BINANCE:LOOMBTC   Loom Network / Bitcoin
Heads up lads.
I believe we just finished Wave II correction (red arrow), as we touched 0.618 fib retracement and then bounced off of it.
Now it seems like we've started
- the Major Wave III
- the wave (1)
- minor wave 1 and minor wave 2 which I believe is also done correcting nad now we are heading towards minor wave 3.

Targets for the minor wave 3:
1. Blue - 1:1
2. Green - 1:1.618

Looks like we've also found decent support on the 8MA (BLUE) and now testing 21MA (RED) for another support.
Comment:
Grand scheme of things and bigget targets for the wave III
Comment:
LOOM/BTC 1H
21MA breakout confirmed (2 candles closed above).
Looks like we've found a decent support, the next target to break is 55MA (pink).
Trade closed: stop reached:
Apparently, correction was not over. We've reached the Golden Pocket area.
We might see more downtrending to come. Perhaps even down to 0.786 fib of tha major wave II.
Comment: Guys hold on tight.
As it seems to me it looks I was wrong. And it turns out to be more bullish than I thought.
We are in the wave 3 (no 5 as I thought).
That mean we should ride it till the channel resistance.

Comments

found you, i follow you on twitter.
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Thanks.. i already follow you on twitter and really appreciate what you do help educate the masses.
i'm new to charting and it would be really helpful if you could give me a quick synopsis of why you thought golem would do that... and
just as usefully, why it didn't. cheers. greg
Reply
@defek, Hey lad.
We're on the LOOM chart. Anyways, back to GNT. It's reached 0.618 levels (algo) which indicates a possible bounce and strong support.
"I believe GNT is now trying to make a move.
Waves count as on the attached picture.

And no, wave 2 did not ovelapped wave 1. It retraced 98-99%.
I trupple checked under the mircoscope"

I recon it did not held due to BTC sudden move down. Alts are heavily tied down to BTC.
Now we might be facing a drop to 0.786, which is super bearish scenario.
Reply
defek Cryptoparrot13
@Cryptoparrot13, cheers for that.. will bend my head round it this evening.
Reply
@defek, No worries mate.
Reply