Over the last year, I have been introduced to Elliott Wave Theory and have learned to use it in trading cryptos. More recently, I have looked into the more specific "Fibonacci Pinball" method described by Avi Gilburt's group. I have never subscribed to any of their services, but they have an Education section of their website, which includes an introduction to their Fibonacci Pinball method as well as a more detailed presentation on the topic.
I have decided to practice their method and use this blog to document my analysis for my own purposes.
I am not a financial advisor. Do not consider this to be financial advice. I am posting it here for my own practice and future review only.
Today I am looking at Whitecoin. It seems to me that XWC doesn’t correlate with BTC quite as much as some other coins, at least on the short/medium term timeframes. Looking at the long term chart, XWC formed a cup and handle going all the way back to 2014. At the same time, it has spent most of the last year in an upward channel, spiking above it in January, and breaking back down below it in April before re-entering it again.
The handle actually formed three parallel downward channels, with price spending January to April in the lowest before breaking up into the highest channel to form circled wave 1. After placing circled wave 2, price broke out of the downward channel for wave (1), which was still capped by the long term upward channel. I expect that wave (2) May retest the downward channel before wave (3) breaks out of the long term upward channel, ultimately providing a wave circled 5 target of 4433 satoshi.
Extending this to the longer timeframe and working off the January high for wave (i), we actually get a higher target for circled wave 5, and an ultimate target of about 6330 satoshi for wave (v).
