The bearish daily downtrend has expired, and we see that there is a low in place, matching an area of low volume profile support (refer to Tim West's charts to learn more about this time at mode technique).
The other bullish signals are a daily time at mode uptrend signal that lasts until May 26, but which has already reached the first target, instantly retracing.
The bullish momentum seems to be strong and might continue despite this setback, as evidenced by RgMov starting to point up, while MACD shows a bullish crossover with histogram divergence, and price reaching support at a previous fibonacci retracement of a strong weekly bar, which matches other fibonacci retracements in a cluster. A clear area of interest for buyers and sellers.
You can buy now and aim for new highs until May 26. I'll update as we go. A retest of the mode at 0.003004 is a good start for a first target IF we cross the grey low volume resistance level.
Thanks for that, didn't know Monero is also available on trading view!
IvanLabrie
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It is, but sadly no poloniex charts. I posted a suggestion, would help if you do too.
Macq_Yu
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Ops! Bears won as of this moment.
Powered by shorting at Poloniex.
Macq_Yu
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By the way, what's your Elliot wave count as of this moment?
IvanLabrie
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It's starting to look like we're in the middle of a corrective structure, unfolding wave C down, of a zigzag correction to the previous impulse up.
Liquidity wasn't as big in hitbtc, so it's bound to get distorted, not ideal for EW.
We need a Poloniex chart here, badly.
IvanLabrie
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It looks a bit off, very deep retracements:
We're at low volume support again. Might see a reaction and head up again now, during this "b".
Macq_Yu
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Seems like we're heading to this deep retracements.
IvanLabrie
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Yes, probably down for some time.
You can rebuy at the bottom, I'll update the chart soon.
Macq_Yu
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Yes, opportunity to buy more at the bottom.
IvanLabrie
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If today closes above the mode it will signal a new long opportunity.