Let's say we continue this linear progression for growth that we have seen for waves 1 and 3, then wave 5 could lead as high as $54. But we will leave that for another day, let's just focus on $30 for now.
In an ABCDE formation that is ENDING! I like where it's at, and I will not hesitate to buy, even if it downtrends a little more. This trade is active! Targets are moved up a little bit and have potential of be CRUSHED.
Monacoin is ALMOST ready to explode!!
So here is a trick that I learned from Phil. With descending wedges they will usually get 5 touches on each side. And they will ALWAYS break up (don't confuse this with right triangles, those are different and based on trend and momentum). Same for Ascending wedges, they ALWAYS break down.
So we've already touched on the bottom again. I have to admit, I got really impulsive on the buy and could have EASILY got a lower price of $7.40. BUT, to be fair, I don't care. This trade is gold. Right now we're breaking it down, and I think it's possible to get another touch in that target box based off of the 3 hour chart divergence. I will upload another smaller time framed picture to show what I am seeing.
I'm calling a $21 target MINIMUM on this guys. Will run will have a TON of juice and could definitely take us to $54 If it so pleases.
So In the short term, I see this odd pattern that I've seen before beginning to accumulate. It doesn't usually happen, but I've seen this odd H pattern before where there is a big pump that is quickly rejected. Then it consolidates a level halfway between the run. SOMETIMES it pumps again and is rejected to double bottom around the previous low. SOMETIMES it doesn't pump again and just goes down. SOMETIMES the double bottom never happens and it just goes up. So watching for signs of reversal at this point are key for finding the best entry price.
We'll see how this plays out, but I'm willing to fight for a better price here, because i did what a good trader is NOT suppose and that was to be impulsive. Lol, I still don't care because I'm not greedy but these are things that I need to practice more.
Here is my thought process on Monacoin. I can't help but fight for a lower price. So this is the 3 hour chart. It looks a little different, but we're starting to begin the end of the H pattern shown above. I'm looking for a double bottom where I can get a better price at. I'm always looking for support levels that can guide me to a better conclusion.
In a smaller timeframe, these supports make sense. The 13, 21 and 55 EMAs always serve as support/resistance levels as well. But remember for the MACD, the larger timeframe is always the most demonstrative trend. It has power over the trends below it. So I know that because the Daily MACD is starting to push up, this 3 hour trend is likely to be weak, OR not last long.
Remember that wave E usually falls short of the target, so I don't think we'll touch the bottom support of the bigger scale wedge. But if we take a look at the RSI, I'm finding levels of support based on previous lows that are sharp. The first RSI support line is in bullish territory, It is likely for it to stop by that point in order to begin it's anticipated uptrend. So I combine that with supports on the candle sticks that allow me to confirm when the best time to pull the trigger is.
This was counted as a 3-3-3-3-3 correction. Meaning that there are 3 waves in each ABCDE wave. I've counted the previous low as the end of wave 1. I THINK we just completed wave 2. And NOW I'm waiting on wave 3. The last waves of E waves USUALLY bottom, falling short of surpassing the previous wave, thus becoming truncated. This is how I am able to spot double bottoms so well. It happens naturally.
So the formation played out! I would like to thank Bitcoin for helping that momentum haha. So I bought in here, and it might be a bad idea, but I noticed that it was stalling and finding resistance at the 30 RSI on the 3 hour chart, EVEN though the MACD is still pushing hard. I went from a buy order of $9.15 to $7.25. I'll take it!
Possible Monacoin Breakout!
This would really make sense to me. The 3 hour chart made 5 total touches, I believe I counted the bottom, volume is rising, 3 hour MACD is diverging. What do you guys think?
Just some short-term targets!
Everything has failed their breakouts because of Bitcoin. We all know the deal. So expect them to reload soon and continue to where we thought they were going to go!
Alright, I'm never getting excited for another breakout again. So what happens sometimes is that we get a Triple 3 Correction. Meaning we get TWO breaks between an ABC formation. That means we get NINE (9) touches on the sides of the Descending wedges.
So, lets say we don't break out of the resistance. Then I'm taking profit and I'm re-entering at the bottom of the descending wedge. And you better believe, if we have a 9th touch, this thing will be primed to have a superhero explosion out of this thing. Like straight vertical line. So.. let's see how this goes.
Outsmart and adapt to the system! Let's get another better price!
This is getting to be more of a correction post than anything.
So. Guys, we are going to stay pessimistic because we don't want our feelings hurt. Lets just assume that this is another failed breakout for a WXYX pattern and we still have an ABC correction to continue with. These bronze support lines are VERY strong, because I use the very tip of each wick, so its possible that we do not correct to the extent of the wick. I already sold off a decent portion of my position and I'm looking for re-entry. There is a very big $1.3 M buy wall at 56k Sat. So if it stays, I'll probably add a position slightly above that LOL. We may be on the move here guys. Stay woke.
And this is option 2!
HAHA, Failed breakouts EVERYWHERE!! You see guys, this is why we have to stay pessimistic.
But guess what, I'm getting more optimistic. I don't know how many more Failed breakouts Monacoin can get. It's bottoming out. And someone wants this price to go higher. I could just tell from the buy wall I was seeing yesterday. I think people are getting tired of Bitcoin, and the Japanese (Because this is a Japan made coin) are looking for revival in their baby. They have nothing to do with China and South Korea in the cryptosphere. I'm heavily focused on Monacoin and Bitcoin Cash right now, where I'm putting the most weight in these two coins. I think they're ready.
BUT, patience is key. I think Monacoin will close around that support line and continue to take its time through this correction. It could last a few more days in my opinion.
Guys, I'm seeing something completely different on the 3 hour chart. Divergence on the MACD and RSI is crossed over. AND the buy wall is back. I'm in.
Right when you give up on a coin it takes off your ass. Watch Monacoin closely here!!
Even if it falls from this support, we have that secondary support. Looking to target $8.45 in the short-term. I would not recommend entering right now. Wait for MACD to diverge and Stoch RSI to finish leveling. We need more confirmation, but I'm still bullish on this coin.
Gotta be realistic with this one, I was long before but...ive reconfigured my portfolio to have even less exposure to this one. if it gets listed on bigger exchanges I might start to reconsider but until then Im short on this. on the main exchange (zaif) almost all hype for mona has disappeared and everyone there is now obsessed with xem because its "cheap! xD"