So, it's time to start a new Reddcoin post. I was saddened to see that Reddcoin lost it's momentum and there was a verified wave 1 months ago that validates this as a complete 5 wave structure.
I'm expecting this to correct for the next month or so, I'm also expecting this to correct in the form of a wedge. I will only activate the trade if it remains in our Bullish zone on the Daily RSI over that time. But I'm expecting this correction to take us near the 1 cent mark once again. The MACD is diverging bearishly, and it is likely to finish correcting when the MACD is on the way back up. But I do not expect this correction to be all that quick.
I will activate when I enter.
Comment
⋅
Alright guys, you know when I start doing crazy things like this it never usually works out LOL. But notice the similarities between these two drops so far. I'm going to assume the same and target that 8 cent mark for my entry level. I've noticed that each wave is about 2.5-3 times longer than the previous correction I'm basing this off of. So I think we may be getting our next wave up toward 6.6 cents in maybe 11 days or so! GO REDDCOIN GO
Comment
⋅
Possible path for Reddcoin. Still more correcting to do, but I think we're a bit too oversold here not to see a nice bounce in the next few days.
Comment
⋅
We're are following the pattern targeted in the picture above. Here are 3 targets I think it has the possibility of hitting on the way up. Keep you're guard up with the coin, however. I've never quite seen it form a triangular corrective pattern. So this would be a first. Targeting the "Bull" target is a risky play, however. All targets are simply fib levels.
Comment
⋅
Guys, I like this risk to reward set up A LOT. So I'm seeing a bullish flag appear here. I would like to enter around the bottom of this triangle if it stabilizes. I think we have a very nice target for a near 60% gain. And AS SOON, as it falls from this support level, i'm either exiting the trade, or not entering. Let's see how this formation plays out.
Comment
⋅
So we exited the bottom of the triangle and didn't find support along those lines. Are we still bearish? No. Now I'm super bullish. Let's take a look at the BTC pair to see what we can find.
Here, you see that we are likely to approach a Flat ABC motive wave to the correction. When B retraces this far back, it is likely that C will be close to an equal length of B. So this is typically where you find "double tops" and signs of trend reversals. In this case, it is very unlikely that we get an ABCDE. Which may lead me to think that all Bitcoin has to offer on its X wave is an ABC.
So I love to look at BTC pair whenever i'm bullish on Bitcoin. I try to find things that outpace the growth of Bitcoin. So if this grows in Satoshi, while Bitcoin grows in dollar value, then you know your coin is growing faster than Bitcoin; so you get a higher return. So let's say Reddcoin grows by 30% in Satoshi, while Bitcoin grows 30% in USD. Then you're total return will be about 60% in dollar value. I use other coins with similar movements to hedge Bitcoin's growth in hopes of receiving a higher return. And this is why I'm more heavily weighted in Reddcoin than Bitcoin itself!
@Eball8, Thanks a lot!! Can you explain a bit about the W,X,Y? What does it mean? Greetings form a newbie ;)
Elijah_Trading
⋅
@PatrickvanDijk, Well simply put, an X in a WXY formation can mean a "failed breakout." I think people may think that Reddcoin is about to breakout, but I think it will correct for longer after that.
PatrickvanDijk
⋅
@Eball8, Ah ok... good to know. I still have some RDD, so I will try to get out in time. Thanks for the heads up. Really great work... i hope to learn a lot more form you and other traders.