Long

XEL/BTC Slowly Forming Dip 4 & Looking To Make A Big Move?

Updated

Over the past few days I have been eyeballing XEL/BTC lining myself up for what I feel like will be a big move for the coin. Zoomed out you will see a bigger picture of the #4 dip starting to form which has taken longer to find the new low. The coin has bounced off of the .786 fib retracement once and was rejected. An uptrend is starting to form but the ichimoku cloud and the .618 fib retracement appear to be the only 2 resistance points standing in the way. In my opinion XEL/BTC will be headed upward and it will be interesting to watch.

Let me know what you think XEL/BTC will do and if you like my charting, follow me here on TradeView!

Note

Here is the updated projections I feel XEL/BTC will take.

Looks like Wave 4 was an ugly sideways consolidation move and is likely headed bullish to test the resistance cloud.

I drew some trend lines to see the over all movement of the waves as well as the bearish movement to the bottom of the ascending triangle that has formed.

I also adjusted my Wave 5 projections as the 3rd Wave is always the longest and I had over extended that in the original post.

I feel XEL/BTC is headed for a target of 17000 and an entry right at the bottom of the Wave 4 dip. I would look to enter around the 10000 to 11000 range and have a stop loss right below the .618 fib retracement at 9400. Also this will be a slow climber in my opinion as the last movement between Wave 3 and 4 took roughly 23 days to form. I would expect a similar time frame for the price to get into the targeted area as well.

Note

The correction has taken longer than expected but I figure over the next 3-5 days we will see a break out as the price has to move outside of the descending triangle. Here is a daily chart looking at this:

GannJourneyman

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