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:
This pattern has ended the downtrends in the DOW and in the DAX several times. It is to be found in any tradeable market. It is an early indication of a trend reversal.
Stay tuned for more updates...
Update: expected target now between 40k and 45k satoshi.
Good analysis, i think the prices went up mainly because of the new Smart Media Tokens announcement.
Thanks for sharing the info
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.
Thank you for providing excellent information. we wait for more information
This is awesome. Check Steem right now though..
Upvoted and Resteemed.
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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All the best!