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             .
Correction:
Point #2 should read Wave C is equal to 50% of Wave A which is a common Wave C length.
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Volatile_Victory PRO Volatile_Victory
2 months ago
Correction #2:
Point 3 should read "The correction retraced back 61.8% of the previous impulsive leg up."
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dawhitefish
2 months ago
What indicator are you using above the MACD
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Volatile_Victory PRO dawhitefish
2 months ago
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.
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