Adz Coin (ADZ)
SUMMARY
Adzcoin (ADZ) hurriedly finished up an impulse motive of five waves up (white). The wave 5 wick is quite common in Cryptos. Often these represent a flameout of pent up demand of buyers. This type of flameout is common on the sell side as well. It's pretty much a way of "burning" out the remaining "fume" of eager buyers blinded by greed and unaware. It's often difficult for price to resume the original trend once a flameout occurs. For AdzCoin, this is how the top of wave 5 was placed and the start of the correction was started. Thus far, the retracement has been tracing a triangle pattern which is incomplete.
The abcde red waves are each subdivided into threes and thus far, a,b,c are complete with d and e pending. Should the triangle complete at projected target, it would have hit the 0.78 Fibonacci zone and it most likely won't be the end of the whole correction because it would be too quick. The degree of time extension is likely the next projection to be assessed one the triangle pattern completes.
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Im so happy i sold half my crypto now I can buy very cheap :) I realize now that the knowledge Iv'e learned over years of trading crypto is more valuable than all the profits :))
So will it continue in parallel? Or can it change to an uptrend?
Don't bother, it's a dead coin with only $1.524 USD as a 24 hours volume. This post must have been sponsored by them meaning @haejin gets payed to post this.
Otherwise it doesn't make any sense to post a chart of a coin that is listed at place 701 on CMC. Especially not in a bear market!
I have a bit of a silly question. So is the 5 wave wick likely to repeat itself after the currency stabilizes somewhat at a lower price?
You have to see this wick as a negotiation between buyers and sellers that are coming to each other more and more untill they finaly "meet" at the end of the wick.
In a bull market (up-market) it is most likely a coin will go up rapidly after that.
In a bear market like we're in now it is most likely a coin will drop rapidly after that.
At this moment I would not invest or have any coin in my portofolio now. There are to much rumours going around that BTC is gonna go to $ 5.000,-- and even lower. Bitcoin is gonna drag all coins with him if that happens!
@Haejin I no longer believe anything you post here on #Steemit.
https://steemit.com/haejin/@born2crypto/haejin-predicts-bitcoin-will-be-usd270-000-by-2025
Life is all about self believe friend and you don't have to believe it but have to understand that this is great to see, the truth is that, he is really interesting to learn from..
You have been very interesting and good to always see your post..
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realize now that the knowledge Iv'e learned over years of trading crypto is more valuable than all the profits... nice post..i like your post.
bitcoin will move to a higher level, hopefully also like that, thanks for sharing post