SUMMARY
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CANNABIS (CNN) Coin is a gift horse which shouldn't be ignored, in my humble opinion as an analyst. This baby knows how to go HIGH (punt intended)! The Cup & Handle is quite impressive as while it is a very slow pattern to complete and confirm, once it starts lifting the price; it can provide a lengthy and sustainable rally. Note how the handle pattern is just about completing and this means that IF price breaks out to the upside; CNN could take an express pathway to $1.72 or 537% Profit Potential.
Here is the CNN/BTC pair and as usual, a bit behind the CNN/USD pair. I think anyone who only trades to the /BTC pair is a bit uninformed. IF and since the /USD pair LEADS the /BTC pair, it would behoove to trade in the /USD pair. Not only that, but the /BTC pair has to rise that much faster than the rate of rise of bitcoin; PLUS, its demand has to exceed that rate of bitcoin demand. THAT's why it lags the /USD pair which has only one variable...demand for that coin!
The below chart is quite similar to the CNN/USD. When such high similarity index exists between the pairs....BULLISH!! Target is 10,976 Satoshi or 482% profit potential.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**