I just took a look at the weekly chart, found the trend is still bearish for XLMBTC, spotted the weekly low about last week and then went into the Daily Chart to look at the details.
(1) WAVE 1, WAVE 2 - COMPLETED (2) WAVE 3 -UNDERWAY (3) SUBWAVE WAVE 4 IS IN PROGRESS (4) NEXT WILL BE A IMPULSE WAVE 5 DOWN TO COMPLETE THE WAVE 3 WHICH WILL THEN SEE A RETRACEMENT BACK UP TO 2700-ISH BEFORE HEADING DOWN FOR WAVE 5 THAT COULD SURPASS THE 0.786 TO 0.887 LEVEL (SUB 1000 !) (5) HOPEFULLY IT WILL NOT SURPASS THE 0.786 LEVEL AND WE SEE A TRUNCATED WAVE 5. WE WILL THEN SEE SIDEWAYS CORRECTION
Note : This is not an investment advice. I am doing this for myself to find the bottom to start buying for long term investment.
As you know, the market may make abrupt change and the whole Elliot Wave need to be recounted. For the moment, the one that can invalidate this count is the 4th wave. If it breaks higher than the low of Wave 1 shown, then the whole analysis is invalid.
Cheers
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Interested to see if this pans out. XLM Resistance has been strong compared to other coins so it has room to drop. But at this same time, I won't be surprised to see it go horizontal and stay above 25. Lots of good news on IBM adoption and interoperability with hyperledger, FairX "Cash For Crypto" launching sometime very soon.etc. Be cautious about this one because there are non-technical factors.
MarcusAtb
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@TheWolfOfBlockchain, I agree with you completely. Especially with low volume, news play a major role than the "algos".
WBM_Team
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Guys. Check out our analysis. What do you think?
cryptoknight_90
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this is going up
MarcusAtb
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@cryptoknight_90, It can go up and may even break the 3940 resistance at which the whole elliot wave count will be invalidated as the wave surpass the low of wave 1. However if it doesn't then we have a wave 4, and then it will go down.