Link USD trading idea and Getting out of trading slump tipsp
Hello everyone. We are back with another cryptocurrency, technical analysis, this one featuring Link. If you can tell by my lack of blog posts, I haven't been in the "Zone" recently. I have been looking at charts, completely unsure of what is happening. There are so many possible wave counts that start flowing through my head, and I lose track of everything around me. Fun fact, this whole day, I have been crippled by my inability to figure out what is happening in the S&P500 and with bitcoin. After forcing myself away from the computer for a couple hours, and coming back later in the day, I realized that when I am confused, I just have to count the waves as precisely as I can. I got so used to clear and clean wave counts, that now, when things don't seem so clear, I am confused. I am confident now, that if I stick looking at the exact waves, I'll have a better time understanding why certain moves are happening. So this is hope for all of you out there. If you ever feel lost, just go back to the basics and the rules of what you know.
Anyway, enough with the pep talk, let's get into the analysis.
Elliottwave analysis:
What are we seeing? On the 2 hour time frame, we are able to get a good bird's eye view of the past couple of days. We can see that we have completed an impulsive wave to the upside, and we are about to start the wave c down to the 0.5 area. I think that we have finished the wave B, because we have bounced off of the 0.618 retracement of the wave A, which is a good target for the end of the wave B, and we have also completed all three waves for wave B, with the A and C matching almost exactly 1:1. The reason I am targeting the 0.5 retracement of the larger wave, is because it is the wave 4 low and will provide a strong support for us.
The stop loss I have set is the 11.4247 range.
Other confounding factors include a very bullishly diverging macd.( we can see that the wave 3 and 5 have had much higher highs on the price action, and much lower highs on the RSI. In addition to this, the macd is looking QUITE bearish, showing us two lower peaks, and a histogram that is getting higher highs on the downside.
All in all, I hope you can find some information and some profits from this trade.
Until next time, happy trading, and enjoy the rest of your week.
Anyway, enough with the pep talk, let's get into the analysis.
Elliottwave analysis:
What are we seeing? On the 2 hour time frame, we are able to get a good bird's eye view of the past couple of days. We can see that we have completed an impulsive wave to the upside, and we are about to start the wave c down to the 0.5 area. I think that we have finished the wave B, because we have bounced off of the 0.618 retracement of the wave A, which is a good target for the end of the wave B, and we have also completed all three waves for wave B, with the A and C matching almost exactly 1:1. The reason I am targeting the 0.5 retracement of the larger wave, is because it is the wave 4 low and will provide a strong support for us.
The stop loss I have set is the 11.4247 range.
Other confounding factors include a very bullishly diverging macd.( we can see that the wave 3 and 5 have had much higher highs on the price action, and much lower highs on the RSI. In addition to this, the macd is looking QUITE bearish, showing us two lower peaks, and a histogram that is getting higher highs on the downside.
All in all, I hope you can find some information and some profits from this trade.
Until next time, happy trading, and enjoy the rest of your week.
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