QTUM is seemingly forming a falling wedge against ETH on the daily chart and at an old support zone at approx. 0.032 level.
There is an attractive RR ratio even with using a conservative target to hit 0.382 fib (0.0495) of latest large bearish swing. Further targets can be 0.5 and 0.618 levels (0.057 and 0.066 respectively). With setting stop loss under 0.027 and with current buy at 0.032 this provides the following RR ratios respectively –
3.83
5.58
7.74
There are some nice fib overlaps:
1.618 of recent bullish swing overlaps with 0.382 of bearish swing
2.618 of recent bullish swing overlaps with 0.618 of bearis swing
4.236 of recent bullish swing is at top of wave I.
Reversing from here may mean a wave 3 within a broader wave III move that has just started with the bullish swing on 19Mar2018 (wave 1) and now the falling wedge may be formed within wave 2. If this wave count may apply I would expect to hit our 2nd or 3rd target at least within the mid-term wave 3.
For the records – I am in with 10 ETH from earlier at an average price of 0.0345 and am holding.
Please note – these are my personal views. Please DYOR and trade carefully! Thank you for the likes and follows – I am grateful!
Happy Trading!
There is an attractive RR ratio even with using a conservative target to hit 0.382 fib (0.0495) of latest large bearish swing. Further targets can be 0.5 and 0.618 levels (0.057 and 0.066 respectively). With setting stop loss under 0.027 and with current buy at 0.032 this provides the following RR ratios respectively –
3.83
5.58
7.74
There are some nice fib overlaps:
1.618 of recent bullish swing overlaps with 0.382 of bearish swing
2.618 of recent bullish swing overlaps with 0.618 of bearis swing
4.236 of recent bullish swing is at top of wave I.
Reversing from here may mean a wave 3 within a broader wave III move that has just started with the bullish swing on 19Mar2018 (wave 1) and now the falling wedge may be formed within wave 2. If this wave count may apply I would expect to hit our 2nd or 3rd target at least within the mid-term wave 3.
For the records – I am in with 10 ETH from earlier at an average price of 0.0345 and am holding.
Please note – these are my personal views. Please DYOR and trade carefully! Thank you for the likes and follows – I am grateful!
Happy Trading!
Comment:
I am interested to see the closure of the current 12H candle. Forming a higher low? There is seemingly an RSI bullish divergence too. Let's see.
Trade active
Trade closed: stop reached