domavila
Long

ETCBTC Long Possible reversal at the 1.272 extension

POLONIEX:ETCBTC   Ethereum Classic / Bitcoin
112 0 0
It looks like we got in the previous trade too early and should have waited for price to test the 1.127 extension: please see my previous chart below.


I am looking for a reversal here at around 1.272 fib extension.
RSI looks oversold and could be turning up soon.

I am watching price action here closely and will be looking for a trade entry if the opportunity arises.

Trade active: Our buy stop order has triggered "around" 0.00328 BTC and we are now in the trade. I say "around" because in thin, illiquid crypto-currency markets I scale in and out of positions.

The stop loss has been moved slightly lower than shown in the original setup and is now near 0.00303 BTC. Once again this level is not set in stone. Just like my entry, I scale out of the position for my stop loss. Trading this pair takes much more work than trading a normal forex pair where liquidity is not an issue, more attention must be paid to highly volatile rapidly changing markets in crypto.

Position: Long
Entry: 0.00328 BTC
Stop Loss: 0.00303
Target 1: 0.00382
Target 2: 0.0043

snapshot
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