Although the RSI is oversold right now, it doesn't directly mean this coin is ready with its correction.
The last correction (white) lasted almost 200 days.
If we can follow that indication, we are now past 1/4 of the total correcting of this cycle.
The coin will go sideways (between the 0.782 & 0.88 level) for a long time.
Thus i'm short on XEM/BTC.
So STEEM/BTC is currently doing its third wave from its great cycle.
In that third wave we are currently in the 4th wave.
I think it will take some time before it can lift off and start its 5th wave.
Basically the last time, we touched the 0.786 and then consolidated for 120+ days.
Think we have to consolidate again for a while, before this coin will lift off to ...
So ZCL had a bounce earlier on the 0.786 fib level.
However it made an impulse upwards, I think we are going to retest the bottom again.
- RSI is going down. Last 'bottom' ($57) was not even close to being oversold on the daily. I think we definitely are going to touch this area closer then the last time.
- MACD made its turn downwards. Still going down and not ...
So MACD gave us a buy signal earlier, but i did not saw enough signs that this correction is over.
The MACD is now turned back into downwards modus and RSI still not oversold.
RSI has to test the oversold (30) zone and change directions to confirm the trend reversal.
I think we can expect this to happen around the 0.786 or even 0.88 level.
This will take some ...
Got a question from someone: " should I buy XLM right now, because the price is low '' ?
Ok, we take a look at the chart we see XLM still moving in its downward channel.
Its retrace from its ATH is around 55%.
The buyers risk-to-rewards odds are slightly better then the sellers risk to reward ratio.
This is not a buy signal.
I recommend always to buy at the ...
Tron had a breakout at 09/02. The breakout (45% ish!) didn't had the power to break through the upper resistance.
It broke back down right after the rejection at that resistance.
Since that TRX/BTC is creating more momentum.
This could take a lot of time. It does not have to have an breakout around 25/02 (the end of the red triangle) and go sky-high right away.
An impulse of 1500% + earnings can't continue without a retrace
Watch the 61.8% level.
Price can go down further after that, but this is my primary count.
For holders, an B moment would be perfect to decrease your positions in EOS/BTC.
You can always buy back later.
In crypto or any other trading platform it is hard to call the bottom of a coin.
We do know from VEN that its going to retrace.
But, we don't know till what price it will drop.
This is where the principle laddering becomes a handy tool.
Basically a coin retraces more then 50% of its top value.
The most common retraces are thus 61.8%, 78,6% and 88%.
We don't know ...