what I see is a good opportunity if this scenario continues the way I expect it if this is going to be traded as the "schoolbook" of Chartpatterns explains.
We had a strong momentum and were about to build a double-top in the daily-chart and hit that ATH soon.
That didn`t work out but still shows the market is ready to climb due the declining volumen since we`ve decided to consolidate and create this beautiful Wedge-Pattern.
of this pattern got confirmed by "Fakeouts" and Buy&Sell-orders. The declining shows that the market "takes the chips off the table" to wait for a breakout and retracement to find a nice buy-opportunity.
The DAILY-CHART shows an UP-Trend including 5 Waves and headed to the consolidation Wave-Pattern A/B/C. After that we`ve decided to continue the trend and just builded the second wave (correction) which has stopped at a very important ( ). I don`t know how to add a second picture with the daily-chart. It shows that this breakout could create a longterm LONG-Move and this UP-Trend to break ATH if we don`t build that double-TOP.
The journey could end at the top of the last momentum if that third wave (Breakout) end at the same level of wave 1.
Let`s see what happens.. :-)
Peace and nice trades everyone
In this case I could pull the end of W1 to W3 and call it Wave A which would make sense due the fact that we need a consolidation before we hit the impulsphase. The problem is that "Elliot-Waves" are way more complex and include way more rules to call them a valid "Eilliot-Wave-Pattern". The cryptomarket has "other rules" or less rules due the fact that we have so many beginners in the market who don`t wanna miss the milktrain.
But yea it`s true: You can perviece 3 A-B-C waves or 1-5 impulswaves. :-) Weither version 1 or 2.. there is no real Elliotpattern I see. :-) And thanks for your feedback.