I see XEL performed an ABC correction (also influenced by BTC correction) after a pump.
Correction happened down to the 0.78 fib retracement level and I see a double bottom possibility here.
Volume decreased, so the hype is over and thats what we want to see.
RSI shows an oversold market on the daily chart.
I added a screenshot of the calculated XEL/USD chart. We are now back at the demand zone on the lower region of it, so I expect accumulation here.
Of course trading ALTS during BTC correction is risky, you might wanna wait until a safe long position on BTC is possible.
Good Luck!
Correction happened down to the 0.78 fib retracement level and I see a double bottom possibility here.
Volume decreased, so the hype is over and thats what we want to see.
RSI shows an oversold market on the daily chart.
I added a screenshot of the calculated XEL/USD chart. We are now back at the demand zone on the lower region of it, so I expect accumulation here.
Of course trading ALTS during BTC correction is risky, you might wanna wait until a safe long position on BTC is possible.
Good Luck!
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By the way some ppl traded the H&S pattern but H&S pattern has to be confirmed by a H&S pattern on volume and i dont see this here. I guess it was forced by the BTC correction. Just a sidenote
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As I already mentioned BTC needs to be stable and money needs to flow back to Altcoins, but the target for the next wave would be around 12k Sat.
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Moving sideways, not much to say as BTC has to decide the next movements. Sell if BTC crosses support, buy if we break big resistance around 9000$.
Money needs to go back into altcoins, that can take some time because people needs to trust BTC before going into altcoins.
Money needs to go back into altcoins, that can take some time because people needs to trust BTC before going into altcoins.