Bearish Divergence on LITECOIN and BINANCE?
Following the last movements of BITCOIN on which we are
currently experimenting a drop on the price, we can see some signs of
"exhaustion" in the rise of some of the major altcoins that have led the
rise lately.
This is the case of LITECOIN and BINANCE Coin.
On LITECOIN:
we can be very satisfied of its performance, it has completed 5 waves, forming a promising 1st one in black. The price has grown constantly from 24 to 64 USD in the last 3 months but, unfortunately, the RSI seems to indicate a clear DIVERGENCE on the rise of the last three Highs...
If the Elliot Waves count is fine, this may form the awaited 2nd wave in black, downwards... This fall could be worrying but, in my opinion, it is also necessary and expected since you cannot expect a healthy growth without corrections.
My expected point for Re-entry on LITECOIN would be 47.5 USD.
Similar is the case of BINANCE:
spectacular growth from 4.20 to 17.7 USD which is more than 300%!!!
However, despite BNB has been growing powerfully, we can see as well a clear divergence on the RSI. Again, if EW count is ok this should be only the 2nd wave formation.
My re-entry point would be here close to the 13 USD.
I am applying only EW and Fibo retracements so, of course you still have a good amount of uncertainty in the prediction but, anyway, I would like to confirm those corrective waves soon, only just for ensuring the projected target of the full 5-waves rise which is:
LITECOIN 137 USD and BINANCE 28 USD, not bad at all!
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Recent profit takers from binance would be having a party by now
And wait because it will be longer
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Nice analysis @toofasteddie. The LTC bearish divergence on the daily has been an excellent indicator for each pull back these past few weeks. It look as though the latest bearish divergence has already cleared for LTC. Not so much on BNB yet. The whole market looks poised to move in the next week. We’ll see how it plays out.
Agree with you. Things are becoming more and more interesting
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and all new cash that join TMC flies away .. we need holdtards back! XD