Hello Crypto traders, today we will talk about cryptocurrencies, specifically SNX Token. We basically see pretty nice bullish development from Elliott wave perspective. Cryptos in general are actually trading at very deep, but important and interesting support zone, from where we can expect a bullish turn.
What we actually see on SNXUSD is an impulsive five-wave rally in 2020 till 2021 and complex W-X-Y corrective decline from 2021 highs into first half of 2022, which suggests a bullish continuation in the future.
Well, from technical point of view, SNX retraced perfectly back to the former wave (4) support area. We can actually already see sharp rebound that can be signal for a completed correction and bullish reversal.
However, keep in mind that real bullish confirmation is only above 8.15 region. So, in case if we get an impulsive five-wave recovery up there, then we can easily expect a bullish resumption back to all-time highs.
Crypto market in general may have found the support. CLICK HERE and check why