or before area of confluence where wedge ceiling meets with trend line floor around 54k. Need to flip 59.8, if rejection, price drops to 56 for a retest and flip for bullish confirmation and then up only. Main...
If BTC fails to hold 56.5 then we see a trip back to the 100MA, possibly a wick to 52k at bottom of ascending channel. Best place to set a long would be if BTC flips 59.8 to support. Close under the trend at 50.4 and we'll likely test 48K. Possible short scenario. 48k would be the next level to watch, lose that and see a H & S play out.