In my TA based on Elliott Wave theory and fibs on daily long term, I was always having troubles finding the correct count for the "bullish" actions between March 2020 & April 2021. So I re-evaluated my count to a corrective long term one and now the numbers add up.
I believe the cycle wave 4 is still in play and we are still in a corrective situation. For comparison, I also applied this new way of TA for several other crypto currencies that did not yet have a new ATH and it makes more sense now.
My personal believe is that we are in a pattern that has already happened two times before as you can see in my chart. Please do take into account the first pattern in 2016-2017 with regards to the fibs as they seem more representative to the current situation.
Therefor I believe we are about to see a more bearish scenario for the short term, bringing the price down to below 60c. We may stay in this range around 60c for a few months after which we will start moving up in a corrective 3 wave move up to the 786 fib at a price level around 1.5$.
However after having reached a high around that fib, I believe we will have a capitulation move down that could reach as low as just below 30c (236 fib). This will be highly volatile and after this I believe the 5th wave will finally have started and again this may be very quick and could be over in a couple of months.
My targets for this wave 5 are not clear yet, we could go up to 14$, but we could even go as high as in the 20$ range (22 or 26 even). I will update on this later in the year.
This is my own opinion, please do your own research and all comments and reactions are appreciated. A prediction is only valid after it happened.
I believe the cycle wave 4 is still in play and we are still in a corrective situation. For comparison, I also applied this new way of TA for several other crypto currencies that did not yet have a new ATH and it makes more sense now.
My personal believe is that we are in a pattern that has already happened two times before as you can see in my chart. Please do take into account the first pattern in 2016-2017 with regards to the fibs as they seem more representative to the current situation.
Therefor I believe we are about to see a more bearish scenario for the short term, bringing the price down to below 60c. We may stay in this range around 60c for a few months after which we will start moving up in a corrective 3 wave move up to the 786 fib at a price level around 1.5$.
However after having reached a high around that fib, I believe we will have a capitulation move down that could reach as low as just below 30c (236 fib). This will be highly volatile and after this I believe the 5th wave will finally have started and again this may be very quick and could be over in a couple of months.
My targets for this wave 5 are not clear yet, we could go up to 14$, but we could even go as high as in the 20$ range (22 or 26 even). I will update on this later in the year.
This is my own opinion, please do your own research and all comments and reactions are appreciated. A prediction is only valid after it happened.