NeoBTC in a bearish triangle – Elliott wave analysis
|Hello traders,
NEOBTC is trading slow, choppy, overlapping, and in a contracting range, which looks to be a triangle correction from last quarter of 2019. We see four legs within a triangle already completed, so latest rally from the lows can be part of a final leg e, with resistance at the 0.00115/0.0012 level. That said, a sharp drop below the 0.00097 level would be bearish for the neobtc.
NEOBTC, daily
A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to E, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination.
Symmetrical triangle in downtrend:
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