ETCBTC Poloniex 12H 11Feb2018 – ascending triangle, mid-term
ETC has been building an ascending triangle after double-bottom against ETH. After a slight draw-back volume is rising, RSI above 60. Strong resistance at 0.00331 – need to wait for a break-out at 0.00331 and then wait to retest this level as support – and actually the support to hold. Level to enter after confirmation that support holds can be approx. 0.0034 and target is 0.0046 which actually is an old resistance and 1.618 fib extension of previous move down in early December. Risk Ratio: 1.7, Stop Loss under 0.00274
These is my personal view – please trade carefully and at your own risk! Any comments are welcomed.
These is my personal view – please trade carefully and at your own risk! Any comments are welcomed.
Comment:
Apologies - I am copying a better snapshot of the chart including the details of the Risk Reward ratio and percentages.
Comment:
Comment:
And another apologies, it cannot be corrected. Above by mistake I stated 'against ETH' but indeed the analysis is on the ETCBTC pair. Sorry.
Comment:
Resistance has been broken. Let's see price action at these levels. Should retest new support (old resistance).
Comment:
ETC broke out confirmed. At first glance it seems the train have been missed (and this can be an outcome for sure) however I am still willing to stay flat and patient and am still expecting the retest of support. An alternative strategy could have been to go in at break-out with a smaller deposit and so minimizing risk BUT keep the potential of having straight base run to 0.0046.
Let's see how it works out at the end. I am not in and if the market decides NOT to retest new support I stayed out and stayed flat and I will be looking for other opportunities.
Let's see how it works out at the end. I am not in and if the market decides NOT to retest new support I stayed out and stayed flat and I will be looking for other opportunities.
Comment:
The below may be in play with Elliot Waves considering this certain period started at around 7th February and may end up with hitting the 0.0046 target by completing wave 5. Let's see. Wave 4 bottom (retesting support at 0.00331) with reversal signal can be a good entry to wave 5 potentially.
Comment:
It is important that current level holds to maintain the potential trade setup. Price is at a 0.5 fib and 0.382 fib correction respectively counted by the overall I- III wave count and the latest up movement (wave III). If supports break and overlaps with wave I this will invalidate that wave count. looking for reversal signal at these level - e.g. a higher low or double bottom on the 4 H chart.
Trade active
Comment:
TP: 0.00455-0.0046
SL: <0.00295
SL is defined now in my view by breaking below the top of wave I that invalidates the wave count.
SL: <0.00295
SL is defined now in my view by breaking below the top of wave I that invalidates the wave count.
Comment:
For full transparency I would like to provide additional details of my trade + so far ETC has so many great patterns during this move that I am planning to summarize after the move is done (if it will be done - anything can happen) in a separate idea.
So it turned out I might have hit 'trade active' early but however so far SL has not reached. I had no free deposit to go into the trade at the time of 'trade active' but in the meantime STRBTC stopped me out and so I could go in at 0.00316 with 0.074 BTCs. So that is for transparency.
Here is the status now -
So it turned out I might have hit 'trade active' early but however so far SL has not reached. I had no free deposit to go into the trade at the time of 'trade active' but in the meantime STRBTC stopped me out and so I could go in at 0.00316 with 0.074 BTCs. So that is for transparency.
Here is the status now -
Comment:
We might be seeing this as below - however volume is low and RSI is bearish. Fundamentals are the followings for the upcoming days - if there will be no rally by that point in the upcoming days I will be most likely off at/right after the time of the airdrop. IF SL hit that would negate wave count anyway. Also the trend-line needs to be watched carefully and price is nicely closing towards. If this was broken the uptrend might be negated too.
Current block height -
gastracker.io/
Callisto airdrop details -
smartoptions.io/clai...m-classic-hard-fork/
Current block height -
gastracker.io/
Callisto airdrop details -
smartoptions.io/clai...m-classic-hard-fork/
Comment:
One additional note - price can turn upward in the upcoming hours/day of course. with looking at i. - (iii.) - v. double (triple (?)) - bottom: this may be a bullish sign if v. holds.
This adds to justification to my plan that if now v. brakes and the potential double (triple) - bottom is broken and we hit SL I would drop off.
This adds to justification to my plan that if now v. brakes and the potential double (triple) - bottom is broken and we hit SL I would drop off.
Comment:
We are at critical levels and the upcoming hours may determine the actions I am willing to take. I am still in and the reason is that the trendline has not yet broken - previously I was stating SL as 0.00295 however with monitoring the trade I am still willing to take some more risks.
Below is my view on the daily chart. I see a channel with 3 legs up so far and currently price sits at the support of the channel (the uptrend line).
If this breaks I am planning to sell at around 0.0028 levels.
Seemingly 0.618 level has been broken for the overall upward movement since the double-bottom however we have the trend-line in the 0.618 and 0.5 area now.
In the first leg the correction was to 0.382 of the previous upswing, in 2nd leg it was between 0.382 and 0.236 (trendline held), and now again between 0.382 and 0.236. RSI stayed above 40. Let's see.
Below is my view on the daily chart. I see a channel with 3 legs up so far and currently price sits at the support of the channel (the uptrend line).
If this breaks I am planning to sell at around 0.0028 levels.
Seemingly 0.618 level has been broken for the overall upward movement since the double-bottom however we have the trend-line in the 0.618 and 0.5 area now.
In the first leg the correction was to 0.382 of the previous upswing, in 2nd leg it was between 0.382 and 0.236 (trendline held), and now again between 0.382 and 0.236. RSI stayed above 40. Let's see.
Comment:
I will be off at 0.002785 in Poloniex if price reaches that point. I would consider this level as breaking the trendline and potentially not a fake breakout.
Trade closed: stop reached