7.4k target reached. 4.7k and 3.5k target next
As forcasted here :
and here:
We have reached 7.4k and based on elastic theory we should retrace to prev fib ext. (6.8k region) level of 1.6. Then a retest high of 7.4k might happen to create a double top similar to 12k in February 2018. Thus, consolidating for 2 weeks before heading to our next target of 4.7k and 3.5k.
why 7.4k-7.5k region is the top:
- 0.6-0.65 fib retrace region similar to 12k in feb.
- log trend resistance
- general volume decline
- liquidity low.
why 4.7k and 3.5k as next targets:
- 7th wave has not been completed (personal theory)
- tradewar caused and will cause investor fear and so risky assets will be less ideal.
- next crypto cycle
- 1.6 ext. fib at 3.5k (a daily close)
note: 7.4k horizontal region have only bee striken with full volume and liquidity. Therefore, in order for us to see 7.8k or beyond, we would need heavy volume and built up liquidity to strike higher. This seems unforeseeable as 1) liquidity has been used, 2) general market volume is still on decline. Keep an eye on 23rd/weekly close for some bull hopium if any.
Stay Sharp
AresTrade
and here:
We have reached 7.4k and based on elastic theory we should retrace to prev fib ext. (6.8k region) level of 1.6. Then a retest high of 7.4k might happen to create a double top similar to 12k in February 2018. Thus, consolidating for 2 weeks before heading to our next target of 4.7k and 3.5k.
why 7.4k-7.5k region is the top:
- 0.6-0.65 fib retrace region similar to 12k in feb.
- log trend resistance
- general volume decline
- liquidity low.
why 4.7k and 3.5k as next targets:
- 7th wave has not been completed (personal theory)
- tradewar caused and will cause investor fear and so risky assets will be less ideal.
- next crypto cycle
- 1.6 ext. fib at 3.5k (a daily close)
note: 7.4k horizontal region have only bee striken with full volume and liquidity. Therefore, in order for us to see 7.8k or beyond, we would need heavy volume and built up liquidity to strike higher. This seems unforeseeable as 1) liquidity has been used, 2) general market volume is still on decline. Keep an eye on 23rd/weekly close for some bull hopium if any.
Stay Sharp
AresTrade
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