Hey folk. In my previous post on SRMBTC and SRMUSD I told you I am going to make a new post with the new targets.
First, What happened: SRM addition to Binannce resulted in huge increase in its value vs BTC. Immediately after that the price started the correction course.
It took it about 2-3 weeks to make the correction process and finally it manages to come back to the previous peak and get passed through it.
I needed time to see to what Fibonacci it is reacting and now I have some clear idea about that; however as patterns changes over time so the analysis, hence I will update this post whenever I see a change or have some corrections to make.
So for now what I can say is this coin is reacting to both expansion and extension Fibos. The common fibonacci extension levels ahead are 161, 200, and 261, but they may react to 113, 127, 144% and many other ones as well.
It seems at this point of the market SRMBTC and SRMUSD at hourly pattern react with all of them from both extension and expansion.
For now I marked all of the resistance points ahead using these two Fibo, but the big picture (daily analysis) is that the main resistance ahead are 127 (~25% profit target), 161 (~60%) and 2 (~100%) where heavy resistance is expected.
Afterward there might be another correction and retry in which the market going to try reaching 261, 361 and >4, i.e. 200-400% profit targets.
First, What happened: SRM addition to Binannce resulted in huge increase in its value vs BTC. Immediately after that the price started the correction course.
It took it about 2-3 weeks to make the correction process and finally it manages to come back to the previous peak and get passed through it.
I needed time to see to what Fibonacci it is reacting and now I have some clear idea about that; however as patterns changes over time so the analysis, hence I will update this post whenever I see a change or have some corrections to make.
So for now what I can say is this coin is reacting to both expansion and extension Fibos. The common fibonacci extension levels ahead are 161, 200, and 261, but they may react to 113, 127, 144% and many other ones as well.
It seems at this point of the market SRMBTC and SRMUSD at hourly pattern react with all of them from both extension and expansion.
For now I marked all of the resistance points ahead using these two Fibo, but the big picture (daily analysis) is that the main resistance ahead are 127 (~25% profit target), 161 (~60%) and 2 (~100%) where heavy resistance is expected.
Afterward there might be another correction and retry in which the market going to try reaching 261, 361 and >4, i.e. 200-400% profit targets.
Trade active:
This is what I mean SRM movements reacts with both of Ext/Exp Fibos
Trade active:
Sorry friends for not updating my posts recently, very busy schedule this week.
Anyway, We reached one of our main first target, Fibo-1.6 a heavy resistant is expected but GOOD NEWS on 15min movements there is a Bullish Flag. In case the market movements break the top of the channel I marked all of the possible targets with Fibo-2 (4.4usd) being the most important one for this bullish flag.
Remember the probability of a prediction working is 50-80% at best, meanings there is always 20-50% chance of failure.
I am trying to find the best patterns to make that probability as close to that80% as possible. But do have your own trading strategy with logical target and risk margin.
So first of all, have a reasonable profit target (considering cryptocurrency highly volatile nature)
And second, in my opinion having risk margin and following that is much more important than your profit target!
Anyway, We reached one of our main first target, Fibo-1.6 a heavy resistant is expected but GOOD NEWS on 15min movements there is a Bullish Flag. In case the market movements break the top of the channel I marked all of the possible targets with Fibo-2 (4.4usd) being the most important one for this bullish flag.
Remember the probability of a prediction working is 50-80% at best, meanings there is always 20-50% chance of failure.
I am trying to find the best patterns to make that probability as close to that80% as possible. But do have your own trading strategy with logical target and risk margin.
So first of all, have a reasonable profit target (considering cryptocurrency highly volatile nature)
And second, in my opinion having risk margin and following that is much more important than your profit target!
