TA: SALT/BTC Price About To Burst To New Highs (342% Profit Potential)

Salt as many altcoins experienced correction following the correction of Bitcoin, as markets are still overly correlated to the most dominant fiat-crypto gateway. As Bitcoins is finishing its correction, so are many of the altcoins, which provides a great buy opportunity.

I've first labeled some trendlines which formed this descending triangle pattern. This one is tricky. Descending triangles form when sellers are putting pressure back to the support line, and in some cases the pressure is strong and the support is pierced, but in other support is strong and the price bounces off. Here support is more like a zone then a level, which means that in order to break it strong momentum is needed, and the majority of selling is over, so the break is highly unlikely. MACD indicator shows signs of the reversal.

Looking further for clues I've used Elliot Wave count to see if the correction is over.

Zooming into the hourly chart shows us that the price action suggests the possibility of another minor low, so add it to your watchlist and set the alarms. I consider these levels a great entry point, so I am already exposed, but if you are to be super tight you can use dollar cost averaging for entry.

Using Fibo levels in combination with Elliot Waves we can project the future pathway of the price. This projection fits perfectly with the favorite pattern cryptos like to form - cup and handle.

From the current price of Salt (hovering around 0.0007 BTC) to the target price of 0.0024 there is potential for 342% gains. Let's see will it play out as I've projected.

Happy trading :)