- BTCST is a token collateralized by real Bitcoin mining power; by staking BTCST, holders can receive daily Bitcoin contributions that correspond to the staked mining power. As such, BTCST allows users to mine Bitcoin from inside the decentralized finance (DeFi) ecosystem.
- The downtrend on the weekly chart has been completed, and we have already started a new bull run with a very impressive impulse wave!
- If you are an Elliott Wave trader, then you usually want to buy the dip during the second corrective wave and ride at least the third wave to the upside.
- We don’t know how deep the correction is going to be, but we already hit the 0.618 FIB on the log scale and the 0.854 FIB on the linear scale, which is definitely a reasonable correction for the first impulse wave.
- Also, we have a falling wedge bullish pattern on the weekly chart that was destroyed by the bulls last month.
- You may say in the comment section that the news is bad, but this is a standard process and the news usually gets better during the third wave.
- Overall, I think the technical analysis looks pretty juicy, and this altcoin provides a great opportunity for a long position!
BTCST Bitcoin standard hashrate | +4000% gains! | Elliott Wave
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.