Volatile_Victory
Short

XMRBTC: Correction Continues

POLONIEX:XMRBTC   Monero / Bitcoin
With my update yesterday, everything started well then things started to run out of steam. As I mentioned in my update yesterday, if we cannot reach at least 0.0220 by the time that the hourly RSI rolls over then we'd need to re-evaluate. We got close, reaching 0.0219 but then we ran out of steam and momentum rolled over. Hopefully everyone followed my advice and was able to get out before the larger drop. I closed at 0.0215. If you did not get out then you are in luck...

The primary pattern now appears to be a WXY correction with X forming an ABCDE triangle. Wave D's low should hold at 0.0190 as it bounced nicely off the the triangle's bottom trendline. I now expect prices to rise shortly to hit the top of the trendline (or slightly overshoot it) to complete Wave E at which point prices should fall violently down in Wave Y.

If you were not able to get out of your LONG, prices should get back into the 0.0208 - 0.0212 range therefore I would hold and get out then.

If you want to be aggressive, enter a short position in the 0.0208 - 0.0212 range (red box) with a stop at 0.020 (top of Wave C). If you want to be more conservative, enter a SHORT position on an hourly candle close outside of the bottom triangle trendline.

Wave Y targets range from 0.0162768 (50% of W) to 0.01122678 (100% of W). Better Wave Y targets will be discussed once the ABCDE triangle completes and the bottom of the triangle trendline is broken.

Related Ideas

coinwide
2 months ago
good chart, maybe it could occur sooner, as ETH is now bullish because of next Weeks ETH Devcon 2
Reply
coinwide coinwide
2 months ago
ETH has good news lately, maybe that is gonna happen
Update to Ether/Xbt
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out