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

6 months ago
good chart, maybe it could occur sooner, as ETH is now bullish because of next Weeks ETH Devcon 2
coinwide coinwide
6 months ago
ETH has good news lately, maybe that is gonna happen
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