Bitcoin Gold (BTG) - BTC (Fly High or Extended correction?!)
Welcome to my blog dear investor,
Let's talk about the rules before we start our trading plan.
RULES:
1. always take full responsibility for the results yourself;
2. spread the risks, because spreading is making happy;
3. develop an investment method that is SMART;
4. develop its own vision on the functioning of the financial markets;
In this case i'll make a prognosis of BTG by using the tips in my previous post. I'll mix the Dow Theory with the Elliot Wave. I hope u will enjoy this one.. U also can use the questions for youre own prognosis. (www.tradingview.com/...s-of-the-Dow-Theory/)
1. everything is processed in the indices or market averages;
Well then we only look at the price to make an prognosis.
2. the market has three trends; (for the different types of markets go to Part 2 of my post, link upstairs)
It looks like we are in an upward trend which is correcting know..
3. each primary trend consists of three phases;
The accumulation phase has passed. The big investors bought theire shares and waiting for the correction of BTG. After the correction has passed the trend followers will step in. This will start the second phase. So that means, we are on our way to the second wave.
4. the market averages must confirm each other;
What are the market averages doeing know? Well i'm looking for the last week and last week % of BTC, ETH, LTC, NEO, XVG.
BTC: +%
ETH: +%
LTC: +%
NEO: +%
XVG: -%
The percentages are global averages. We can conclude that there is an upside trend the last week/days.
5. the volume must confirm the trend;
The volume has not confirmed yet that there is/will be an break out. We will wait and watch for the confirmation. If there will a bullis signal, but the volume is low, then i do not step in.. That means the bullish signal is to weak to continue and will fall down. When there is a bullis signal with high volume then that one can be an confirmation of a new wave..
6. a trend remains intact until there are definitive signals that it is reversed.
There is no signal of reverse know.. It is making an correction.. It will start his nes 5 wave of Elliot when the correction is done..
Let's set our target:
Buy-In target: 0.00772082
Wait for confirmation before buying.. This could be also an extended correction.. The fibonacci, RSI and MACD are negative with de daily chart.
Summary:
If the RSI, MACD and volume gives confirmation, then buy in at the buy-in target.. If the prices fall down, then it will be an extended correction.. I'll follow BTG for a long time.. This coin will make a lot of profit when it goes in his second phase..
Follow the money and i hope u will make a lot of profit..
One generation passeth away, another generation cometh, but the earth abideth forever. The sun also ariseth, and the sun goeth down, and hasteth to his place where he arose.
The wind goeth toward the south, and turneth about unto the north; it whirleth about contunually, and the wind returneth again according to his circuits. All the rivers run into the sea; yet the sea is not full; unto the flow from whence the rivers come, thither they return again...
The thing that hat been, it is that which shall be; and that which is done is that which shall done; and there is no new thing under the sun..
Source: Elliot Wave Principle, Key to Market Behavior.
Let's talk about the rules before we start our trading plan.
RULES:
1. always take full responsibility for the results yourself;
2. spread the risks, because spreading is making happy;
3. develop an investment method that is SMART;
4. develop its own vision on the functioning of the financial markets;
In this case i'll make a prognosis of BTG by using the tips in my previous post. I'll mix the Dow Theory with the Elliot Wave. I hope u will enjoy this one.. U also can use the questions for youre own prognosis. (www.tradingview.com/...s-of-the-Dow-Theory/)
1. everything is processed in the indices or market averages;
Well then we only look at the price to make an prognosis.
2. the market has three trends; (for the different types of markets go to Part 2 of my post, link upstairs)
It looks like we are in an upward trend which is correcting know..
3. each primary trend consists of three phases;
The accumulation phase has passed. The big investors bought theire shares and waiting for the correction of BTG. After the correction has passed the trend followers will step in. This will start the second phase. So that means, we are on our way to the second wave.
4. the market averages must confirm each other;
What are the market averages doeing know? Well i'm looking for the last week and last week % of BTC, ETH, LTC, NEO, XVG.
BTC: +%
ETH: +%
LTC: +%
NEO: +%
XVG: -%
The percentages are global averages. We can conclude that there is an upside trend the last week/days.
5. the volume must confirm the trend;
The volume has not confirmed yet that there is/will be an break out. We will wait and watch for the confirmation. If there will a bullis signal, but the volume is low, then i do not step in.. That means the bullish signal is to weak to continue and will fall down. When there is a bullis signal with high volume then that one can be an confirmation of a new wave..
6. a trend remains intact until there are definitive signals that it is reversed.
There is no signal of reverse know.. It is making an correction.. It will start his nes 5 wave of Elliot when the correction is done..
Let's set our target:
Buy-In target: 0.00772082
Wait for confirmation before buying.. This could be also an extended correction.. The fibonacci, RSI and MACD are negative with de daily chart.
Summary:
If the RSI, MACD and volume gives confirmation, then buy in at the buy-in target.. If the prices fall down, then it will be an extended correction.. I'll follow BTG for a long time.. This coin will make a lot of profit when it goes in his second phase..
Follow the money and i hope u will make a lot of profit..
One generation passeth away, another generation cometh, but the earth abideth forever. The sun also ariseth, and the sun goeth down, and hasteth to his place where he arose.
The wind goeth toward the south, and turneth about unto the north; it whirleth about contunually, and the wind returneth again according to his circuits. All the rivers run into the sea; yet the sea is not full; unto the flow from whence the rivers come, thither they return again...
The thing that hat been, it is that which shall be; and that which is done is that which shall done; and there is no new thing under the sun..
Source: Elliot Wave Principle, Key to Market Behavior.
Comment:
Trade active:
Well we have the volume confirmation and the candle breaks out of the triangle..
I have placed the target as follow
Buy-in: .0080 - .0083
T1: .00852426
T2: .00878760
T3: .00905094
T4: .00937676
T5: .00990344
Stopp-loss: .00765817
When reached eacht target i'll sell 20% of my share. Do u want to trade short term then sell all at T2.
When targets reached i'll update this prognosis.. Have a nice day and follow the money..
I have placed the target as follow
Buy-in: .0080 - .0083
T1: .00852426
T2: .00878760
T3: .00905094
T4: .00937676
T5: .00990344
Stopp-loss: .00765817
When reached eacht target i'll sell 20% of my share. Do u want to trade short term then sell all at T2.
When targets reached i'll update this prognosis.. Have a nice day and follow the money..
Comment:
P.s. This are my targets for the second wave only.. After this we will sell and wait for to correction to buy in more..
Comment:
Here the targets..
Trade active:
T1: .00852426 -> * Target reached 06-05*
T2: .00878760
T3: .00905094
T4: .00937676
T5: .00990344
T2: .00878760
T3: .00905094
T4: .00937676
T5: .00990344
Have a nice day..