Volume supporting the move, momentum is building very very quickly this is all great news and makes for a great buy.
We can see some powerful things from such a good coin and extremely reputable.
Ethereum classic we all know it and we have all seen it on a heavy decline since its fork, however it seems to have found a bottom yesterday and the bottom is the same that was found back on the 24th of December 2017.
On the daily today if we close well we will have a nice strong support line.
Here we need the 4H candle to close outside the trend line drawn in blue.
Is this a safe trade, YES IF running a tight stop, if we look at past pattern recognition for this coin you will see historic pullbacks on a downward trend that attract aggressive buyers. When it has a pullback I think buyers come in quite excited then realise it was just a pullback and not a breakout and dump out of it. It could be just another one of these situations so we are cautious and follow stop loss instructions. You will see past example circled in green. Why do I think this is different from the pullback last time? Check the Volume average the last pullback that went to break out did not have supporting volume now we do.
We may see this again but we don’t care as we are prepared with stop losses in place to protect us. Low risk high reward is the name of the game.
After the 4H closes if over the trend line and IF it has closed over the 20EMA we buy and we set stop loss on the blue line.
Cash Is king guys, this will be yet another good set up to make some cash!
*Available on multiple exchanges not just Bittrex.
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We got the close we want follow instructions and enjoy.
Cash Is King...
Remember stop loss as this could a flash break out like we have seen before but if not all targets are in play
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This trade is moving very nice but expect a retrace; this is normal then we will move again
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ETC is struggling here make sure you collect your profit that you have from trade now and set your stop loss at your entry, this way of the trade goes down you still make a small profit.
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This trade is getting back close to our entry I hope you collected some profit while your up and get ready to exit.
If your still in this trade I would exit now as the chart is looking weak it hasn't got enough strength.....
Better to break even or sell at a small profit rathe then a loss.
@Cash-is-King I think it's still possible a bounce to higher levels. What do you think? Do you will enter to trade again?
frydek
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If I'm wrong so let me know why please. Thank's!
iliketotrade
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Where would you suggest Stop Loss be set now? cheers and thank you.
Cash-is-King
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@iliketotrade, the money you entered into the trade keep in the trade but if you collect your profit only this will allow you to keep you stop loss at the blue line while the trade develops and if you went down to the blue line and were taken out at entry at least you collected some profit.... or if blue line is 1% below your entry it would still over your loss. this trade looks good though
hawkins1
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Cash you nailed this one!! I got into this one just in the nick of time already partial closed at first target.
Cash-is-King
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@hawkins1, awesome news! everyday all day Hawkins!
b2020d
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its very close to SL, I am considering buying in, but should I wait?
Cash-is-King
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@bdavletov, we are a long way off stop loss when we opened the trade we were near stop. Hope you got in and made some awesome profit
mnuovo
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Tuned up for the green light! Waiting for the signal! :)