شراء
Quick Update On XVG
Hello, friends!
Here is my quick update on XVG.
I have to say I am a bit disappointed we didn't get a bounce off the 0.618 fib level like I was hoping for, but it's still trading pretty technically. Which is a good thing! I attempted to count out the correction ABC wave with 5 waves coming down for A, 3 waves coming up for B, and now 5 waves coming down for C.
It looks like we might bounce off the 0.786 fib level to end the second wave correction, which is awesome! But I am setting a pretty tight stop-loss since I did enter the trade at the 618 fib level. If we dip below the 786, there is nothing wrong. Elliot wave states that wave 2 cannot retrace more than 100% of wave 1, so theoretically we can retrace to 99.99999% of wave 1. As long as we don't dip below it.
However, since I entered so high, I am just setting a relatively tight stop loss and wait for confirmation of a third wave if we get one.
A few things to point out:
On a 3 Hour chart we broke RSI support. There is still another support level at the 786 fib, but it was sad to see us break it.
55 EMA support was broken. Again - not the worst thing in the world - it was just sad to see it broken.
And finally (most importantly), BTC is currently on an extended wave 3 runup. As we all know, when Bitcoin goes down, altcoins go down. However, when Bitcoin runs hard, alts begin to fall. Yesterday when BTC was attempting to perform a small correction, I watched the XVG price rise 18% in a few hours! So we are essentially going to look for a solid BTC correction. (But not too much of a correction. That would be bad.)
And finally finally, we have to remember that there are SOOOO many bots trading. When people don't trade coins, bots do. That is why fib regions are such hard "Algo Targets", and why these coins trade so technically. This means that the next "Algo Target" will be the 786 region. If enough volume hits there, the bots will go crazy! However, if no one is trading there, there will be a small bounce and most likely an extended correction.
Good luck out there!!!
Here is my quick update on XVG.
I have to say I am a bit disappointed we didn't get a bounce off the 0.618 fib level like I was hoping for, but it's still trading pretty technically. Which is a good thing! I attempted to count out the correction ABC wave with 5 waves coming down for A, 3 waves coming up for B, and now 5 waves coming down for C.
It looks like we might bounce off the 0.786 fib level to end the second wave correction, which is awesome! But I am setting a pretty tight stop-loss since I did enter the trade at the 618 fib level. If we dip below the 786, there is nothing wrong. Elliot wave states that wave 2 cannot retrace more than 100% of wave 1, so theoretically we can retrace to 99.99999% of wave 1. As long as we don't dip below it.
However, since I entered so high, I am just setting a relatively tight stop loss and wait for confirmation of a third wave if we get one.
A few things to point out:
On a 3 Hour chart we broke RSI support. There is still another support level at the 786 fib, but it was sad to see us break it.
55 EMA support was broken. Again - not the worst thing in the world - it was just sad to see it broken.
And finally (most importantly), BTC is currently on an extended wave 3 runup. As we all know, when Bitcoin goes down, altcoins go down. However, when Bitcoin runs hard, alts begin to fall. Yesterday when BTC was attempting to perform a small correction, I watched the XVG price rise 18% in a few hours! So we are essentially going to look for a solid BTC correction. (But not too much of a correction. That would be bad.)
And finally finally, we have to remember that there are SOOOO many bots trading. When people don't trade coins, bots do. That is why fib regions are such hard "Algo Targets", and why these coins trade so technically. This means that the next "Algo Target" will be the 786 region. If enough volume hits there, the bots will go crazy! However, if no one is trading there, there will be a small bounce and most likely an extended correction.
Good luck out there!!!
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.