Bitshares BTS/USD is correcting in wave 2, likely to end at 0.22 but could go all the way to 0.19. Wave 2 corrections rarely go below 78.6% retrace which is at 0.16, so a stop just below that level is prudent IF one is dabbling in this coin.
Here are the charts.
- Overview daily chart showing the long term projections. Wave 3 usually goes to 161.8 and extensions are always possible and often seen which can take the price much beyond standard expectations - so the target for BTS/USD is somewhere between 2-6 dollars.
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- Hourly chart zoomed in to the correction now unfolding. While the correction typically can terminate anywhere at the 23.6, 38.2, 50 or 61.8 levels, it seems at this time that the most likely level here would be 0.22. This is an educated guess based on how the c wave of wave 2 is unfolding and variations are possible. But, corrections in wave 2 rarely go past 78.6% level so that's a level I prefer to use as STOPS 'just in case' the analysis is wrong or the price is following non-standard paths. In my opinion, the main mantra of trading is to cut losses fast, and let winners run. Often, the psychology of avoiding booking a loss and impatience to sit on winners leads many traders to do the opposite!
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Disclaimer: I am blogging these ideas for educational and informational purposes only. Please consult your financial adviser(s) and do your own due diligence before any trading activity.