You little Devil
I posted a quick update stream this morning for ETH & XRP. Yesterday we covered BTC in a bit more depth.
Here's the link to the stream tradingview.com/streams/V7uekGmruxsXVH53wmJCM/
Ok so breaking down the basics, we had an Elliott count making this move a major 3 and having a deep correction.
If you watch the stream - you will see the XRP and ETH correlation to each other and to BTC.
There is an area of concern for me, that would suggest either an ugly move up or we are still in the phase 3-4.
Take a look at this stochastic on the weekly timeframe - there is room for a drop to continue, even if it's not deeper. It's not impulsive to the upside yet either.
In the Total chart there are also some regions and levels of interest for me. Take a look at this one;
Given the correlation and lag on BTC - it is no surprise that most retail traders would have had this feeling over the last 7 days.
The dominance on the other.D is another interesting view.
We were navigating the move down using a combination of Elliott and Wyckoff and this move played out near enough textbook.
Here's a post on the wyckoff basics features recently here on TradingView;
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Here's the link to the stream tradingview.com/streams/V7uekGmruxsXVH53wmJCM/
Ok so breaking down the basics, we had an Elliott count making this move a major 3 and having a deep correction.
If you watch the stream - you will see the XRP and ETH correlation to each other and to BTC.
There is an area of concern for me, that would suggest either an ugly move up or we are still in the phase 3-4.
Take a look at this stochastic on the weekly timeframe - there is room for a drop to continue, even if it's not deeper. It's not impulsive to the upside yet either.
In the Total chart there are also some regions and levels of interest for me. Take a look at this one;
Given the correlation and lag on BTC - it is no surprise that most retail traders would have had this feeling over the last 7 days.
The dominance on the other.D is another interesting view.
We were navigating the move down using a combination of Elliott and Wyckoff and this move played out near enough textbook.
Here's a post on the wyckoff basics features recently here on TradingView;
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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