Elliott Waves and Fibs on Go - BULLISH????

Updated

Elliottwave Theory shows that the correction is hopefully nearing it's course heading towards the .618 Fib support at around 800 Sats. If BTC goes lower then there is a possibility that the support will break and GO will dip even further ofcourse. We have to wait and see how it will play out but if the BTC carnage is coming to an end then this coin will sky rocket because of it's strong fundamentals. Being chosen as Binance's coin of the month only helped Go to go further uphill but this means nothing unless BTC starts moving up as well in a steady pace which is hopefully very soon! I'm Bullish on this coin but I'm publishing a conservative Neutral trade due to the market sentiment.

Trade active

SO far the 61.8 fib held well and it means that if BTC goes up Go will follow this trade gracefully.

Trade closed: target reached

During the time BTC was going up slowly again GO followed this idea and those who bought on the 61.8 fib have made a 21% profit. Indeed BTC is showing signs of dumping again and therefore I will close this trade and buy lower when GO dips further in correlation to BTC. Next buy area would ideally be around the 78.6 fib at 650sats. Let's see how it plays out.

glennie81

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.