Looking to be near the bottom of the bear channel where it crosses the old bull channel and 5th wave - looking for reversal soon back to bull movement. Will be breaking entry orders down until reversal
Thanks for the analysis! I like the downtrend channel complemented with the Elliot waves, looks good. What do you think of the overhead resistance around the previous ATH zone at 8k? Do you think it might get rejected there and continue down in the channel to the past bear trend bottom around 6k?
nflanders
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@FourthFloor, I personally think that this zone we are in now is going to be very close to new bottom before reversing - I think IF support fails below in these crossing channels - it will only be temporary due to panic overselling in this shakeout of weak hands.
That overselling could cause the reversal happen closer to the bottom of the 78fib around 5638 - for me though, with these agreeing trend crosses I'll be splitting buy orders from here - all the way down until reversal to confirm best average entry.
FenixCapital
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@nflanders, What do you think the turnaround candles will look like? Sharp bounces like historical turnarounds or a slow momentum shift? May be looking like the latter at this point imo.
nflanders
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@FourthFloor, I do think it will have a slower shift that what we've seen in the past. I say "slow shift" hesitantly because of the nature of crypto - 1 month in crypto seems equivalent to 6mos/1year in traditional market shifts.
At this point it's hard to say how it will reverse - just keep in mind that it WILL reverse and I'll personally be taking full advantage of buying from now until that reversal. Break orders up, average best entry price, and never lose.
FenixCapital
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@nflanders, Of course, I must agree, good strategy, lets ride this shall we