Yesterdays target of 37000 satoshi was reached today. Overshooting a little is possible, but it already looks like a completed 5 wave structure. If you see rapid decline in price, expect this:
As you ca see the buying volume is already decreasing. A new high on very low volume is considered to be a bearish signal.
Yesterday I pointed out, that it would become an ending diagonal in Wave C of this downtrend, which will be extremely bullish once finished. I expect 50 cents to 1$ rises in one day. It now is an ending diagonal. If you don't know what this means, here is the ideal formation of this pattern drawn:
Update: expected target now between 40k and 45k satoshi.
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Good analysis, i think the prices went up mainly because of the new Smart Media Tokens announcement.
Thanks for sharing the info
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Thanks again for the updates.
It does look like the huge run up is has a blowoff top on it.
Yes it does set up nicely for a hard pullback.
Not sure what caused the runup....a shape like this usually means some news got the buyers chomping at the bit only to realize it wasnt as expected. I didnt see the news drive this.
Either way, EW doesnt give much weight to news. A pullback to the $.70 level would make me very happy.
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Thank you for providing excellent information. we wait for more information
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This is awesome. Check Steem right now though..
Upvoted and Resteemed.
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I hope steem becomes 1 cent, so I can buy a lot of it. And them I hope it's worth 5,000 so I can sell it. Thanks for posting.
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This post received a 2.11% upvote from @randowhale thanks to @ew-and-patterns! To learn more, check out @randowhale 101 - Everything You Need to Know!
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