XLMETH Bittrex 12 H – Wave V starting?

XLMETH might start a wave 5 in a shorter timeframe (12 H) with a reasonable and potential target of 1.272 extension of the last bullish move – reversing from 0.0034.

The risk reward ratio looks quite favorable as with breaking the current 0.618 correction level of previous bullish swing and going below 0.000495 the wave count is already negated and stop can be set accordingly while a reasonable target can still be 0.00068.
RSI could be stronger and volume should increase though.

I have entered in XLMETH with 2.5 ETH at the developing ascending triangle of wave 3 already at 0.000495 level. I am still in expecting the wave 5 to unfold. I am stopping out if 0.618 level is compromised and wave count is negated (with touching wave 1 top).

These are my personal views and analysis only. Please do your own research and trade carefully!
Thank you for the likes and follows!!!

Trade active

Trade closed manually:

Well, bad timing. Trade closed at 0.00049 - I am sticking to my plan with price movement negating the expected wave count.

Comment:

As an addition - based on the weekly chart and a potential long-term wave count I am still bullish that a broad wave V has started - for the shorter time-frame now I expect some more pull-back (e.g. to 0.382 or 0.236 fib of recent bullish swing) - this would lead to potentially consider current wave as a wave 2 - part of the broad wave V.
Please see other related idea -

Comment:

I am looking to re-enter at around the 0.382 correction level of the overall latest bullish swing - this is approx. at 0.000445 level. My original wave count was negated - we are potentially in the short-mid-term wave 2 correction then.

Comment:

Seemingly 0.5 fib retrace holds and we may now be seeing a reversal.

Comment:

Target was hit however seemingly the wave count should be adjusted. If zooming out to e.g. 3D we may be still seeing the broad wave IV. as a potential valid count. Price is at important support - 0.382 of wave III. volume is very low though.