I noted down a previous Elliott wave and a potential new Elliott wave and decided to give it a shot and bought in a good chunk for me and my customers. Four impulsive waves would have passed and the fifth one is about to start. If you haven't bought in yet, between now and 8 hours would be a good time if you were to follow this analysis. Within a few days, the fifth wave should emerge and go for the resistance line as drawn in the chart. It could either bounce or break, so make sure to keep an eye out for that. When it bounces, there is still a ~10% profit potential. When it breaks, the sky is the limit :) Of course BTC will have a great say on the matter as well.
I'll be keeping this updated for the coming few days.
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Please keep in mind that I do say potential Elliott wave, as wave 4 has breached the top of wave 1. This is technically against the rules. But it still looks good as the support is holding here. Elliott wave or not, something is cookin'
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So far so good. I expected it to have bounced up already, but right now the support line is still being tested. If it holds then I predict that it's going straight towards that resistance line according to the fifth Elliott wave principle. Look alive!
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Resistance has been breached, but it potentially bounces. Stop loss is at 5k for me.
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The support*
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Well, this is not working out so far. What could be is that this is an extension of wave number 4 and that it wasn't fully finished yet. My bad for buying in at around 5400 sat. I suppose that right now is an even better moment to buy in, as I don't think that it will break the support line hovering at around 4900, unless BTC has a downpour to 11k.
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My stop-loss triggered, but I'm still keeping this trade open. The only reason my stop loss triggered is because BTC climbed a lot the last couple of hours, naturally causing alts to go down. I'm still expecting this push and I'll buy in as soon as I believe that BTC is done rising.
Trade closed: stop reached
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Wave 4 hit wave 2. Support collapsed because BTC lost about 8% within ten minutes. This is not going to work, abandon ship and re-enter later.
@wissamakc, Ah, hey. I totally did not see this message. My sincere apologies.
So far, you haven't missed a thing yet. Bitcoin went through any roof imaginable and that made alts bleed. STRAT has been trading around 3k - 4.5k ever since and recently had a small spike to 5.5k and bounced back. You could go in now for a mid term trade spanning a few weeks. But there is a chance that BTC is now heading for the 50k in a week or so, which would mean a further alt bleed. With that being said, alts are looking good at the moment.
AriesVo
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Thanks. Good luck
Cointact
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@AriesVo, Thanks! judging from the close call I had with my stop loss this morning, I might need that :')