I've been searching for upside target of the current run and read more about Elliot waves theory. It says that most often wave 3 is the most extended with at least a 1.618 extension of wave 1. It also states that corrections in this phase usually don't go beyond a 0.786 retracement, so considering the actual high at 9550 in the actual run, it should not go below...
An optmistic scenario here after the bottom at 6.4K. Targets 8200 and then 8800. This would also confirm the up trendline emerging from the previous bottom as support.
We seem to be at a major pivot point. 6500 may have been the bottom of this downtrend. Here we get a chance for a double bottom on the weekly. If there is a break down of the green up trendline on the weekly a retest of it is quite likely (also for exiting the long), so for me an entry here should be quite safe.
I cannot bring myself to reenter at these levels so I will patiently wait for a decent correction. But when will it happen? Here a first possible (and quite bearish) idea. The correction that I'm waiting for is a retrace to the 0.618, 0.5 or 0.382 levels from the start of the run to its top. In this case it would be 10350, 9000 and 7500 seem all to be good support...
Hi
While looking at the charts I sometimes spot some funny or interesting patterns or movements and I try to share some of them.
Price manipulation is the norm in crypto and I'm still trying to understand how to react to it.
Yesterday (Sat 19.5.17) between 15:00 and 18:00 the price was pushed down from 7400 to 7200 following straight lines, possibly with the...
Hello world :-)
While looking at the charts I sometimes spot some funny or interesting patterns or movements and I will try to share some of them.
I saw this one yesterday while waiting for a good entry point. You can see the classical head and shoulders with the two horns on top of the head. I was wondering how it would further develop... of course with a fist...
