MKR/USDT Elliott Wave Analysis: Anticipating a 20-30% Down Move
In this Elliott Wave analysis of the MKR/USDT trading pair, we'll explore the current price action and wave count for Maker (MKR) against the US Dollar Tether (USDT). The analysis suggests a bearish outlook and the CryptoPatel is expecting a significant correction in the coming days. Please note that trading involves risk, and this analysis should not be considered financial advice.
Overview: #MKR is currently trading at $1231, and the CryptoPatel identified an Elliott Wave count, indicating that the impulse wave has already been completed. The focus now shifts to the correction wave, which is expected to lead to a substantial move downwards.
Elliott Wave Analysis: The CryptoPatel observed an Ending Diagonal pattern in the 5th wave, adding weight to their bearish sentiment. The Ending Diagonal is a bearish pattern, supporting the hypothesis of an impending corrective move.
Short Entries:
Entry 1: $1270
Entry 2: $1200 (triggered when the trendline is broken)
Targets: The analysis predicts that the correction wave could lead to significant declines, and the following price targets have been identified:
Target 1: $1035
Target 2: $950
Expected Downside: CryptoPatel is anticipating a minimum downside move of 20-30% based on the Elliott Wave count and the observed Ending Diagonal pattern.
Stop Loss: To manage risk, the recommended stop-loss level for this bearish trade is set at $1365.
Disclaimer: Trading cryptocurrencies involves substantial risk, and readers should conduct their research and consult with a financial advisor before making any investment decisions. The writer shall not be responsible for any trading losses incurred based on the information provided in this analysis.
Follow us for More Quality Analysis.
Thank you.
