Watchlist Update 02 | BTC, XZC, ETC | correlations, wedges
Hello and good morning, everyone. I'm doing a quick update of my watchlist before heading out for most of the day. Traditional markets are bouncing after making a second lower low on the 4H, based on the S&P500. I see inverse correlation with this bounce and Bitcoin's downtrend out of the rising wedge spotted a day before. Moving averages are providing some support and resistance zones to look after.
ETC is one of the more defiant movers today in cryptoland, if you're only looking at the trees and not the forest. I think it still has room for downside as it is still respecting the corrective Elliott wave pattern that I drew some days back.
Zcoin (XZC) also looks ready for a bit of a downturn. The rising wedge is still climbing, but we are reaching the top of the symmetrical triangle now and the 50% Fib area will possibly be a significant resistance as well. More analysis would be needed to make a more clear-cut entry or exit decision.
All the best and enjoy your weekend!
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Disclaimer: This is for educational purposes only, this is not financial advice. All ideas are my own.
ETC is one of the more defiant movers today in cryptoland, if you're only looking at the trees and not the forest. I think it still has room for downside as it is still respecting the corrective Elliott wave pattern that I drew some days back.
Zcoin (XZC) also looks ready for a bit of a downturn. The rising wedge is still climbing, but we are reaching the top of the symmetrical triangle now and the 50% Fib area will possibly be a significant resistance as well. More analysis would be needed to make a more clear-cut entry or exit decision.
All the best and enjoy your weekend!
--
Disclaimer: This is for educational purposes only, this is not financial advice. All ideas are my own.
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