Hello Traders!
We found very interesting coin with a known pattern and that's BITTREX:SYSUSD!
Well, as you know we are tracking many patterns like this one, for example NEO, OmiseGO, Ripple and Dash, which have, in our opinion a clear bullish setup. Five-wave rise into wave A/I from lows suggests a bullish reversal and slow three-wave pullback into wave B/II means correction. So, if we respect the price action and EW theory, then wave C/III up is a third wave of a minimum three-wave expectation.
In any case price can go back to highs, but as we know wave III is the strongest and the most impulsive wave, so who knows how far can explode.
As you can see, Syscoin already jumped from very nice 0.35 support level around ideal 61,8% Fibonacci retracement, which means that correction can be completed, but we want to see a break above 0.49 level, which would confirm a new bullish cycle for wave C/III.
We will remain bullish, even if price goes lower below that support at 0.35 level, as long as it's trading above 0.24 invalidation level.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
We found very interesting coin with a known pattern and that's BITTREX:SYSUSD!
Well, as you know we are tracking many patterns like this one, for example NEO, OmiseGO, Ripple and Dash, which have, in our opinion a clear bullish setup. Five-wave rise into wave A/I from lows suggests a bullish reversal and slow three-wave pullback into wave B/II means correction. So, if we respect the price action and EW theory, then wave C/III up is a third wave of a minimum three-wave expectation.
In any case price can go back to highs, but as we know wave III is the strongest and the most impulsive wave, so who knows how far can explode.
As you can see, Syscoin already jumped from very nice 0.35 support level around ideal 61,8% Fibonacci retracement, which means that correction can be completed, but we want to see a break above 0.49 level, which would confirm a new bullish cycle for wave C/III.
We will remain bullish, even if price goes lower below that support at 0.35 level, as long as it's trading above 0.24 invalidation level.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
