Ok here ya go. As you can see, the Fib shows an overall favoring to go LONG. On the second sets of Elliot waves, pay attention to 3, 4, and 5. If it stays above 3 it will go sideways. If it drops, then it will trigger 4, and if it drops even further, will trigger 5. Expect a BIGGER retracement if it does drop that low. Currently it appears to wants to go below the support of 3 (2nd set). This will cause a bigger retracement. Remember, it's all about built up energy. So in short, if it hovers around 3 (2nd set), expect mostly a sideways movement and even a sight drop. If it drops to 4 or 5, expect a strong retracement (opportunity for more $$$). Also, notice the candle wicks. It's already tried several times to have upward momentum but keeps getting rejected, this implies a long movement. So in summary,
if it drops to 4 (2nd set), set longer stop and expect it to retraice to the 2nd TP. f it drops to 5 (2nd set), expect it to retrace all the way to 4,000. If it refuses to go below 3 (2nd set), expect it to mostly go sideways or perhaps dip until the 17th of December.
As others have already smartly pointed out, it's in a channel right NOW. And it's waiting to break out. It's already tried a couple of times. This is another clear signal it will eventually do a break out for LONG.
May the trading gods bless you! Be safe, trade smart, don't trade on emotions. Good luck out there!
-i am in no way responsible for any losses incurred by this hobby of trying to predict this market.
PS, EOS is also very sexy to increase your take. It's been safer and delayed. So whatever XBT/BTC does, expect EOS to follow suit.
Enjoy and let me know what ya think!
-turi
if it drops to 4 (2nd set), set longer stop and expect it to retraice to the 2nd TP. f it drops to 5 (2nd set), expect it to retrace all the way to 4,000. If it refuses to go below 3 (2nd set), expect it to mostly go sideways or perhaps dip until the 17th of December.
As others have already smartly pointed out, it's in a channel right NOW. And it's waiting to break out. It's already tried a couple of times. This is another clear signal it will eventually do a break out for LONG.
May the trading gods bless you! Be safe, trade smart, don't trade on emotions. Good luck out there!
-i am in no way responsible for any losses incurred by this hobby of trying to predict this market.
PS, EOS is also very sexy to increase your take. It's been safer and delayed. So whatever XBT/BTC does, expect EOS to follow suit.
Enjoy and let me know what ya think!
-turi