Volatile_Victory
Long

XMRBTC: Correction Over?

POLONIEX:XMRBTC   Monero / Bitcoin
All signs point to the XMRBTC             correction being over:

1. Notice the ABC wave correction.
2. Wave C is equal to Wave A which is a common length of a Wave C to Wave A.
3. Wave C retraced back 61.8% of the previous impulsive leg up.
4. The Wave C trendline was broken on Sept 7th at 03:00 UTC (23:00 EST on graph).
5. The Wave C trendline , after being broken, held as resistance at 12:00 UTC (08:00 EST on graph)

All of those signals point to the last move off the ATH             as being a temporary correction and that we can expect another move higher. I would go LONG XMRBTC             and place a stop at 0.0180. If when the next hourly RSI is rolling over and we have not significantly pushed past at least 0.0220 then I would be concerned that another pattern may be playing out instead of an immediate push to a new ATH             .
What indicator are you using above the MACD
Reply
DTOsc - you can find it searching the public library. It's similar to StochRSI; however, I find it better fluctuates between the overbought and oversold zones once adjusted. I've been using it successfully for years.
Reply
Correction:
Point #2 should read Wave C is equal to 50% of Wave A which is a common Wave C length.
Reply
Volatile_Victory PRO Volatile_Victory
Correction #2:
Point 3 should read "The correction retraced back 61.8% of the previous impulsive leg up."
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out