If SBD breaks out of the channel pattern decisively, then it could spike to 122K to 127K satoshi
The price action of SBD is getting interesting and today it hit the first target of 55K satoshi(which we analysed and projected yesterday) and also moved little beyond the first target of 55K satoshi and tarded as high as 66K satoshi intraday and there after it is seen consolidating now, but overall trading green within the day and daily candle is also trading bullish, however the candle has not yet closed and the closing of today's candle will give sufficient clue about further price action of SBD in subsequent trading sessions.
If we look at the chart of SBD, then we can see that the price action of SBD is still within a channel and after finding support at around 30K satoshi (which is also the 76.4% retracement of the last bull run from 11K to 90K satoshi), SBD staged some recovery and from the daily chart also we can see the follow through bull candles to assume that BTC is turning bullish now. How ever we will continue assuming the price action of SBD to be within wave 4.
Today's daily candle close is very very important, because the candle trading very close to channel top(resistance) and if this candle gets closed as bullish and above the top of the channel, then we may assume the 4the wave to be complete and possible beginning of 5th wave can be assumed. However if the candle gets closed below top of the channel, then we will continue analyzing the price action within 4th wave, which is trading in a channel pattern.
Now suppose assume that todays' candle close bullish and above the top of the channel, then it would be an indication of formation of 5th wave and in that scenario, the target of 5th wave would be 161.8% of the last retracement. Generally 5th wave is considered as an impulsive wave in Elliott wave analysis. So if this scenario happens, then I may go to the extent of saying that, a spike could be formed and SBD could reach 127K satoshi. I am giving the calculation for 127K satoshi below.
4th wave
High = 90000 satoshi
Low = 30000 satoshi
Difference = 90000-30000=60000 satoshi
161.8% of 60000 = 60000*1.618 = 97080 satoshi
Target of 5th wave = 30000+97080 = 127080 satoshi
Summary
As long as SBD is trading in the channel pattern, the analysis will be on 4th wave only, but once the price action of SBD comes out of the channel, would lead to the formation of 5th wave and the 5th wave could bring SBD to 127K level as calculated above, so keeping a tight stop loss of around 50K, one can buy SBD and trade, but that should be analysed on the basis of the closing of candle. If the daily candle close above the top of the channel, then it would be an indication of 5the wave formation and if it gets closed below the top of the channel, then the price action will be assumed to continue within the channel as drawn in the chart.
Disclaimer
This projection is purely based on Technical Analysis and it should not be taken as an investment advice. An individual should make his own assessment and capital risk management before making any investment. This kind of investment does not suit everyone and one may lose more than the initial capital, so one should invest that much, which he/she can afford to lose.
Thank You & Have a Great Day
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So far your SBD analysis has really come so good, after breaking above the channel, it is really trading bullish. Thank you for this analysis.
Thank you....but do remember that if the price of BTC dips below 10k again , then SBD will move lower again.
EVen after the altcoin market is RED..SBD is holding so nicely around 60K and if you see the chart then this zone is the channel top which was earlier resistance now acting as support.
Once BTC turns UP SBD will also go up and again trade more strongly.
So keep on watching the chart for more clues.
It would be another party if it really spike to 122k satoshi.
Thank you...steem on and stay blissful....
Nicely done sir.
Thank you...
It's very awesome
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