THEATA : USD Potential wave 5. The fib relationships look good but the time its taken for wave 4 to complete when compared to wave 2 isn't great. EMAs are bearish. That leads me to consider two main options, 1 this is a bear market relief rally or 2 its still a bull market and wave 5 has just begun. The bull flag is enticing and the risk reward on this trade is very good. There's a potential for a 10x with very little downside is stops are places responsibly.
Key Points: Wave 2: Hit high probability fib target of 0.707 Wave 3: Front run high probability fib target of 1.618 wave 4: Overshot high probability target of 0.382 Bull flag: Break and test from above to continue macro trend Daily EMAs: We are below the 144, 169, 244 EMAs & they have crossed bearish on the daily. This is not bullish. Needs to breakout and test from above.
The trade: Entry 1: Around here, $3.42 - 1hr chart has broken out and retested 244 EMA. 169 & 244 EMA has crossed bullish. Entry 2: Break out and retest of the 244 EMA on the 4h chart combined with bullish cross of 169 & 244 EMAs. Entry 3: Break out and retest of bull flag: ~$4.20 - $5.20 Stop 1: Break of the 244 EMA on 1h, currently at: $3.24 (-5.6%) Stop 2: Once 4hr EMAs have crossed bullish and price has tested from above, stops at 244 EMA on 4hr chart. Target 1: 169 EMA on the daily currently at $5.13 but sloping down and decreasing. (+54%) Target 2: 0.618 relief rally = $7.80 (+132%) Target 3: Fib: length of wave 1 projected from the end of wave 4 = $37.60 (=1017%) Target 4: Algo: 0.236 length of wave 3 projected from end of wave 3 = $47.41 (+1300%)
Notes: Symmetry looks off. Relationship between wave 2 & 4 doesn't have the 'right look' Wave 4 has taken much longer that wave 2. EMAs bearish on higher timeframes
Never Trust. Verify. Not taking requests so please don't ask. D.Y.O.R. Not Financial Advice Just an Observation. Technical Analysis is not about being right, it's about increasing your odds. Be prepared to be wrong. Risk management is key. Capital preservation above all else.
I'm glad you are back!!! could you please chart XRP by chance?
TribeWriter666
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@TradeDUKE, Thanks bro, sorry I'm not doing requests at the moment, however, XRP is on the list for the not too distant future. But there is a couple more I want to get to first.
3.5 resistance now and was support so i guess your charts are out..Next stop 1.5.
simpsonepic1a
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I was right all BS!!
simpsonepic1a
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Why do you bother with all the bull shit when your way out? Why dont you do a bear chart at least people who are manipulated by your idea wont loose money. Im so sick of bullish charts! Who knows who prints this shit or who is paid by Theta labs who im shore are just selling all there theta tokens living it up on other peoples ill gained money.
TribeWriter666
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@simpsonepic1a, You know sometimes I wonder the same thing. Why do I bother when I get comments like this? I'll tell you why; because posting publicly helps keep me accountable. To myself. It helps me to try my best- even if I'm wrong. You know what the hard part is? Trying again. Even when I get criticized for my efforts.
As for the "why don't you do a bear chart" bro why don't you do a bear chart? Why don't you do any chart at all? Maybe you should try. Might find out it's not as easy as it looks.
People who are just blindly taking trades because they seen a random post have a lot to learn. Maybe they will lose some money and ask themselves "ok what went wrong, how can I avoid the same mistake next time?" or maybe they'll get rekt, leave and not learn a damn thing. Either way that is on them. We each choose our own outcomes. As for blindly taking trades that I post; I'm not sure how much clearer I can be... THIS IS NOT FINANCIAL ADVICE, DO YOUR OWN RESEARCH, THESE ARE JUST MY OBSERVATIONS, NEVER TRUST, VERIFY FOR YOURSELF.
Paid by THETA? hahaha good one. Anyway thanks for the sentiment check. We must be getting close now.
ShibaPlays
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@TribeWriter666 This guy surely have no clue about theta's fundamentals plus btc will go 160K in 14 months. All the strong fundamental alts we hold won't need chart analysis lol 🤣🤣. Just go through btc historical chart data you will know I am not wrong. BTW love your chart man don't bother explaining stupid people.