Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
With the recent events on cryptocurrency; I think we will start seeing less coins getting pumped and more of the solid coins getting attention. By solid, I mean coins that actually has a project and some kind of revenue coming in. Currently a lot of coins are back to prices of last year, if not, then lower. This makes it a great entry point for those that wanted to get in a few months ago, but thought prices were too high. Sand's (4th) wave count has retraced to the peak of wave (1) and bounced nicely. This is usually a good indication that the bottom is in. We don't normally enter wave 1 territory unless btc does something drastic. The market sentiment is still uncertain and people are fearful, which makes it a perfect opportunity for institutional investors to start investing.
With the recent events on cryptocurrency; I think we will start seeing less coins getting pumped and more of the solid coins getting attention. By solid, I mean coins that actually has a project and some kind of revenue coming in. Currently a lot of coins are back to prices of last year, if not, then lower. This makes it a great entry point for those that wanted to get in a few months ago, but thought prices were too high. Sand's (4th) wave count has retraced to the peak of wave (1) and bounced nicely. This is usually a good indication that the bottom is in. We don't normally enter wave 1 territory unless btc does something drastic. The market sentiment is still uncertain and people are fearful, which makes it a perfect opportunity for institutional investors to start investing.
Trade active:
Chart update: changed from the daily to weekly.
We have a very small chance for another leg down to the red support line.
Risk reward: 11.16
Potential upside Wave (3) top: +460%
Potential downside: -42%
We have a very small chance for another leg down to the red support line.
Risk reward: 11.16
Potential upside Wave (3) top: +460%
Potential downside: -42%