Monerousdt
Awaiting entry for Monero's next spikeMonero looks set to hit $279 in the next week or two (max). This target is based on a Fib retracement drawn using the H1 (High 1) to L1 (Low 1) range.
The spikes preceding S4 (S1-S3) have all indicated a higher high soon to come, each retracing back to a support level established on the way up to each new high. I predict S4 to fall back and consolidate at approx $225 where my entry will sit.
Trendline T1 indicates the dips from each consolidation after the new highs set by S2 and S3. I'm placing a stop just outside this zone. This lies at approximately $192. This gives us a risk reward ratio of 1.61, which although it doesn't sound amazing, I'm more confident than this RRR implies.
Entry $225
Stop $192
Target $279
RRR = 1.61
XMRUSD $210 After Correction? Elliot Wave AnalysisExplanation on the Fibonacci levels on the graph:
-Wave 2 retraced 38.2% of wave 1, meaning it is likely the fourth wave will retrace at least 38.2% of wave 3. I suspect it will be 50%, but if it does go to 61.8%, then lots of profit will be made.
-Wave 3 hit a perfect 1:1 Fibonacci extension of wave 1 to 2. This ideal extension is what gives me the price target of a 1.618 extension of wave 1 to 2 which provides a price target of $210.
Please do leave any feedback/questions in the comments below. I have been unable to reply to comments on my ideas because of recent moderator action so if I can't reply because of this feel free to PM me.
BTC tip jar: 1GE36bSw7uq8CbaPoYybtEArE58qHF1uRe
