I don't know the coin nor any fundamentals behind it.
However, it look like a quite decent setup for short term trade.
I believe we just finished Wave 4 (ABCDE) as it reached 0.5 fib level.
Moreover, E leg landed on the Wave 1 resistance.
As we all know wave 4 cannot overlap into wave 1 territory (In leveraged markets it can by wick or so).
We might be just on the bring of the Wave 5.
Potential target:
- Green 1:1 Wave 1 extension.
However, it look like a quite decent setup for short term trade.
I believe we just finished Wave 4 (ABCDE) as it reached 0.5 fib level.
Moreover, E leg landed on the Wave 1 resistance.
As we all know wave 4 cannot overlap into wave 1 territory (In leveraged markets it can by wick or so).
We might be just on the bring of the Wave 5.
Potential target:
- Green 1:1 Wave 1 extension.
Comment:
Perfect bounce from 0.618 fib.
Targets
Blue - 1:1
Green - 1:1.618
Perfect bounce from 0.618 fib.
Targets
Blue - 1:1
Green - 1:1.618
Buy zone - RED
Price is gonna most likely jump off 55MA (red line), which also happens to be 0.618 fib level.
Very strong support line.
We might wick down to 100MA (oragne)