Wave 3 up still in play
We are still in play for a third wave up which will likely start at the .786 fib retracement level (17-18 satoshi mark). We are still in a pennant and in a parallel channel which I feel we will break upwards at the .786 retracement mark. I would enter a trade around the 17-18 satoshi mark with a stop loss at 12 satoshis maybe 13 or 14, your preference. The first 2 targets would be key resistance areas and the 3rd target would cap off a 1:1 fib extension.
Target 1: 27-28 sats.
Target 2: 37-38 sats
Target 3: 45+ sats.
I don't like to trade with exact targets because I treat support and resistance as an area as opposed to one fixed number.
Note: This is not financial advice. I am not a financial adviser nor do i give financial advice. I am just showing others a trade I will be potentially entering. Invest at your own risk. View this post as a learning opportunity for me and you. Once a student always a student.
Quick note: to clarify the Elliot wave, the letters a b and c are part of the ABC correction which will end wave 2. The roman numerals are sub waves on either a major wave like wave 1 or a subwave of the C correction wave. I would have added subwaves for each individual correction and but that would be a messy situation for individuals who aren't familiar with Elliot wave.
Chart is accurate as of March 2, 2019. 3:11 EST.
Target 1: 27-28 sats.
Target 2: 37-38 sats
Target 3: 45+ sats.
I don't like to trade with exact targets because I treat support and resistance as an area as opposed to one fixed number.
Note: This is not financial advice. I am not a financial adviser nor do i give financial advice. I am just showing others a trade I will be potentially entering. Invest at your own risk. View this post as a learning opportunity for me and you. Once a student always a student.
Quick note: to clarify the Elliot wave, the letters a b and c are part of the ABC correction which will end wave 2. The roman numerals are sub waves on either a major wave like wave 1 or a subwave of the C correction wave. I would have added subwaves for each individual correction and but that would be a messy situation for individuals who aren't familiar with Elliot wave.
Chart is accurate as of March 2, 2019. 3:11 EST.
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