Combined with oversold conditions on MACD and logarithmic channel support makes this a great entry to start scaling in. Relative strength is so low if sellers have any strength left to push price down significantly.
Trendline was met within 6 hours of posting the setup this morning.
Price successfully hit the trendline with absolute precision and reversed. As stated in the prior idea, my long position was entered with a 30pip stop targeting the $0.3400 region.
Hopefully, if you were patient you managed to catch the move as well!
Price is currently up around 60 pips and ...
The exchange rate could end the construction of a double falling wave structure. Also, the addition of a so-called correction sub-wave to the second wave has been added (yellow line). Therefore, we expect a rise from the current level. The rise in the exchange rate is also assumed in a double rising wave structure, and the sub-wave of the rising correction wave ...
For a long time I did not share any cryptocurrency because of the down trend
but this time, I think 2019 will be good for currency pairs and if this head and shoulders will be active by break and close the neck line
it will go to 6000 levels at first, Then we will update the chart
wish you many pips
Not trading for now, just holding out as we're currently in 'No man's land'. As we remain consolidated between $0.3300 - $0.33500 I'm happy to stay out for now.
Awaiting a break lower ideally to the highlighted region shown around $0.32500-$0.32550.
Will be eyeing up potential long opportunities from this zone should it be met.
I've used channel confluence to forecast market structure based upon the assumption of nested Elliott Wave zig-zag patterns in progress. We're currently in the eye of the storm so expect extremely choppy movement over the next day or so. The intention of this is not to forecast the precise movement of price but rather to understand market structure at a higher degree.
This pair has the best structure for EW and KC analysis. Base channel shown in Blue and Acceleration channel shown in Green (with adjacent shadow channels).
Green and Red lines illustrate energy barriers (dynamic support and resistance offered by the growth structure) offering support from above (Green) and resistance from below (Red).
What Halving means?
Halving is a term common among cryptocurrency miners – the process sees the reduction of mining rewards of cryptocurrencies slashed by 50%.
The halving is the event, the moment when the mining reward is divided by 2, is commonly called "halving". Other denominations are used: "reward drop", "reward halving", or simply "the halving" or "the ...
After all the hype at the beginning of this year, price has kept going lower. A very bearish descending triangle is still forming and together with the rejection of BTC ETF (which will not happen any time soon) this could crash hard!
Be aware! Trade carefully and don't risk anything you're not willing to lose! GL all