Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
Either green line or purple line will play out. As long as we remain above the second red line this chart is good.
Target wave (3) RR 3.75
Target wave (5) RR 6.9
Either green line or purple line will play out. As long as we remain above the second red line this chart is good.
Target wave (3) RR 3.75
Target wave (5) RR 6.9
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Chart on USD pair. It looks the same and I've added some support/resistance lines. Chart is valid as long as we remain above the bottom red support line.
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Support and resistance lines added. The thicker lines represents a heavier support/resistance line. On the btc pair; we've gone below any point in history of btc/bat pair. What this mean is that we don't have an impulse wave to count from other than its current lowest point. Where count (0) is on the chart below, this would be the beginning of our first impulse wave. If the counts are correct, we've gotten wave (1) and (2) in and we should be working towards (3).
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Bat/btc update: I've erased the purple wave as it doesn't seem to be the possible play and instead I've added a sub cycle wave; light blue wave.
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BAT/USD
We're working on the sub cycle purple wave. Once it enters the 5th impulse wave of it, it becomes the red wave (3) top. On the btc pair chart above, it would be where the light green wave top is.
What both chart tells me is that we're in the oversold territory. If the retracement that I see doesn't go below current's price in the future predicted price movement then these are good areas to buy. On the USD pair you can see that we will pullback on red wave (4) to price area of 1.13 so IMO any price below 1.13 is good. This is not financial advice and do what you want with that knowledge.
We're working on the sub cycle purple wave. Once it enters the 5th impulse wave of it, it becomes the red wave (3) top. On the btc pair chart above, it would be where the light green wave top is.
What both chart tells me is that we're in the oversold territory. If the retracement that I see doesn't go below current's price in the future predicted price movement then these are good areas to buy. On the USD pair you can see that we will pullback on red wave (4) to price area of 1.13 so IMO any price below 1.13 is good. This is not financial advice and do what you want with that knowledge.
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I've added the RSI to the chart: RSI is showing that we are not oversold or overbought going above 70 will show overbought. I am showing this because of my statement above, I am predicting future price movement so I stand by my statement that we are in the oversold territory as long as price remains below 1.13.