Well, that was close! SBD attempted to break the uptrend, but was not able to. Instead we now have a double bottom in place and a three wavish looking correction as a very deep white wave 2.

Yes, 6.7$ was breached and yesterday I wrote, that this is important for the uptrend to not be breached. But it was a mistake of mine as I was looking at the wrong low. Actually 6.38$ is the low that must not be breached as shown in this picture:

And it wasn't breached as you can clearly see in this picture:

If this is count is correct, white wave 2 did a 96% correction, which is allowed in a wave 2.

So now my prediction is as long as we don't see a new low in SBD, at least 14$ is gonna be the outcome of this pattern.

One could also argue, that it is a tripple bottom now, because the lows are only 30 cents apart, which in not even visible on higher timeframes.

Let's find out how this develops, because BTC is looking like it is catching a cold. I will make an update about BTC next... Stay tuned...

If you think this to be useful information:


Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.

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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.

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