Hallemahalle
Long

XEL - Buy opportunity after major correction

BITTREX:XELBTC   Elastic / Bitcoin
I see XEL             performed an ABC correction (also influenced by BTC             correction) after a pump.
Correction happened down to the 0.78 fib retracement level and I see a double bottom possibility here.
Volume decreased, so the hype is over and thats what we want to see.
RSI shows an oversold market on the daily chart .


I added a screenshot of the calculated XEL/USD chart. We are now back at the demand zone on the lower region of it, so I expect accumulation here.


Of course trading ALTS during BTC             correction is risky, you might wanna wait until a safe long position on BTC             is possible.


Good Luck!

Comment: By the way some ppl traded the H&S pattern but H&S pattern has to be confirmed by a H&S pattern on volume and i dont see this here. I guess it was forced by the BTC correction. Just a sidenote
Comment: As I already mentioned BTC needs to be stable and money needs to flow back to Altcoins, but the target for the next wave would be around 12k Sat.
Comment: Moving sideways, not much to say as BTC has to decide the next movements. Sell if BTC crosses support, buy if we break big resistance around 9000$.

Money needs to go back into altcoins, that can take some time because people needs to trust BTC before going into altcoins.
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