HBAR Nearing Completion of Expanded Flat CorrectionThis is the weekly chart. A while back I published an idea that HBAR could be completing and expanded flat correction. This is an update on that, using the weekly chart - which makes things more clear. Here's why:
1.) Trend-based fib - has us ending correction right at the 1.618 fib, which is exactly what should be expected in an expanded flat
2.) EW wave count appears valid here
3.) Weekly support - we've so far held weekly support (lose this and this idea may be invalidated, however)
4.) 192-day Gann Cycles (for major pivots) - HBAR is 6 weeks away from starting its next 192-day Gann Cycle, which has so far worked quite well in its history for detecting major pivots (up or down)
5.) Falling wedge pattern on weekly - weekly chart shows a falling wedge pattern, where we've broken out of it and are currently re-testing near the top of the trend (and weekly support)
Falling wedge zoom-in, weekly line chart:
Again, we need to hold the weekly support area and remain above the falling wedge for this to stay valid. But, if this does turn out to be an expanded flat, we should start seeing some rather bullish movement in the coming weeks/months, which could even lead to a new ATH.
Also - be sure to keep an eye on Bitcoin Dominance when considering the alt market. It is nearing a major decision which will likely determine how alts behave, and that is likely to happen any day now. See related ideas below.
