It would appear we have an ABC correction forming off of the 148% run NCASH had over the weekend. It would appear we have formed wave 1 of the C wave and are preparing to push off the downtrend line in wave 3. There is not a lot to go off of in this chart as this is a new coin but this chart continues to look fractal in nature notice the ABC in the bottom corner retraced to 1:1.
This could always push up form this point like in the scenario I posted yesterday. BUT if this is a C wave forming it is going to offer larger profit potential with a low risk entry.
I will be watching this closely to see if it plays out this way. If not I'll move on to the next setup.
Key points:
Entry zone - 253 sat level
Exit zone - 355 sat level
Risk:Reward - 25:1
Thanks for taking a look, this is my trade strategy for my trades and should not be taken as advice on your own trades. Any feedback is always appreciated.
This could always push up form this point like in the scenario I posted yesterday. BUT if this is a C wave forming it is going to offer larger profit potential with a low risk entry.
I will be watching this closely to see if it plays out this way. If not I'll move on to the next setup.
Key points:
Entry zone - 253 sat level
Exit zone - 355 sat level
Risk:Reward - 25:1
Thanks for taking a look, this is my trade strategy for my trades and should not be taken as advice on your own trades. Any feedback is always appreciated.
Comment:
Seems to be on track, it's rising in the channel a bit and I would expect a nice bounce around the 354 area. It may run a bit from there if traders play it as a false breakout. My target would be around 385. Will make this trade if bitcoin bottoms before that point. Back to liquid on BTC expecting a bounce later today, the BTC bounce may coincide around the same time.
Comment:
Entered trade at the 346 sat level but appears to be a creating bear flag could see continued drop toward the 315 level. Exited trade at the 349 sat level. Looking to renter after confirmation.
Comment:
Wave 3 termination at 326 looking for a bounce to 365 area then reversal and start of 5th wave toward target of 253.
Comment:
Wave failure. BTC is in control and I will not be making any trades until we see something positive out of BTC.
Comment:
This is still one of the things I need to work on. Sometime I find myself with a bias where these waves should move and when it doesn't I blame it on the market instead of re-evaluating my count. This would appear to be the proper count for wave 3. As you can see it's currently sitting on the 1:618 and my original target is the 2:618. Wave 5 of 3 is highlighted in blue. If BTC can find it's temporary bottom NCASH should see a nice bounce but from my count this is still only the 3rd wave and we should see a 5th toward the target.
This is still one of the things I need to work on. Sometime I find myself with a bias where these waves should move and when it doesn't I blame it on the market instead of re-evaluating my count. This would appear to be the proper count for wave 3. As you can see it's currently sitting on the 1:618 and my original target is the 2:618. Wave 5 of 3 is highlighted in blue. If BTC can find it's temporary bottom NCASH should see a nice bounce but from my count this is still only the 3rd wave and we should see a 5th toward the target.