XEL chart request

I like to chart with USD as base because it removes all BTC price fluctuations.

Also fib levels and price action aligns better in USD

Further more a friend at a hedge fund let me know that they convert all BTC base to USD for their algo - which drives the market.

So it makes sense to chart in USD over BTC.

To trade off of this chart it's best to use trading view charts and view XEL/USD then at pivot points put in buy or sell orders. At these pivot points i recommend looking at indicators for signs of continuation or reversals.

Comment:

Typo in the text near pivot resistance - Alsi should be Also

Comment:

Another typo - the 2nd target resistance should say 786 fib level not 796

Comment:

Looks like Fib levels + resistances are working well.. If we bounce up from pivot resistance - now a support it could get interesting

Comment:

Hit first target resistance and retraced back to the pivot resistance which is now a support - look up the support/resistance inversion.

We might test the first target resistance again. Hopefully to pierce it.

Of course this all depends on what the grand daddy BTC does. If BTC tanks - expect a sell off of alts as well.

Trade closed: target reached:

first target hit and pattern failed after...

update coming in a day or two

Comment:

Here is the updated idea.