Tezos Intermediate View - Market Analysis for Jan 21st, 2020

I am a tentative bull on Telos. We first must recognize this chart is relatively new amongst large caps. Further, I can make an argument based on look that wave 1 topping in April 2019 is an ABC, but based on extension, I can make an argument it is an impulse. The good news is circle 1 is a perfect hit in the first of a third. So, I'll give it the benefit of the doubt that we are on path for $16 if this chart fills in. Locally I would like to see a deeper circle 2. Now, the issue I have is the XTZBTC chart is not bullish. We either topped in a low C or are going to go higher in a WXY. But I have no bullish pattern and expect new all time lows. This means XTZ is not part of my tradeplan at all, but if you are focused on diversification, this one is not bad as long as 43 cents holds. 

XTZUSD - Primary Analysis - Jan-21 0859 AM (1 day)
XTZUSD - Primary Analysis - Jan-21 0859 AM (1 day)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.