Time frame: 4H
Pair: SCBTC
I already did a chart on SCBTC but I felt like applying my new knowledge with my current to predict where we are heading with this pair. So basically, we are nearing the end of correction. We have a falling wedge that I have drawn with two rays. I believe the next step would be a price retest between 50 EMA blue line and maximum 0.618 Fibonacchi Retracement level. I also applied Elliott Wave Theory to this chart. This shows that we are about to start our Wave 4, followed by Wave 5. We have a bullish divergence on MACD also which indicate that we are nearing the end of our correction phase. We also have RSI near the oversold area, indicating supply juice are running out thus resulting in higher demand. The trend channel shows that we are near the edge and about to leave this tunnel. In this case, I would wait a bullish figure on smaller scale 1H if I would buy in now else I would wait until Wave 5 (green exclamation mark) is completed. I also wanted to add that the price may move flat / sideways ~ (Wave 2 sharp, Wave 4 flat according to guidelines).
Note: The Wave 5 might not end exactly where I have placed but a little bit below. This is only a possible area!
Good luck x9
Pair: SCBTC
I already did a chart on SCBTC but I felt like applying my new knowledge with my current to predict where we are heading with this pair. So basically, we are nearing the end of correction. We have a falling wedge that I have drawn with two rays. I believe the next step would be a price retest between 50 EMA blue line and maximum 0.618 Fibonacchi Retracement level. I also applied Elliott Wave Theory to this chart. This shows that we are about to start our Wave 4, followed by Wave 5. We have a bullish divergence on MACD also which indicate that we are nearing the end of our correction phase. We also have RSI near the oversold area, indicating supply juice are running out thus resulting in higher demand. The trend channel shows that we are near the edge and about to leave this tunnel. In this case, I would wait a bullish figure on smaller scale 1H if I would buy in now else I would wait until Wave 5 (green exclamation mark) is completed. I also wanted to add that the price may move flat / sideways ~ (Wave 2 sharp, Wave 4 flat according to guidelines).
Note: The Wave 5 might not end exactly where I have placed but a little bit below. This is only a possible area!
Good luck x9