STEEMBTC is a pretty great coin because when it moves, boy does it move. Managed to pull in two 20% trades in the last 2 weeks!
It had a clear 5 wave structure complete on April 27th peaking at 0.000504, and has been undergoing a clear ABC wave down, currently sitting at 0.000386.
I marked off the area where I think it will finish it's correction based on ratios of 1-1 ratios of A-C, and it's already had a dip into that area earlier today.
There was a big spike in volume that coincided with that time, so I think that may have been our capitulation benchmark.
RSI, MacD and Stochastics all show the potential for this to go a bit lower (no clear bullish divergence anywhere that I can spot), so I don't think it's totally done correcting - but I think it will be soon.
It likely won't get any lower than 0.000346, but you never know sometimes. It may not even get that far, preferring to stay around the 0.000367 area.
If it hits that point and starts going up, we likely just saw a double bottom.
Anyways, watch this one closely because when it decides to go up, I think we could see some really huge gains. Over the month of april it went from a low of 0.0002 to a high of 0.0005.
So the next wave is likely to take it to as high as 0.00084 ~ (0.0005-0.0002)x1.618 + 0.00036.
Good luck!
It had a clear 5 wave structure complete on April 27th peaking at 0.000504, and has been undergoing a clear ABC wave down, currently sitting at 0.000386.
I marked off the area where I think it will finish it's correction based on ratios of 1-1 ratios of A-C, and it's already had a dip into that area earlier today.
There was a big spike in volume that coincided with that time, so I think that may have been our capitulation benchmark.
RSI, MacD and Stochastics all show the potential for this to go a bit lower (no clear bullish divergence anywhere that I can spot), so I don't think it's totally done correcting - but I think it will be soon.
It likely won't get any lower than 0.000346, but you never know sometimes. It may not even get that far, preferring to stay around the 0.000367 area.
If it hits that point and starts going up, we likely just saw a double bottom.
Anyways, watch this one closely because when it decides to go up, I think we could see some really huge gains. Over the month of april it went from a low of 0.0002 to a high of 0.0005.
So the next wave is likely to take it to as high as 0.00084 ~ (0.0005-0.0002)x1.618 + 0.00036.
Good luck!
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As a side note, the capitulation point MAY have marked the bottom. I just don't think it is yet. But I could be wrong!