Bitcoin, Ethereum, Dogecoin, you name it. There are already thousands of cryptocurrencies in existence, most of which serving no other than speculative purpose. The fact that even the big guys on Wall Street can’t resist the urge to dip their toes in the space only makes retail investors more confident. We remain skeptical. Today, however, we stumbled on the price chart of yet another random coin – Harmony. And there is no question that it shows a very clear bullish Elliott Wave setup. Take a look.
Harmony’s 4-hour chart reveals a clear five-wave impulse to the upside. The pattern is labeled 1-2-3-4-5 and the five sub-waves of wave 3 are visible as well. That impulse ended at $0.2250 in later-March. Then, the bears dragged the price to $0.0660 in a simple A-B-C zigzag correction.
In other words, Harmony has drawn a textbook 5-3 wave cycle pointing north. Furthermore, the recent recovery to $0.1598 looks like another impulsive structure, labeled i-ii-iii-iv-v in wave 1 of the new uptrend. If this count is correct, we can expect more strength in wave 3 from now on. A new all-time high above $0.30 seems possible. However, investors willing to bet on Harmony, or any other cryptocurrency, must accept the risk of losing all their money as its true value is most likely $0.
What will BTCUSD bring next week? That is the subject of discussion in our next Elliott Wave PRO analysis due out late Sunday!