Hello,
Last couple of days were difficult for all crypto bulls. While Bitcoin suddenly dropped to 92K altcoins bleed much more because of BTC Dominance pump. The main altcoin ETHUSDT lost more than 20% and caused a huge panic. Yesterday's candle closed promising, but if this nightmare is over or our portfolios continue melting in the upcoming days?
Let's take a look at the daily time frame. Here we can see the clear Elliott wave structure. Large wave 1 has been finished with the red dot at the top and after that we have seen this dump in the wave 2. You can tell me that wave 2 is the very ugly, but this is the specific shape of irregular
ABC.
This drop has been stopped exactly at 0.5 Fibonacci. Moreover we have seen the green dot on Bullish/Bearish Reversal Bar Indicator. As always, alerts from this indicator are automatically replicated on my accounts. You can find the information in our article on TradingView. For me it's very strong confirmation that correction is over and wave 3 is about to happen. Wave 3 has the target at 1.61 Fibonacci level equals $6200. See you there!
