Why Synereo is an interesting case now?
Here we have a lot of really bad news on one side. In order not to repeat much, just read this document. It represents the view only from one side, but shows pretty clear how deep is the conflict inside the team.
There are also calls from investors to make a refund for the crowdsale.
Generally, almost no one consider to get into AMP (Synereos token) now.
But let’s look on the chart:Wave 3 is the perfect 2.618 of the wave 1. Wave 2 is clear zigzag, wave 4 is a triangle. To be honest it is one of the best 5 waves the author saw this year in crypto. And what we expect after the 5 waves down are completed, combined with such a negative sentiment we witness?
Sounds strange and irrational when the project seem to be falling apart? But the trading/investing is pretty much exactly this – most of the time irrational and against ones deep emotion. Buy when the fear is at the strongest. Sell when the excitement is so strong that you actually want to buy more..
What is the target? Around 0.00014. Why? The wave 4 was a triangle, it is usual to have a pretty swift retrace to the origin of the thrust. In our case it was somewhere around 0.00014.
This is not a trading advice, as usual. But see it as an education on how TA (technical analyses), combined with sentiment analyses (investigation of the crowd emotions) work together.
As for ETH.. There is slightly higher chance to go up and test 0.01450 than to fall down to retest 0.08. Why? Because of BTC (not shown today) – it looks ripe for a swift drop to around $730.
Sow why author stays away from this trade?
Because it is more profitable in the long-term to trade not so often but stroger (80-20) setups. Where we have 80% chances for success with 20% risk. The ETH long now is like 60% with 40% risk.
enjoy the weekend!