Let me tell you a short story about my first idea of XEL market:
My first pattern I had in mind was a triple buttom chart pattern which I marked in the chart. I checked the 4h candle which was right at the lower trend line, nicely hoovering over it and everthing looks good but i thought: lets wait the last 18min of this candle and the start of the next before I publish my idea. As you can see, it broke the line, not much but 4h candle closed below it.
Might be driven by the BTC drop, but we are currently inside a trendchannel heading downwards:
RSI indicates an oversold market, depending on the next 4h candle a change in direction is possible.
MACD is pointing downwards
Cloud is bearish, conversion line (blue) below base line (yellow).
Overall, a more bearish than bullish signal.
The question is now, if this broke is caused by the BTC drop, or was a natural movement.
In general, i do not recommend buying when BTC market is instable or bearish (which seems to be so at the moment).
Buy signals for XEL would:
So i would recommend to wait, if 3 Bottom pattern confirms, next target would be 15k Sat.
Next support at 8100 Sat and then 6500 Sat.
My first pattern I had in mind was a triple buttom chart pattern which I marked in the chart. I checked the 4h candle which was right at the lower trend line, nicely hoovering over it and everthing looks good but i thought: lets wait the last 18min of this candle and the start of the next before I publish my idea. As you can see, it broke the line, not much but 4h candle closed below it.
Might be driven by the BTC drop, but we are currently inside a trendchannel heading downwards:
RSI indicates an oversold market, depending on the next 4h candle a change in direction is possible.
MACD is pointing downwards
Cloud is bearish, conversion line (blue) below base line (yellow).
Overall, a more bearish than bullish signal.
The question is now, if this broke is caused by the BTC drop, or was a natural movement.
In general, i do not recommend buying when BTC market is instable or bearish (which seems to be so at the moment).
Buy signals for XEL would:
- Price comes back to 3 bottom trend line
- Break out of the current downtrend
- RSI and MACD showing change of movement or even pointing upwards
- Conversion line crossing base line or heading towards
- Cloud becomes bullish or heading towards
So i would recommend to wait, if 3 Bottom pattern confirms, next target would be 15k Sat.
Next support at 8100 Sat and then 6500 Sat.
Comment:
Due to SegWit2x BTC update, many alts are going down because a hardfork into Bitcoin and Bitcoin (Gold?) is expected. People are selling ALTS to get their BTC and receiving free Bitcoin Gold coins similar to what happend during Bitcoin Cash hardfork.
Comment:
2nd Support at 6500Sat seems to hold