QTUM Sympathy Play, 1:6 risk reward on BTC breakout!
Updated
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.
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