XLM/BTC is, in my opinion, showing signs of a 1-2-3-4-5 Elliott Wave cycle in the 2h chart.
The 3 rules that an Elliott Wave has to follow are:
-Rule 1: Wave 2 cannot retrace more than 100% of Wave 1.
-Rule 2: Wave 3 can never be the shortest of the three impulse waves.
-Rule 3: Wave 4 can never overlap Wave 1.
All of the rules have been, so far, perfectly respected.
The stochastic RSI indicator supports this, showing an oversold condition, looking like it will curve upwards.
I set two limit buy orders:
One at 5100 satoshi, where we are now, because this level has been rejected twice already, and it is also the 61.8% Fib. retracement from the low on Dec. 31.
The other one at 4600 satoshi, where the lower deviation of the Bollinger bands, the 50-periods SMA and the 50% Fib. retracement also intersect (and also the Fib. fan shows support at that level).
Boh of these levels are strong supports and if price will bounce there, we'll very likely see an Elliott Wave 1-2-3-4-5 pattern.
My target level for profit is around 9500 satoshi.
This is not financial advice, this is just my opinion. Any comment is appreciated.
The Bollinger bands show a chance that price could fall down to 46
The 3 rules that an Elliott Wave has to follow are:
-Rule 1: Wave 2 cannot retrace more than 100% of Wave 1.
-Rule 2: Wave 3 can never be the shortest of the three impulse waves.
-Rule 3: Wave 4 can never overlap Wave 1.
All of the rules have been, so far, perfectly respected.
The stochastic RSI indicator supports this, showing an oversold condition, looking like it will curve upwards.
I set two limit buy orders:
One at 5100 satoshi, where we are now, because this level has been rejected twice already, and it is also the 61.8% Fib. retracement from the low on Dec. 31.
The other one at 4600 satoshi, where the lower deviation of the Bollinger bands, the 50-periods SMA and the 50% Fib. retracement also intersect (and also the Fib. fan shows support at that level).
Boh of these levels are strong supports and if price will bounce there, we'll very likely see an Elliott Wave 1-2-3-4-5 pattern.
My target level for profit is around 9500 satoshi.
This is not financial advice, this is just my opinion. Any comment is appreciated.
The Bollinger bands show a chance that price could fall down to 46
Comment:
That last line was there for some unknown reason.
Trade active:
Both my limit buy orders have been triggered, now hoping for the best!
Comment:
Bullish hammer chandlestick formed. The wave 3 may have stopped at the 45000 level, or 50% Fib. retracement. If you bought there, you are now up 20% already :D
Comment:
I meant the wave 4*
Comment:
So far, it hasn't worked very well haha
Order cancelled
Trade closed manually