On February 22nd, both, the 200 DMA and the 50 DMA crossed each other, allowing REP to be supported solidly by the 200 Day Moving Average and becoming the first symptom of Market Reversal for this altcoin.
Actually, REP has been rebounding between two trendlines which have defined a Symmetrical Triangle, the breakage of which is expected to occur in very short term.
If the breakage of the this triangle finally confirms the move upwards, the Elliot Wave Count which would fit more would be the following:
Target for a classical 3rd wave, according to the 1.618 FIBO level taking as a reference the height of the first wave, projects a price of 37.8 USD.
I would suggest to wait for the breakage to happen and if it is upwards, buy at that moment (today’s price seems a good entry point but first wait for the breakage)… The Target I said already for a “classical” 3rd wave, take into account that it could be extended…
…and, always, set “Stop Losses” conveniently, depending on your RISK APPETITE … In my case, If I would buy at 14 USD, I used to plan my “stop Losses” order between 5 to 8% below that value… (from 12.8 to 13.3 USD)…
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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