Good day to all! Let's get right into it:
Firstly, a quick "where did we come from?":
From the chart above, we can see that on April 12th we put in a relative low point of 7 sats (satoshis). From that point, price made a clear 5 impulses upwards that simultaneously formed a bearish ascending wedge that - on April 20th - reached a maximum of 29 sats. From this point, price broke downwards, piercing the ascending wedge upon which our ABC correction ensued. This ABC correction is labeled in red, and provided a bull flag as identified in the chart. On April 25th, sideways price action broke us out of the downward direction - perhaps the bottom of a higher degree wave 2.
From this point forward, price oscillating upwards and downwards created a bullish symmetrical triangle that was confirmed by the dwindling volume:
Price has since broken out of this symmetrical triangle, putting higher relative highs! What I once looked at as a correction was potentially the bottom of a higher-degree wave 2, which means that we are currently in wave 3:
Wave 3 follows wave 1 in such a way that it is tends to be 1.618x, 2.62x, or 4.25x the length of wave 1. These figures are based on Fibonacci rations, which are mathematical ratios derived from the Fibonacci sequence. Therefore, I have noted those potential levels below:
At the time of writing this post, a red candle has been formed at the 11:00 UTC hour. Could this be the peak of our wave 3? It does agree precisely with the first Fibonacci figure of 1.618x wave 1! Let's check out the MACD (Moving Average Convergence Divergence):
Our MACD (white line) is still above the signal line (red line), which tends to communicates both that we are still trending in an upwards direction AND that an upwards trend is still projected in the short-term. This short-term projection of a continued upwards trend will remain until we see our MACD cross back underneath our signal line. In order for this to happen, our MACD must curl downwards! At the time of this post, the MACD is still pointing upwards. Therefore, I am inclined to believe that we are still in an upwards trend. ALTHOUGH: given both the relatively low volume ($888,005 USD) AND relatively low price ($0.002701 USD), the MACD can turn downwards in a snap second... right now in the history of Electra, the MACD is HIGHLY dependent on price action that at times is the difference between singular satoshis.
All this being said, the question remains: is the trend going to continue upwards, or will it perhaps break into a minor correction only to resume its trip to the top of our higher-degree wave 3? I wish I had a crystal ball - that would make trading a heck of a lot more easier. Although, technical analysis is no crystal ball. The only thing we can do is stay aware, develop an investment strategy (and stick to it!!), and wait.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in any posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.