QANX the plenty-language, quantum-resistant blockchain dev environment has been soaring recently. This is a high-risk, low-volume, short-history crypto which makes technical analysis rather risky. Any bigger buy or sell order can move the price in technical-analysis-defying ways. So be aware of that as you read my lines... ;-)
Anyways, we can see a 3-wave move (not Elliot wave! Just simple waves). Normally a wave move should retest ~50-61% of its latest structure. This is also recognisable through the formation of a trend-continuing flag. Valid wave retests are special forms of flag formations.
QANX has done two valid retests so far and a third one might be on the horizon. Agressive traders may try to buy within the retest zone, while safe players might wait until the retest structure is broken, signalling a continuation of the previous trend.
Please note, the more valid waves we see, the higher the likelihood of the next wave failing!
Good luck woth your trades. ;-)
Anyways, we can see a 3-wave move (not Elliot wave! Just simple waves). Normally a wave move should retest ~50-61% of its latest structure. This is also recognisable through the formation of a trend-continuing flag. Valid wave retests are special forms of flag formations.
QANX has done two valid retests so far and a third one might be on the horizon. Agressive traders may try to buy within the retest zone, while safe players might wait until the retest structure is broken, signalling a continuation of the previous trend.
Please note, the more valid waves we see, the higher the likelihood of the next wave failing!
Good luck woth your trades. ;-)
