Hi guys, decided to update my analysis on SUB (Substratum). We have likely completed wave 1 of a larger Elliot wave cycle and are currently in wave 2 correction OR have started wave 3 up. Either way I believe we have found the bottom as there is a lovely bull wick touching the 0.718 fib to complete sub-wave C. Now i have drawn a wedge pattern that we will breakout of soon and with the nice bounce which still has momentum currently we could get a rally up. However after such a big rally in the first wave 1 and a heavy retrace (wave 2) we could most likely just breakout of the wedge and trade sideways for a while as I have indicated which is common for alt coins that have had HUGE rallies up which SUB has (verge and ripples other examples). I am confident we won't breakdown as it is a descending wedge type pattern anyway but in the off chance it does it will just bounce off the 0.768 fib so a buy order there could be a good move.
1D Chart INDICATORS
RSI- As you can see we have found a bottom on the RSI and are starting to swing upwards which is a very bullish sign, watch for higher highs and lower lows to confirm a breakout.
MACD- Bottom has been found on the MACD with a line cross looking likely if we keep this upward momentum which is very bullish for those who don't know.
For the wave 3 up, the long term target is a 1:1 extension @ 26316 sats or you could take half profits and take the other half between a 1:1 and 1:1.6 extension @ 32000 sats as wave 3 is often the strongest wave up and never the weakest. Keep in mind I am short term bullish at the time of writing as long as we keep this upwards momentum AND BTC behaves but don't get me wrong I am very bullish on Substratum long term.
Some fundamental analysis for you-
Substratum aims to decentralize the web making all content on the internet accessible no matter what country/regime you live in so think of it like tor browser. So for example China has announced they have decided to block foreign exchanges in the near future, therefore someone could therefore use the Substratum network to access any blocked website in China like one of the banned foreign exchanges. Keep in mind this is an extremely shallow example of its use case but hopefully you can understand what Substratum aims to do basically an equal internet that is accessible to its full capacity for everyone. With privacy mattering less and net neutrality diminishing, Substratum can help solve these problems which will become extremely pronounced in the coming years so there is a great need for SUB. Sorry for shilling but there is my fundamental analysis for SUB.
