Quick buck ! Short term opportunity ! I would like to add short on ETC because this coin has great amplitude and with XMR are draining bagholders with more pain than other cryptos.
We Have just experienced resisted price through various indicators on BTC and almost every alt chart.
ETC pierced shorters lately, that gives us great entry point ! There, on chart You have very simple tools showing first meeting with SMA 50 on 4hr chart. This is like a comet meeting the Earth from 2 au. Next resistance is coming from connecting all highs. And there, horizontal one has been fortified. I expect strong last movement that could bring us short term portfolio boost.
My stop at 20.014 hasn't triggered ... Well, I am a bit lucky :) Trade still active
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Why had I higher stop loss than typed above? Because I need to be prepared for this kind of situation, where some people will take my idea as investment advice. Then the opposite movement is a little bit stronger. If You have just read this idea and looking for entry on this pair, this is still good time for short/reshort.
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Read this carefully. To manage good performance. If You stopped Your trade at 19,4 You are probably moaning about 5% loss. No More worries! I have good flexible option: put an order on short side between 19.5-19.8
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Explanation of current situation. An answer lies between trading my conditions and tracking Your own strategy.
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Pulled out the trade at $18 and reshorted at $20. Short it, like now.
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Alright, good job - short set up. Don't be mad, sometimes We need to flat whenever shade of inconfidence appears. If You lost 5% on stop loss, You can mitigate this loss right now! Profit target stays the same.
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Clear stop loss at $21. Now the price will declare its direction. We have struggled on horizontal resistance, that's why it was not that clear where to put SL. From technical point of view there We have sharp spike that is likely to fall. Bitfinex was under maintenance - this could cause major seloff. Only next attempt at $21 could result in further uptrend movement. Reversal is almost impossible - still no fresh volume on the market. All for all in these indecisive days We should think about good short. Yellow channel shows volatile bear flag
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Short term strategy didn't work for quick buck. There is suggested profit taking coming from horizontal view. Any angled trend lines could not meet with price anymore - first white support now is heading 0 and below, so we need to develop current position. So it is ~20% more profit from now. Any meeting with SMA 20 could be a good short entry point for short term investment.
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Meeting with SMA 20 on 4 hr Good short point
交易结束：到达目标
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I have closed position with 27%. Thank You for attention ! If my work helps You understanding the drill, please leave feedback :)
@danpiccoli, I am going to put effort there and track the price carefully. Now the price will choose direction. That's why I would manage orders manually. If green candle closes above yellow line on 4hr chart, it would be a sign that short from blue circle has been closed and price will go sideways or unpredictable direction. Still it is good short opportunity, because connecting local tops will form minor resistance (blue line). So the stop should be between 20.3 and 21.
Good luck !
letruongbx6
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yes btc down => etc down
pinfkloyd
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@letruongbx6,
That's right, but let's see if ETC short could bring more profit than BTC !
Exess17
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Stop loss hit. Sorry...
lucky7btc.com
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@Exess17, Yeah figured he doesn't know what he's talking about. ETC is going UP!!!
pinfkloyd
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@Exess17, I have put mine on 20.014. My trade is still in. This spike was quite volatile, that's right ! Crossing the resistance was hard to predict, but, hey - I typed stop MINIMUM 19.4 :)
If You stopped Your trade, it's not that bad, just 5% loss. I leveraged my stop loss because of this kind spike possibility - I need to be prepared for this during publishing public idea :)
Thanks for any sign of life.
Kiberezhik
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Hi, do you think 14,5 still possible?
pinfkloyd
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@Kiberezhik, Yes, I think it will go lower, but I will take profit at 14,5 because shorting below this point is too risky to speculate. 27% reward from $20 would be great option for me and people trading this short term idea. There is 10% possibility that it would go to ~10 USD but I would profit at $14 and go home. Bears will loose control soon in mid term.
letruongbx6
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yes but bitmex etc/btc . you can suppot etc/btc ? thank you