After a 70% ABC Elliot Wave correction EMC2 looks like it could break out into another 12345 Elliot Wave. If signs of upward momentum continue I would buy in around 8972 Satoshis. A big note here, if EMC2 cannot break the channel that it is currently in I think it could potentially lead to another bear run to a new low so watch out for that. Moving forward if it breaks the channel buy in at 8972 and watch for more potential resistance at the B wave also the 61.8 fib. If that can be done I would sell around 78.6 for a profit of nearly 90%!
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EMC2 is making an effort to break it's current downward channel. Look for it to close near or above the 23.6 fib for an entry point.
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EMC2 has failed to break it's downward channel, I would no longer consider this trade as it still shows signs of downward momentum.
Hello, my friend,
I bought it with price 7214 satoshis, now it's drop down to 6000 satoshis. So what can I do now?
ColtenjWeaver
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@doanguyen, Greetings friend, and thank you for checking out my content. First off I am not a professional trader so this is all just my opinion and speculation. Based off where you bought in, EMC2 has not broken the downward channel that it is in (two red trend lines). If the trade continues downward you could set a stop loss around 5500 Satoshi's which is currently the downtrends bottom. That would be around a 20% loss but losing is apart of the game and it's something you can learn from next time! If you wanted to risk more in hopes the uptrend is just dipping, you could pt your stop loss at the channel bottom which is around 4000 Satoshis but that is a little risky as you could take a loss of around 45%. My personal take on this coin, I would have waited for it to break the 23.6 fibo line and to break out of that downward channel that its in. It's still a little risky to enter right now as it still could potentially reverse back downward. I've had my fair share of buying into false uptrends so hopefully thats not whats happening. Any way happy trading and good luck!
I bought it with price 7214 satoshis, now it's drop down to 6000 satoshis. So what can I do now?