Seeing how the altcoins react to Bitcoins correction is a good way to measure their strength. Some coins will go on a downward spiral, others will go down and stay low but some others, the ones that are interesting to us, will go down and bounce strong back to the same level it was before the start of the correction. Look for this signal on all of my open trades by visiting my profile, you can reload on coins that do this and open some very strong positions to profit for weeks to come. EnergyCoin ( ENRG ) gave this signal with a strong bounce today.
Now, let's look at the indicators and charts, let's see how we can profit from this trade.
Before we look at the charts and indicators, for short (1 day) and long (1 week) term, first let's look at the trade details:
Buy-in range: 0.00001650 - 0.00002500
Note: This is the price range which you should use to buy into this coin. If the price is within this range, then you are safe to buy and hold. You buy and hold to finally sell on target. Which is the price levels that you will see below...
Note: This is where you sell for profits. You can sell any amount you want at each target. This is completely up to you. I normally sell small portions on each target. You can set up the sell order and go to sleep and come back in a few days or weeks to collect your profits. There is no need to look at the screen 24/7. Trust me, it works on autopilot. Set it and forget it.
Note: This is the price level where we stop our trade. If something goes wrong, the trade doesn't go as planned, this is where we stop our loss.
- The is because all of the indicators are on the zone, this coin needs to accumulate, to build momentum and finally take off.
- Looking at the shorter term, the 1h, 2h and 4h are all looking really good, they are basically saying "Hey, coin join me, there is still plenty of time to ride this wave, join this trade..."
- Now, the weekly chart is the type of chart that I like. I don't like coins that are shooting up, I like coins that can shoot up or are about to shoot up, these are the most profitable trades. Yes, you have to wait, yes. Patience is needed, YES, but if you join at the bottom, or near the bottom, then you can profit from the entire ride up with little risk. And you can profit a lot. So, it is worth the wait.
- The weekly chart is turning . The TD Sequential went through a negative 9 count and it is now on a positive count, we are at number 4.
- All the indicators, , , & OBV are turning , they want to look up to finally go up, and they show plenty of room for growth. So we want to join this trade, by buying this coin, then sit back and relax to enjoy the ride. The ride to the top.
- Low trade allows for plenty of room for growth.
Think of energy as something that you can think of.
Think of energy as an invisible tool, that you can feel but not touch.
Think of energy as the intention that you set in everything that you do.
Energy is part of your soul, the real essence of you.
Energy is the life-force that move the body that you call you.
It is the sensation of living or dying.
It is the meaning of the word truth.
Energy is everything that happens inside or outside of you.
It is the essence of all there is, it is your wish coming true.
Mantra: "Om Stanesha Vahtu Nevehem"
Thanks a lot for joining all of my trades and following my ideas. Likes and comments. It is my pleasure.
This trade had a great take-off, yes. But remember that these trades take time to develop. So enjoy the ride but also keep in mind that price will fluctuate on our way to reaching our targets.
Here is how these retrace work.
- The price goes down until it finds a strong support.
- There is period of accumulation / consolidation. This period can last for hours, to days to weeks. It really depends on the coin momentum.
- After this period we continue our run.
This is completely normal, when a run happens and a top is reached, the price goes down, consolidates and then a new run starts... that is if the uptrend is still going.
For EnergyCoin, the uptrend is intact.
- The daily chart shows the search for support. The uptrend is still intact.
- This coin can go a bit lower or sideways for a while before taking off again.
Here is the updated daily chart:
- The weekly chart is showing "plenty of room for growth" everywhere.
- The indicators are yet to get started.
- We might have a consolidation week, or even an explosive week next week. It will all depend on how buyers approach the coin, but the overall picture is GOOD.
Here is the weekly chart (notice that all the indicators are pointing up):
On the shorter time-frames, the 2h and 4h charts, the 2500 price levels seems to be already holding good. But it can still go a bit lower. The best is to wait and hold on the sidelines and buy more coins each time the price drops.
I am still looking at Bitcoin and waiting for stronger signals as to when we will start to move back up.
For now we hold patiently.
I am not closing any of our trades since this is a market wide correction.
P.S. Tomorrow we will have a better understanding as to where Bitcoin is going, but we will resume trading soon.
Thanks for your support. I love you!
This can still be a positive long term trade. We have to wait for the correction to be over, or at least a new smaller trend to be set, on the Bitcoin side, before we can move forward. As any Bitcoin negative action can affect the entire market.
The potential is still there though, let's take a quick look at the daily chart:
- The indicators are negative but this only needs consolidation, we already went through a huge retrace.
- It is already looking better on the 4h charts.
So, you can still trade this coin by following the targets shared above.
I will revisit again once I return and I will be posting a new trade idea about this coin when the conditions are right.
Thanks for supporting me always, above everything.