Lisk Elliot Wave Analysis - At Corrective Wave A?
In the past week or so,
BTCUSD
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!!! :)
BTCUSD
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!!! :)