This is an update on a previous analysis I did for VENBTC (link underneath this post) but now with Elliot Wave count as well.
Analyses
- After a big correction where we've retraced back to the significant .618 retracement level of around 32500 sats.
- The retracement finished the ABC correctional wave and is the start of a nice run-up and a new impulse wave in VENBTC.
- I think we're in wave 3 for some time now and heading to a key resistance level at around 62500 sats.
- The 62500 sats is also at the .382 fib extension level which usually is a nice area where traders look to take some profits. If that's the case then we could retrace back to 55000 - 50000 level for the correctional wave 4.
- When we move up from here and break the (key) resistance level, we then made a nice big inverse head & shoulder pattern which should lead to further upward movement and the next leg up.
Obviously, this is a (very) premature perspective for the inverse head & shoulder pattern to form cause a lot can change rapidly and there's a lot of variables in play but this is the bigger picture and my current wave count and having this awareness will help you make better trading decisions!
So with this and above analyses in mind, if you do want to swing trade VENBTC then this is how you can trade it:
Trade Instructions
Buy Area
0.00050500 - 0.00054500
You can enter before the breakout but going with the above scenario/analyses it's better to hop on VENBTC on a retracement/pull back and then catch the break.
Profit Target
1. 0.00072025
2. 0.00081490
3. 0.00094965
Keep in mind that these are mid-term profit targets (several weeks). And you can always take profits at any time when you feel comfortable with or want to secure your profits.
You don't have to wait for a target to be reached in order to sell. This way you'll reduce your risk, can have more patience to ride it out and reinvest your profits quicker.
Stop Loss
0.00046500
Remember that you can always use a larger stop or no stop at all if you believe in this coin for the mid-long term but always invest accordingly and what you're willing or can afford to lose!
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Analyses
- After a big correction where we've retraced back to the significant .618 retracement level of around 32500 sats.
- The retracement finished the ABC correctional wave and is the start of a nice run-up and a new impulse wave in VENBTC.
- I think we're in wave 3 for some time now and heading to a key resistance level at around 62500 sats.
- The 62500 sats is also at the .382 fib extension level which usually is a nice area where traders look to take some profits. If that's the case then we could retrace back to 55000 - 50000 level for the correctional wave 4.
- When we move up from here and break the (key) resistance level, we then made a nice big inverse head & shoulder pattern which should lead to further upward movement and the next leg up.
Obviously, this is a (very) premature perspective for the inverse head & shoulder pattern to form cause a lot can change rapidly and there's a lot of variables in play but this is the bigger picture and my current wave count and having this awareness will help you make better trading decisions!
So with this and above analyses in mind, if you do want to swing trade VENBTC then this is how you can trade it:
Trade Instructions
Buy Area
0.00050500 - 0.00054500
You can enter before the breakout but going with the above scenario/analyses it's better to hop on VENBTC on a retracement/pull back and then catch the break.
Profit Target
1. 0.00072025
2. 0.00081490
3. 0.00094965
Keep in mind that these are mid-term profit targets (several weeks). And you can always take profits at any time when you feel comfortable with or want to secure your profits.
You don't have to wait for a target to be reached in order to sell. This way you'll reduce your risk, can have more patience to ride it out and reinvest your profits quicker.
Stop Loss
0.00046500
Remember that you can always use a larger stop or no stop at all if you believe in this coin for the mid-long term but always invest accordingly and what you're willing or can afford to lose!
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
