This is the chart that no one wants to see, but the one you can't ignore.
My view on the recent impulse waves of DGB. Yes, it's sloppy, but when you have 1,000 usd swings with bitcoin you can't expect to have pretty Elliot wave sequences such as when you use the theory with traditional assets which is compared to a relatively stable currency like the USD or Euro.
Also, I'd like to point out that if you've been paying attention, this same sequence is playing out with numerous other alternate coins such as Siacoin, Ripple, Lumen, and the list goes on.
I hate being the bearer of bad news, but it may be time to take some profits and reenter at a lower price. OR there's always the option of holding through the storm which outperforms swing trading 90% when you're not the most experienced "trader".
I hope I'm wrong, but for now I think the action is over.
C leg of the correction waves may not go that deep either. Then, again it may go even deeper if we get a bull run from bitcoin.
ABC correction will be confirmed on a break below 615 sat.
I like DGB and I think 2018 will be a huge year for it so I'm definitely wanting to add to my long term position and the very best price which appears to be coming.
Trade Procedure:
Buy:
I'll be looking to reenter DGB at 540-575 sat.
Stop-Loss:
This trade is invalid at 734 sat.
Sell Targets will be assessed after buy.
As always Goodluck everyone!
My view on the recent impulse waves of DGB. Yes, it's sloppy, but when you have 1,000 usd swings with bitcoin you can't expect to have pretty Elliot wave sequences such as when you use the theory with traditional assets which is compared to a relatively stable currency like the USD or Euro.
Also, I'd like to point out that if you've been paying attention, this same sequence is playing out with numerous other alternate coins such as Siacoin, Ripple, Lumen, and the list goes on.
I hate being the bearer of bad news, but it may be time to take some profits and reenter at a lower price. OR there's always the option of holding through the storm which outperforms swing trading 90% when you're not the most experienced "trader".
I hope I'm wrong, but for now I think the action is over.
C leg of the correction waves may not go that deep either. Then, again it may go even deeper if we get a bull run from bitcoin.
ABC correction will be confirmed on a break below 615 sat.
I like DGB and I think 2018 will be a huge year for it so I'm definitely wanting to add to my long term position and the very best price which appears to be coming.
Trade Procedure:
Buy:
I'll be looking to reenter DGB at 540-575 sat.
Stop-Loss:
This trade is invalid at 734 sat.
Sell Targets will be assessed after buy.
As always Goodluck everyone!