Lisk Elliot Wave Analysis - At Corrective Wave A?

BITTREX:LSKBTC   Lisk / Bitcoin
In the past week or so, Bitcoin has had some amazing gains - leading to the predictable decline of many, many altcoins. While there's no doubt that the volatility of BTC impacts technical analysis and predictions, including this one, I still believe that insight can be gained from this type of analysis.

Lisk has had a pretty fantastic year, increasing almost 400% at one point from where it was at the beginning of the year. It's a solid project with a good team and a very solid wallet app.

I believe we've seen a fairly accurate Elliot Wave pattern slowly unfolding over the past months-year, recently completing Wave 5, and now into the corrective wave.

We've seen relative sideways trading over the past week or so, and it appears that we may be arriving at a trend reversal, hence my designation of Wave A. We should see an MACD cross soon on the 1D chart, and we've already seen other signs of trend reversal on the lower duration charts.

My analysis tells me that we'll probably see an upswing starting in the next few days or week; my (very) optimistic target for the top of Wave B would be 130k-140k sats.

I am advising LONG in this case, however I must stress to trade carefully, and to carefully monitor price action over the upcoming days/weeks to confirm trend reversal. And, as always, the volatility of Bitcoin greatly impacts these coins, so if we keep seeing dramatic bull runs in the BTC market, the timing of these predictions could potentially be thrown off.

Hope this helps y'all!!! :)
I hope you are wrong but as I seem to lose most of my trades chances are you are right
I wouldnt be able to cope with 0.003 I bought at 0.0016 RIP
It's been a really tricky month. BTC has played havoc with a lot of good trade setups. Stop losses are triggering like never before. Many coins which broke out this week after a long downtrend and looked set for a nice rally, broke support and plummeted further thanks to BTC's onslaught. I think we ought to wait for the Bitcoin fork to blow over before going into any more trades.
@nginx, gotta agree with you there - this has been quite the unique month. Probably a good time to take a breath and watch what the market does. However, when the bulls start to overwhelm the bears again and the collective level of confidence in these markets starts to increase, there will be some great buying opportunities - so stay tuned and TRADE CAREFULLY! :)
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