MTH/BTC possible Elliot wave 2 completion approaching?
Hi guys, just playing around with Elliot waves in MTH/BTC or Monetha. Whether my TA is correct or not Monetha is a great project with A LOT of room to grow.
Due to the lack of history and the quite low market cap of Monetha i believe the previous run up is likely to be the first Elliot wave in a primary cycle with wave 2 displaying a lovely ABC correction. Wave C looks likely to test and most likely hold at 0.618 fib retracement like in wave A forming a double bottom. RSI indicates that we are not in the over sold region yet which but this will likely change when we touch the fib.
Due to the RSI I may have to go fishing with my position however i feel 0.618 buy level is a safe bet as long as btc stops being mean.
BUY RANGE: 0.00001850-1950 (0.618 fib)
STOP LOSS: 0.00001700
As for profit targets i am not setting any as i'm planning on holding onto this coin for semi-long term as it has a lot of growth potential with a market cap of only 50mil and a first product release on the 31st of march i believe as well as coming into a potential wave 3 this could be a very good mid to long term hold.
I am amateur at TA which is why i have a tight stop loss even though this is for comedic purposes only.
* This is not financial advise and is intended for comedic purposes only*
Any feedback is much appreciated.
Due to the lack of history and the quite low market cap of Monetha i believe the previous run up is likely to be the first Elliot wave in a primary cycle with wave 2 displaying a lovely ABC correction. Wave C looks likely to test and most likely hold at 0.618 fib retracement like in wave A forming a double bottom. RSI indicates that we are not in the over sold region yet which but this will likely change when we touch the fib.
Due to the RSI I may have to go fishing with my position however i feel 0.618 buy level is a safe bet as long as btc stops being mean.
BUY RANGE: 0.00001850-1950 (0.618 fib)
STOP LOSS: 0.00001700
As for profit targets i am not setting any as i'm planning on holding onto this coin for semi-long term as it has a lot of growth potential with a market cap of only 50mil and a first product release on the 31st of march i believe as well as coming into a potential wave 3 this could be a very good mid to long term hold.
I am amateur at TA which is why i have a tight stop loss even though this is for comedic purposes only.
* This is not financial advise and is intended for comedic purposes only*
Any feedback is much appreciated.
Kommentar:
Rookie mistake we are actually extremely oversold on the RSI on the 1day
Trade ist aktiv:
Got the breakout if you followed my advice and easy 20% gain let's see how this develops.
Trade ist aktiv:
Looking at the sell wall im taking 50% profits now.
