Potential uptrend beginning versus Bitcoin.
If you are looking to add a position, I'd personally wave until this wave 1-2 completes so you aren't buying during green candles (i.e. Exposure to higher levels of risk).
I don't know if Monero will make a higher high this cycle versus Bitcoin, but if it did, I'd look at the 1.618+ Fib Levels as potential tops for...
Excellent tokenomics for this one.
- Looking to add at completion of Wave-4.
- Two possible targets listed on the chart depending on the extension of Wave-3.
- Not looking to swing trade this pair as it's very easy to get bounced out of position. In other words, this is a long hodl and for accumulation.
Will update this idea after Bitcoin confirms price direction.
Nearly 1:1 correlation between Bitcoin and stocks. The covid selloff recovery is also extremely similar between both markets. This at least puts to bed the narrative that Bitcoin is uncorrelated to stocks as the same market makers run the show in both markets.
Idea for the stock market:
* Trump will need a healthy stock market for re-election. The Fed will print money, buyback stocks, etc, etc to prevent a collapse
* Pumping during Trumps second term
* Market crash (collapse) sometime during the next presidency (so they will obviously get all the blame) leading to a massive A-B-C correction that can take prices lower...
Appears we may be entering a 5th wave on BTC.D
This only plays out if the region labeled Fakeout Wave wave indeed a Fakeout and not Wave 1.
I would wait for a breakdown of the ascending wedge before placing more money into altcoins. Until that happens, altcoins may keep losing dominance until completion of the 5th Elliot Wave:
Ascending wedge on the 3-Day Chart.
Neutral for now. Equities are in a downtrend as well; however the major asset classes (Crypto and Equities) have been trading at major resistance after the covid sell-off recovery.
The wedge can be in play until early July. So best not to get shredded in the market and plan good entry for good risk to rewards.
Shorts - No...
Short-term outlook is bearish due to the EMA crossing to the downside. XRP is currently sitting at a support of 6800 sats, but if this breaks it's a hard fall down to 5200.
All you can really do here is start slowly scaling into a long position to avoid getting wrecked. When XRP does make a run up, it's fast and violent.
Price right now is sandwiched between the 200-EMA (Black) and 100-EMA (Green).
* 100-EMA must act as a support for Ether's ascending trend line to continue.
* 200-EMA acting as a resistance. A break of that may bring us to $200.
Current price is a no-entry zone. Wait either for support to hold or resistance to break.
Recent Price Movement:
* Initial push past major resistance (Purple)
* First attempt at 200-EMA rejected (Black)
* Ratio is currently trading below major resistance (Purple).
Short-Term Price Movement (Neutral):
* Bitcoins recent rally introduced a lot of volatility. Will need consolidation before making a safe entry.
* Resistance still at the 200-EMA. Will...
Daily makes push past first major resistance on the daily (Purple).
Attempted push to the upside rejected by the 200-EMA on the first attempt (Black).
Here's my view short-term:
* Bitcoins recent rally makes the short-term price movement unclear. If there is any pullback in Bitcoin, that will obviously affect altcoins.
* Trend is indicating that Monero should...