Looking at VTC, it has completed two consecutive sequences of Elliot wave. We just reached the peak of the second sequence so we're due a healthy ABC correction. I've suggested some targets here, based on the Fib-levels of the previous ABC correction.
(A) - Last time located around the 61.8-line, applying this again would land us around 22k (B) - Will be just below the 1.618 level which coincides perfectly with a resistance line located just under 40k. (C) - Finishing the corrective wave would place us at the .382 level, taking us all the way back at 16-17k.
There's a lot of buzz and confidence in this token, so this might play out completely different, but this is what I came up with. Let me know what you think!
Comment
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Updated view on the ABC correction, depicted two potential scenario's here. Either a big correction taking us back maybe as far as 30k at the .236 line. Or a smaller one, which would keep us above 50k from where we move into the next set of impulse waves.
I think that TA is out the window for the most part on this coin, many people are hyped to get this coin to at least $5 and even $10 by December.
CryptoTurbo
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@Joshny923, Yeah I guess you're right. Many people shilling this coin and lots of mid/long-term holders, so I don't think we'll retrace as deep as indicated on the chart.
navierstokes
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Your fib should be anchored from the previous low (30k) to the new high (80k).
Retrace 61.8 of that is 50k sats, 78.6 retrace is 42k sats.
Anchoring previous low at 20k sats, yields a 61.8 retrace at 42k sats also...that level key
CryptoTurbo
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@sebasaspe, what previous low at 30k do you mean? I don't see one..
I based the Fib-levels on the first wave of the first sequence. The second and third wave then follow exactly the 1.618 and 2.618 levels as you can see.
So I mimicked that in the second sequence, applying the Fib-tool on the first wave again, the third wave now passes beyond the 2.618 level but that's just FOMO.
So in my mind it still followed pretty much the same pattern, which is why I used the levels of the previous correction to come up with the A-, B- and C-targets.
navierstokes
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@CryptoTurbo, right on the money...42k, now expecting a right shoulder for the IHS to form. your next entry is 51k. ihs target is 72k, which is also 78.6 of the recent drop. Not-so-long-term target is 250k sats fyi
navierstokes
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@CryptoTurbo, the 30k previous low happened on 10/20/2017 at 16:00 utc. I think fibs off the daily is a sound method, but these impulses/retraces are occuring at lower timeframes, maybe drill into 4hr and 2hr charts given how quick the pump happened to evaluate moves and fibs off the launching point (i.e. low of 30k) which on daily charts is sort of hidden
CryptoTurbo
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@sebasaspe, So something like this:
Great stuff man, thanks for the feedback, really appreciate it. You don't think it will blast through 78k though?
As for the 250, how far along do you reckon it'll be end of year?
navierstokes
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@CryptoTurbo, well someone just skunked us on those 51k bids, lol. i drew my ihs from 42k to 57k (neckline).
Breaking thru low 70ks are gonna be a tough sell, but lets see..we have a lot of hodlers cold storing this coin, myself included. The fundamentals are good with lightning in the works and segwit rolled out. Fiat wise, this is easily worth $7-10, and the masses can take it much higher.