Hi everyone,
Long shot on this call - I was more or less playing around with sine waves on the BTC pair for MITH and came up with this (possibly because I happened to want all of the waves to intersect where they do - or - possibly because they actually do signify the changing of trends at this point. I'm not sure).
However, what I really am basing this call off of is the USD pair. It has very significant bullish divergence on it. As well, there is a token burning on the 31st for MITH, so that could be a possible catalyst for the trend change.
Will post the USD pair chart shortly.
Not trading advice. Again this is a super long shot trying to call a bottom like this on a coin I known very little about, besides that it is a competitor to STEEMIT. Most likely this won't play out like I hope.
Long shot on this call - I was more or less playing around with sine waves on the BTC pair for MITH and came up with this (possibly because I happened to want all of the waves to intersect where they do - or - possibly because they actually do signify the changing of trends at this point. I'm not sure).
However, what I really am basing this call off of is the USD pair. It has very significant bullish divergence on it. As well, there is a token burning on the 31st for MITH, so that could be a possible catalyst for the trend change.
Will post the USD pair chart shortly.
Not trading advice. Again this is a super long shot trying to call a bottom like this on a coin I known very little about, besides that it is a competitor to STEEMIT. Most likely this won't play out like I hope.
Comment:
The real reason I'm bullish on it. Beautiful bullish divergence on both RSI and AO, spanning nearly the entirety of the chart.
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Comment:
Assuming Wave-C is done, confirmation of an impulsive move would require us to break the yellow trendline before the blue vertical line (approx January). Otherwise, we can expect it to be an X-wave and correct further once complete.
Comment:
I hate to do this, as I was really hoping this would turn out very buyllish due to the divergence.
However, taking a closer look, I don't think this drop is done quite yet. It may still turn into something, but basically if we don't bounce now, I expect us to head down to the bottom of this channel.
Green lines all act as support, and there are many at this level, but there also are tight resistance lines, and completing the channel makes sense to me. If we bounce here, we are good, if we go any lower... it's going down.
However, taking a closer look, I don't think this drop is done quite yet. It may still turn into something, but basically if we don't bounce now, I expect us to head down to the bottom of this channel.
Green lines all act as support, and there are many at this level, but there also are tight resistance lines, and completing the channel makes sense to me. If we bounce here, we are good, if we go any lower... it's going down.
Comment:
I'm not so sure about the divergence anymore either, the move since I posted the original chart is suggesting that it may no longer be valid (isn't on the RSI anymore, however, it still is on the AO).
Comment:
Depending on TF, my above about the RSI might be wrong - it may still be valid. But almost for sure we will see another drop... keep an eye on the Daily+ RSI for whether or not the divergence still holds, it can't drop much further to be valid.
Comment:
Close up of the lines that need to hold...