QTUM Sympathy Play, 1:6 risk reward on BTC breakout!
Observing the charts for both Bitcoin and Ethereum last week, I'm seeing strong support for Bitcoin at the $3800 levels and Ethereum at the $130 levels. If this support continues to hold, I'm expecting a huge sympathy play for Qtum (leverages Bitcoin's security while having Ethereum's functionality). I also no longer think we are in a wave 4 cycle as the psychology of the masses is already expecting a wave 5 pullback. The bottom is in!
Also, looking at the Elliot wave pattern, Qtum is nearing the end of wave 2 pullback. I'm expecting a huge wave 3 which will retest the 0.5 Fibbonaci retracement level as indicated on the chart.
Given the current price of Qtum and strong psychological support at the $2.00 level with minimal volume being traded, I see a far more lucrative risk:reward ratio for longing Qtum compared to going long on BTC/ETH!
Accumulate now and thank me later when BTC breakout!
Stop limit:
Wave (C): $2.89
Wave (E): $3.45
Stop loss: 1.86
Let me know what you guys think of this plan!
Also, looking at the Elliot wave pattern, Qtum is nearing the end of wave 2 pullback. I'm expecting a huge wave 3 which will retest the 0.5 Fibbonaci retracement level as indicated on the chart.
Given the current price of Qtum and strong psychological support at the $2.00 level with minimal volume being traded, I see a far more lucrative risk:reward ratio for longing Qtum compared to going long on BTC/ETH!
Accumulate now and thank me later when BTC breakout!
Stop limit:
Wave (C): $2.89
Wave (E): $3.45
Stop loss: 1.86
Let me know what you guys think of this plan!
Trade active:
Congrats to all who've profitted on this trade so far! At this point we will look for short term retreat in price to get a better sense of the price action direction and to guage our new entry correspondingly.