Bad news for AirSwap. It doesn't look like it's done correcting yet, unfortunately. We can see a solid ABC correction after its messy, but technical, 5 wave run-up. However, after the first impulse wave back up, there was a solid second retracement, but the third wave failed. Similar to BTC, I see a double elliot wave combo coming for AirSwap. This is what happens when after a typical ABC correction happens then an impulse move up fails.
I did highlight what looked to be a technical bottom (the long wick where we bounced off the 0.782 region), but pay no attention to it. It was market manipulation at its finest! Due to its extremely low volume on Binance, we can zoom into the 5, 3, and even 1 minute candle to see that this was just a flash crash. A 57% drop, then increase on a one minute candle. Because of this flash crash, it is apparent that we did not hit the bottom and are still on the way down. I am not one to call tops or bottoms, but I would definitly not reccomend entering a trade on AST until it hits at least 5,000 satoshis. My range to enter will be between 4500 to 5000.
I say all of this with a sad heart because yesterday I entered a trade around the 6200 region and rode it to the 6700 region (without taking profit) . I had not looked at the longer time frame in some time since it was my plan to simply day-trade AST on its short term uptrend. I ended up getting away from my computer for a bit without setting a stop loss, and had to close my position on a loss.
Anyway - be careful out there! If anyone is trading AST, which it doesn't look like many people are due to the sub 100 BTC volume on Binance, be sure to look out for the extended downtrend! But also beware that these coins with low volume are heavily subjected to incredibly quick pump and dumps.
I did highlight what looked to be a technical bottom (the long wick where we bounced off the 0.782 region), but pay no attention to it. It was market manipulation at its finest! Due to its extremely low volume on Binance, we can zoom into the 5, 3, and even 1 minute candle to see that this was just a flash crash. A 57% drop, then increase on a one minute candle. Because of this flash crash, it is apparent that we did not hit the bottom and are still on the way down. I am not one to call tops or bottoms, but I would definitly not reccomend entering a trade on AST until it hits at least 5,000 satoshis. My range to enter will be between 4500 to 5000.
I say all of this with a sad heart because yesterday I entered a trade around the 6200 region and rode it to the 6700 region (without taking profit) . I had not looked at the longer time frame in some time since it was my plan to simply day-trade AST on its short term uptrend. I ended up getting away from my computer for a bit without setting a stop loss, and had to close my position on a loss.
Anyway - be careful out there! If anyone is trading AST, which it doesn't look like many people are due to the sub 100 BTC volume on Binance, be sure to look out for the extended downtrend! But also beware that these coins with low volume are heavily subjected to incredibly quick pump and dumps.