Lisk / BitcoinLong
LSK - BTC analysis?
As a new cryptotrader, I have been studying Elliot wave theory fundamentals and patterns... I have been trying to figure out where we are on the impulse waves with LSK as I am trying to decide if I should adjust my position. While I believe that this is a solid long term hold I would like to be able to make some predictions on entry/exit strategies and where I should be looking to take profits or reduce my position.
One possibility is that we are in wave 4 retracement after the new high of wave 3. This would mean that we could expect sometime in the near future an extension of a new impulse wave 5 to the .00251-.00281 area. I would then predict retracement to the .00195 area. So if this is wave 4 retracement, it cannot cross below the top of wave 1 - which is why we are having this sideways price movement while volume declines.
Other possibility that I would consider is that we are in a distorted or truncated wave 5 due to not enough momentum left after a huge wave 3 or the FUD coming from China. I have found research showing that this is a real pattern and in some cases the 5 wave will fall just short of breaking the high of wave 3 or barely break it. In that scenario, I would be calling wave 1-2 the small impulse leading to the huge wave 3. To me that makes sense but I'm also not as experienced at identifying variations in the patterns.
OMG also moved in a less textbook way and it seems as though I bought on the way up on wave 5... took profits, but should have waited to play with that one until the next run. Lesson learned, which is why I am really really digging into analysis on LSK.. and I haven't seen any good analysis or information on LSK so far. So let's start the discussion!
Really would appreciate some feedback on this analysis so I can learn more about Elliot Wave theory and measuring fibonacci retracement and extension.
One possibility is that we are in wave 4 retracement after the new high of wave 3. This would mean that we could expect sometime in the near future an extension of a new impulse wave 5 to the .00251-.00281 area. I would then predict retracement to the .00195 area. So if this is wave 4 retracement, it cannot cross below the top of wave 1 - which is why we are having this sideways price movement while volume declines.
Other possibility that I would consider is that we are in a distorted or truncated wave 5 due to not enough momentum left after a huge wave 3 or the FUD coming from China. I have found research showing that this is a real pattern and in some cases the 5 wave will fall just short of breaking the high of wave 3 or barely break it. In that scenario, I would be calling wave 1-2 the small impulse leading to the huge wave 3. To me that makes sense but I'm also not as experienced at identifying variations in the patterns.
OMG also moved in a less textbook way and it seems as though I bought on the way up on wave 5... took profits, but should have waited to play with that one until the next run. Lesson learned, which is why I am really really digging into analysis on LSK.. and I haven't seen any good analysis or information on LSK so far. So let's start the discussion!
Really would appreciate some feedback on this analysis so I can learn more about Elliot Wave theory and measuring fibonacci retracement and extension.
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