Market Update | Have We Hit The Bottom Yet?!
If you have been following Bitcoin you'd have known that after failing to hit $10,000 it was pretty much expected of things to go down and we did do it wonderfully.
so here is an update on some of the market leaders!
Let's see what we can find and what we can expect in coming days!
BITCOIN
In my opinion we have already hit the bottom and are trying to establish support here.
If we break .786 FIB level then it'll be a wave failure, This will really be a bad thing as most of the altcoins will go into meltdown mode if that happens.
I see a WXY type correction with 3,3,3 waves
We can also see a strong support region below which was established since the 6K crash
ETHEREUM
Ethereum has done a fair job of retracing to .618 FIB region and is holding at .5 FIB region right now.
From a bunch of other coins ethereum seems to be one of the more easier once to predict and play, we can see clear levels and it's easy enough to understand!
A simple .618 FIB retracement, seems very stable!
I hope I'm wrong here, but it seems we are making a descending triangle
LITECOIN
Litecoin was looking weak from the beginning of the downtrend and could not hold the .786 FIB region at all
On a higher time frame we can see it making an ABCDE type of correction, This is also a descending triangle. I'll be very careful with this, because if it breaks the green line below it's going down
EOS
Eos has hit .618 FIB region perfectly and seems to be trying to break the 55 EMA for now
Still not an uptrend confirmation until we go past .5 FIB region.
Eos seems to be doing pretty good, I'm bullish on this one for long term. This has a lot of potential
IOTA
Iota seems to be a little weaker and I'm expecting a .786 FIB retracement, but has a tendency of overshooting targets so we can say we simply overshot .618 FIB region.
Sitting nicely between .618 and .786 FIB level, I'm expecting it to hit .786 properly before going up
There's a nice cluster at .786 FIB region, If we do fall to that level expect a lot of support
These are the only once I'm looking at right now.
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@VARUNPAHERWAR
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